Handelsbanken Fonder AB Lowers Position in Franklin Resources, Inc. (NYSE:BEN)

Handelsbanken Fonder AB decreased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 56.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 28,281 shares of the closed-end fund’s stock after selling 37,044 shares during the period. Handelsbanken Fonder AB’s holdings in Franklin Resources were worth $842,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. CWM LLC grew its holdings in shares of Franklin Resources by 20.8% during the fourth quarter. CWM LLC now owns 9,242 shares of the closed-end fund’s stock valued at $275,000 after buying an additional 1,594 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Franklin Resources by 148.7% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 65,100 shares of the closed-end fund’s stock worth $1,939,000 after purchasing an additional 38,919 shares during the last quarter. abrdn plc lifted its holdings in shares of Franklin Resources by 68.3% during the fourth quarter. abrdn plc now owns 120,968 shares of the closed-end fund’s stock valued at $3,604,000 after purchasing an additional 49,095 shares in the last quarter. Greenleaf Trust purchased a new stake in shares of Franklin Resources during the fourth quarter valued at $243,000. Finally, Daiwa Securities Group Inc. boosted its position in shares of Franklin Resources by 8.1% during the fourth quarter. Daiwa Securities Group Inc. now owns 26,027 shares of the closed-end fund’s stock valued at $775,000 after buying an additional 1,940 shares during the last quarter. Institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Down 6.4 %

Shares of NYSE:BEN opened at $23.38 on Tuesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.92 and a quick ratio of 1.92. The business has a 50 day simple moving average of $26.79 and a two-hundred day simple moving average of $26.37. Franklin Resources, Inc. has a 1 year low of $21.88 and a 1 year high of $30.32. The firm has a market capitalization of $12.31 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 1.31 and a beta of 1.40.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Monday, January 29th. The closed-end fund reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.07. Franklin Resources had a return on equity of 11.15% and a net margin of 12.30%. The company had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the business earned $0.51 EPS. Franklin Resources’s revenue was up 1.2% compared to the same quarter last year. On average, equities analysts predict that Franklin Resources, Inc. will post 2.52 EPS for the current year.

Franklin Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date was Wednesday, March 27th. Franklin Resources’s payout ratio is presently 65.26%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BEN shares. Morgan Stanley lifted their price target on shares of Franklin Resources from $24.00 to $25.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 17th. Wells Fargo & Company raised shares of Franklin Resources from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $24.00 to $30.00 in a research report on Monday, January 8th. Deutsche Bank Aktiengesellschaft lowered their price target on Franklin Resources from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Tuesday, January 30th. BMO Capital Markets lifted their price objective on Franklin Resources from $27.00 to $30.00 and gave the stock a “market perform” rating in a report on Tuesday, January 30th. Finally, TD Cowen began coverage on Franklin Resources in a research note on Thursday, January 4th. They set a “market perform” rating and a $32.00 price target for the company. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $27.50.

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.