Franklin Resources, Inc. (NYSE:BEN) Holdings Lowered by Rockland Trust Co.

Rockland Trust Co. cut its stake in Franklin Resources, Inc. (NYSE:BEN) by 14.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,170 shares of the closed-end fund’s stock after selling 2,656 shares during the period. Rockland Trust Co.’s holdings in Franklin Resources were worth $311,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. CoreCap Advisors LLC increased its position in shares of Franklin Resources by 147.1% during the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund’s stock valued at $25,000 after purchasing an additional 737 shares during the period. GeoWealth Management LLC raised its position in Franklin Resources by 350.4% in the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund’s stock worth $26,000 after acquiring an additional 981 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in Franklin Resources by 44.5% in 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 during the last quarter. Headlands Technologies LLC bought a new position in shares of Franklin Resources during the 4th quarter valued at about $34,000. Finally, Principal Securities Inc. raised its holdings in shares of Franklin Resources by 561.1% in 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. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Down 2.0%

BEN stock opened at $22.16 on Friday. The company has a 50 day moving average of $20.27 and a two-hundred day moving average of $20.30. The company has a market cap of $11.64 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 2.31 and a beta of 1.43. Franklin Resources, Inc. has a 12-month low of $16.25 and a 12-month high of $24.37. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.89.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, May 2nd. The closed-end fund reported $0.47 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.47. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. The firm had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter last year, the firm earned $0.56 earnings per share. The business’s revenue for the quarter was down 6.2% on a year-over-year basis. On average, equities analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.28 dividend on an annualized basis and a yield of 5.78%. Franklin Resources’s dividend payout ratio is currently 188.24%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Franklin Resources from $20.00 to $21.50 and gave the stock an “equal weight” rating in a research report on Monday, May 5th. Cowen upgraded Franklin Resources from a “hold” rating to a “buy” rating in a report on Wednesday, May 14th. The Goldman Sachs Group upped their target price on Franklin Resources from $19.00 to $21.50 and gave the company a “neutral” rating in a report on Monday, May 5th. TD Cowen upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Wednesday, May 14th. Finally, Barclays boosted their price objective on Franklin Resources from $17.00 to $19.00 and gave the stock an “underweight” rating in a report on Monday, May 5th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Franklin Resources currently has a consensus rating of “Hold” and a consensus target price of $20.25.

Franklin Resources Company Profile

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.