Corient Private Wealth LLC Trims Stock Position in Franklin Resources, Inc. (NYSE:BEN)

Corient Private Wealth LLC trimmed its position in Franklin Resources, Inc. (NYSE:BENFree Report) by 16.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,867 shares of the closed-end fund’s stock after selling 3,376 shares during the quarter. Corient Private Wealth LLC’s holdings in Franklin Resources were worth $502,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Franklin Resources in the 4th quarter worth about $49,547,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Franklin Resources by 148.7% in the 4th 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 period. Wedge Capital Management L L P NC raised its holdings in shares of Franklin Resources by 10.8% in the 4th quarter. Wedge Capital Management L L P NC now owns 1,491,598 shares of the closed-end fund’s stock worth $44,435,000 after purchasing an additional 144,843 shares during the period. Vest Financial LLC raised its holdings in shares of Franklin Resources by 53.6% in the 4th quarter. Vest Financial LLC now owns 1,188,199 shares of the closed-end fund’s stock worth $35,396,000 after purchasing an additional 414,826 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of Franklin Resources by 16.0% in the 4th quarter. BNP Paribas Financial Markets now owns 449,740 shares of the closed-end fund’s stock worth $13,398,000 after purchasing an additional 62,009 shares during the period. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on BEN shares. Deutsche Bank Aktiengesellschaft dropped their target price on Franklin Resources from $29.00 to $24.00 and set a “hold” rating on the stock in a report on Tuesday, April 30th. Morgan Stanley raised their target price on Franklin Resources from $24.00 to $25.00 and gave the company an “underweight” rating in a report on Wednesday, April 17th. BMO Capital Markets dropped their target price on Franklin Resources from $30.00 to $27.00 and set a “market perform” rating on the stock in a report on Tuesday, April 30th. Evercore ISI dropped their target price on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a report on Tuesday, April 30th. Finally, TD Cowen dropped their target price on Franklin Resources from $29.00 to $25.50 and set a “hold” rating on the stock in a report on Tuesday, April 30th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $26.00.

Get Our Latest Stock Analysis on BEN

Franklin Resources Price Performance

Shares of BEN opened at $23.22 on Friday. The firm has a market cap of $12.22 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 2.03 and a beta of 1.44. The stock has a 50 day moving average of $24.61 and a 200-day moving average of $26.40. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.90. Franklin Resources, Inc. has a 52 week low of $21.88 and a 52 week high of $30.32.

Franklin Resources (NYSE:BENGet Free Report) last issued its earnings results on Monday, April 29th. The closed-end fund reported $0.56 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.01). The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $1.66 billion. Franklin Resources had a return on equity of 10.82% and a net margin of 11.09%. Franklin Resources’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.61 EPS. As a group, analysts forecast that Franklin Resources, Inc. will post 2.47 EPS for the current year.

Franklin Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a $0.31 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.24 annualized dividend and a dividend yield of 5.34%. Franklin Resources’s payout ratio is 70.86%.

Franklin Resources Company Profile

(Free Report)

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.

See Also

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

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