Bank of Nova Scotia Decreases Holdings in Franklin Resources, Inc. (NYSE:BEN)

Bank of Nova Scotia lessened its stake in shares of Franklin Resources, Inc. (NYSE:BENFree Report) by 68.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,589 shares of the closed-end fund’s stock after selling 80,187 shares during the quarter. Bank of Nova Scotia’s holdings in Franklin Resources were worth $1,120,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Amalgamated Bank boosted its holdings in Franklin Resources by 11.2% in the 3rd quarter. Amalgamated Bank now owns 80,266 shares of the closed-end fund’s stock worth $1,973,000 after acquiring an additional 8,101 shares during the period. Banque Cantonale Vaudoise boosted its stake in shares of Franklin Resources by 53.2% in the third quarter. Banque Cantonale Vaudoise now owns 8,925 shares of the closed-end fund’s stock valued at $219,000 after purchasing an additional 3,100 shares during the period. Janney Montgomery Scott LLC grew its holdings in Franklin Resources by 3.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 410,807 shares of the closed-end fund’s stock valued at $10,098,000 after purchasing an additional 12,044 shares in the last quarter. D.A. Davidson & CO. increased its stake in Franklin Resources by 33.0% during the 3rd quarter. D.A. Davidson & CO. now owns 23,907 shares of the closed-end fund’s stock worth $588,000 after buying an additional 5,928 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Franklin Resources by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,840,863 shares of the closed-end fund’s stock worth $45,248,000 after buying an additional 14,896 shares in the last quarter. Hedge funds and other institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Performance

Shares of NYSE BEN opened at $22.90 on Friday. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.90. The firm’s 50-day moving average price is $24.51 and its two-hundred day moving average price is $26.39. Franklin Resources, Inc. has a 52-week low of $21.88 and a 52-week high of $30.32. The stock has a market capitalization of $12.04 billion, a P/E ratio of 13.08, a P/E/G ratio of 2.02 and a beta of 1.44.

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

Franklin Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 5.42%. The ex-dividend date of this dividend is Friday, June 28th. Franklin Resources’s dividend payout ratio (DPR) is 70.86%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BEN shares. 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 research report on Tuesday, April 30th. Evercore ISI dropped their price target on shares of Franklin Resources from $29.00 to $26.00 and set an “underperform” rating for the company in a research note on Tuesday, April 30th. TD Cowen reduced their price objective on shares of Franklin Resources from $29.00 to $25.50 and set a “hold” rating on the stock in a research note on Tuesday, April 30th. Morgan Stanley boosted their target price on shares of Franklin Resources from $24.00 to $25.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 17th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Franklin Resources from $29.00 to $24.00 and set a “hold” rating for the company in a research note on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $26.00.

Check Out Our Latest Analysis on Franklin Resources

About Franklin Resources

(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.

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

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