Franklin Resources, Inc. (BEN) Stake Lessened by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 8.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 39,293 shares of the closed-end fund’s stock after selling 3,591 shares during the period. Mutual of America Capital Management LLC’s holdings in Franklin Resources were worth $1,703,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in Franklin Resources by 35.9% in the third quarter. Bank of New York Mellon Corp now owns 4,874,451 shares of the closed-end fund’s stock worth $216,961,000 after acquiring an additional 1,288,818 shares during the period. APG Asset Management N.V. lifted its stake in Franklin Resources by 10.6% in the fourth quarter. APG Asset Management N.V. now owns 4,318,827 shares of the closed-end fund’s stock worth $155,842,000 after acquiring an additional 412,200 shares during the period. Diamond Hill Capital Management Inc. lifted its stake in Franklin Resources by 3.7% in the third quarter. Diamond Hill Capital Management Inc. now owns 3,919,555 shares of the closed-end fund’s stock worth $174,459,000 after acquiring an additional 138,472 shares during the period. Ameriprise Financial Inc. lifted its stake in Franklin Resources by 138.7% in the third quarter. Ameriprise Financial Inc. now owns 3,372,129 shares of the closed-end fund’s stock worth $150,106,000 after acquiring an additional 1,959,427 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Franklin Resources by 225.5% in the third quarter. JPMorgan Chase & Co. now owns 3,153,748 shares of the closed-end fund’s stock worth $140,499,000 after acquiring an additional 2,184,863 shares during the period. 45.19% of the stock is owned by hedge funds and other institutional investors.

In other news, Chairman Gregory E. Johnson sold 49,988 shares of the company’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $43.58, for a total transaction of $2,178,477.04. Following the transaction, the chairman now owns 2,116,886 shares in the company, valued at $92,253,891.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $42.95, for a total transaction of $17,180,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 457,778 shares of company stock worth $19,700,614. Corporate insiders own 22.20% of the company’s stock.

Shares of Franklin Resources, Inc. (BEN) opened at $39.81 on Thursday. The company has a market cap of $22,010.00, a PE ratio of 33.74, a price-to-earnings-growth ratio of 1.31 and a beta of 1.63. Franklin Resources, Inc. has a 1 year low of $37.01 and a 1 year high of $47.65. The company has a current ratio of 4.28, a quick ratio of 4.28 and a debt-to-equity ratio of 0.09.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Tuesday, January 30th. The closed-end fund reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.13. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 10.44% and a return on equity of 13.88%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.77 earnings per share. equities research analysts predict that Franklin Resources, Inc. will post 3.25 EPS for the current year.

The business also recently disclosed a special dividend, which will be paid on Thursday, April 12th. Stockholders of record on Thursday, March 29th will be issued a dividend of $3.00 per share. This is an increase from Franklin Resources’s previous special dividend of $0.50. Franklin Resources’s dividend payout ratio is 77.97%.

A number of analysts recently weighed in on the stock. ValuEngine raised shares of Franklin Resources from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. UBS Group upped their price objective on shares of Franklin Resources from $46.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Thursday, January 11th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $46.00 price objective on shares of Franklin Resources in a research note on Wednesday, November 1st. Finally, Citigroup lowered their price objective on shares of Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a research note on Friday, October 27th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $44.45.

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About Franklin Resources

Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.

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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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