Franklin Resources, Inc. (NYSE:BEN) Holdings Lowered by Wells Fargo & Company MN

Wells Fargo & Company MN decreased its position in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 19.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 213,047 shares of the closed-end fund's stock after selling 52,406 shares during the period. Wells Fargo & Company MN's holdings in Franklin Resources were worth $4,323,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in BEN. Smartleaf Asset Management LLC increased its holdings in Franklin Resources by 44.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock valued at $33,000 after acquiring an additional 505 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Franklin Resources during the 4th quarter worth approximately $34,000. Principal Securities Inc. increased its stake in shares of Franklin Resources by 561.1% during the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund's stock worth $40,000 after purchasing an additional 1,661 shares in the last quarter. Anchor Investment Management LLC raised its position in shares of Franklin Resources by 30.2% during the 3rd quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund's stock worth $52,000 after purchasing an additional 604 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Franklin Resources by 29.4% in the 4th quarter. Blue Trust Inc. now owns 2,677 shares of the closed-end fund's stock valued at $54,000 after buying an additional 609 shares in the last quarter. Hedge funds and other institutional investors own 47.56% of the company's stock.

Franklin Resources Stock Down 0.1 %

Shares of NYSE:BEN traded down $0.02 during midday trading on Friday, hitting $18.73. 3,536,151 shares of the company's stock traded hands, compared to its average volume of 4,313,624. Franklin Resources, Inc. has a twelve month low of $16.25 and a twelve month high of $25.30. The company has a market cap of $9.84 billion, a PE ratio of 28.82, a P/E/G ratio of 2.31 and a beta of 1.36. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. The firm's fifty day moving average price is $19.11 and its two-hundred day moving average price is $20.24.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same period in the prior year, the business earned $0.65 earnings per share. On average, equities research analysts anticipate that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Monday, March 31st were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 6.83%. The ex-dividend date of this dividend was Monday, March 31st. Franklin Resources's dividend payout ratio (DPR) is presently 196.92%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BEN shares. UBS Group boosted their price target on Franklin Resources from $19.00 to $23.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. BMO Capital Markets raised their price target on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a "market perform" rating in a research note on Monday, February 3rd. The Goldman Sachs Group reduced their price objective on shares of Franklin Resources from $21.50 to $19.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. TD Cowen cut their price target on Franklin Resources from $20.00 to $17.50 and set a "hold" rating for the company in a report on Wednesday, April 9th. Finally, Bank of America decreased their price objective on Franklin Resources from $20.00 to $17.00 and set an "underperform" rating on the stock in a report on Thursday, April 3rd. Five investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat, Franklin Resources has a consensus rating of "Hold" and an average target price of $18.96.

About Franklin Resources

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.