Williams Jones & Associates LLC lowered its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 7.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,965 shares of the closed-end fund’s stock after selling 526 shares during the period. Williams Jones & Associates LLC’s holdings in Franklin Resources were worth $231,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in BEN. Hanson McClain Inc. raised its position in shares of Franklin Resources by 4.1% in the first quarter. Hanson McClain Inc. now owns 8,492 shares of the closed-end fund’s stock valued at $281,000 after buying an additional 338 shares during the last quarter. CWM Advisors LLC raised its position in shares of Franklin Resources by 3.2% in the fourth quarter. CWM Advisors LLC now owns 10,925 shares of the closed-end fund’s stock valued at $324,000 after buying an additional 339 shares during the last quarter. Boenning & Scattergood Inc. raised its position in shares of Franklin Resources by 3.3% in the first quarter. Boenning & Scattergood Inc. now owns 10,850 shares of the closed-end fund’s stock valued at $360,000 after buying an additional 350 shares during the last quarter. Everett Harris & Co. CA raised its position in shares of Franklin Resources by 1.2% in the first quarter. Everett Harris & Co. CA now owns 30,541 shares of the closed-end fund’s stock valued at $1,012,000 after buying an additional 360 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of Franklin Resources by 3.5% in the first quarter. Assenagon Asset Management S.A. now owns 11,700 shares of the closed-end fund’s stock valued at $388,000 after buying an additional 400 shares during the last quarter. Institutional investors own 48.49% of the company’s stock.
Franklin Resources stock traded down $0.11 during trading on Friday, reaching $33.26. The company had a trading volume of 22,328 shares, compared to its average volume of 2,372,201. Franklin Resources, Inc. has a 12-month low of $27.34 and a 12-month high of $35.82. The company has a market cap of $16.86 billion, a price-to-earnings ratio of 10.42, a PEG ratio of 1.85 and a beta of 1.16. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.54 and a current ratio of 3.54.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.26 per share. The ex-dividend date is Thursday, June 27th. This represents a $1.04 annualized dividend and a yield of 3.13%. Franklin Resources’s dividend payout ratio is currently 32.60%.
In other Franklin Resources news, EVP Craig Steven Tyle sold 10,924 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $32.04, for a total transaction of $350,004.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 22.20% of the stock is owned by insiders.
A number of equities research analysts recently issued reports on BEN shares. TheStreet upgraded shares of Franklin Resources from a “c+” rating to a “b” rating in a report on Friday, April 26th. Keefe, Bruyette & Woods downgraded shares of Franklin Resources from a “market perform” rating to an “underperform” rating and lowered their target price for the company from $34.00 to $33.00 in a report on Monday, April 29th. Citigroup boosted their target price on shares of Franklin Resources from $25.00 to $28.00 and gave the company a “sell” rating in a report on Thursday, March 14th. ValuEngine upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a report on Friday, March 1st. Finally, Bank of America set a $32.00 target price on shares of Franklin Resources and gave the company a “sell” rating in a report on Tuesday, April 9th. Seven equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. Franklin Resources currently has an average rating of “Hold” and an average target price of $30.55.
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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.
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