Franklin Resources, Inc. $BEN Position Lessened by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. decreased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 25.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 228,493 shares of the closed-end fund’s stock after selling 79,348 shares during the period. Envestnet Asset Management Inc.’s holdings in Franklin Resources were worth $5,285,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Allianz Asset Management GmbH lifted its holdings in shares of Franklin Resources by 36.9% during the 3rd quarter. Allianz Asset Management GmbH now owns 938,353 shares of the closed-end fund’s stock valued at $21,704,000 after buying an additional 252,877 shares during the last quarter. Jackson Creek Investment Advisors LLC bought a new position in Franklin Resources during the third quarter valued at approximately $1,328,000. Atlantic Union Bankshares Corp lifted its stake in Franklin Resources by 2,400.0% in the third quarter. Atlantic Union Bankshares Corp now owns 15,000 shares of the closed-end fund’s stock valued at $347,000 after acquiring an additional 14,400 shares during the last quarter. Jones Financial Companies Lllp grew its position in Franklin Resources by 36.7% in the third quarter. Jones Financial Companies Lllp now owns 16,777 shares of the closed-end fund’s stock worth $390,000 after acquiring an additional 4,508 shares in the last quarter. Finally, United Community Bank increased its stake in shares of Franklin Resources by 172.1% during the 3rd quarter. United Community Bank now owns 34,069 shares of the closed-end fund’s stock worth $788,000 after purchasing an additional 21,547 shares during the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Franklin Resources from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Morgan Stanley boosted their price target on Franklin Resources from $21.00 to $22.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 3rd. TD Cowen reiterated a “hold” rating on shares of Franklin Resources in a research note on Monday, February 2nd. JPMorgan Chase & Co. cut their price objective on Franklin Resources from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Monday, November 10th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Franklin Resources in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $25.89.

Franklin Resources Trading Up 1.6%

Shares of Franklin Resources stock opened at $27.67 on Monday. Franklin Resources, Inc. has a 1 year low of $16.25 and a 1 year high of $28.32. The company’s fifty day simple moving average is $25.63 and its 200-day simple moving average is $24.31. The company has a market cap of $14.41 billion, a price-to-earnings ratio of 25.62, a PEG ratio of 0.86 and a beta of 1.46. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 1.01.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, January 30th. The closed-end fund reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.15. Franklin Resources had a net margin of 6.97% and a return on equity of 9.58%. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $2.23 billion. During the same period in the prior year, the firm earned $0.59 EPS. The business’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts expect that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 4.8%. The ex-dividend date is Tuesday, March 31st. Franklin Resources’s payout ratio is currently 122.22%.

About Franklin Resources

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.