Williams Jones & Associates LLC Cuts Holdings in Franklin Resources, Inc. (NYSE:BEN)

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.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, April 26th. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.08. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the firm earned $0.78 earnings per share. Franklin Resources’s revenue for the quarter was down 11.4% on a year-over-year basis. Sell-side analysts predict that Franklin Resources, Inc. will post 2.57 EPS for the current year.

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.

TRADEMARK VIOLATION NOTICE: This article was reported by Markets Daily and is the sole property of of Markets Daily. If you are viewing this article on another website, it was copied illegally and reposted in violation of US & international copyright & trademark law. The correct version of this article can be viewed at https://www.themarketsdaily.com/2019/06/14/williams-jones-associates-llc-cuts-holdings-in-franklin-resources-inc-nyseben.html.

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.

Read More: How to invest in a bear market

Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).

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

Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.