Franklin Resources (NYSE:BEN) Shares Sold Off Rep. Thomas H. Kean, Jr.

Representative Thomas H. Kean, Jr. (R-New Jersey) recently sold shares of Franklin Resources, Inc. (NYSE:BEN). In a filing disclosed on January 22nd, the Representative disclosed that they had sold between $1,001 and $15,000 in Franklin Resources stock on December 16th. The trade occurred in the Representative’s “KEAN FAMILY PARTNERSHIP” account.

Representative Thomas H. Kean, Jr. also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Canadian Pacific Kansas City (NYSE:CP) on 12/27/2024.
• Purchased $1,001 – $15,000 in shares of Pernod Ricard (OTC:PRNDY) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Alphabet (NASDAQ:GOOG) on 12/19/2024.
• Purchased $1,001 – $15,000 in shares of Prologis (NYSE:PLD) on 12/16/2024.
• Purchased $1,001 – $15,000 in shares of Abbott Laboratories (NYSE:ABT) on 12/16/2024.
• Purchased $1,001 – $15,000 in shares of Analog Devices (NASDAQ:ADI) on 12/13/2024.

Franklin Resources Stock Performance

BEN opened at $20.08 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92. The business’s 50 day moving average is $21.00 and its 200-day moving average is $21.10. The stock has a market cap of $10.52 billion, a PE ratio of 23.35, a price-to-earnings-growth ratio of 1.28 and a beta of 1.41. Franklin Resources, Inc. has a twelve month low of $18.83 and a twelve month high of $28.61.

Franklin Resources (NYSE:BEN) last announced its earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The business had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm earned $0.84 EPS. The firm’s revenue was up 11.3% on a year-over-year basis. On average, analysts predict that Franklin Resources, Inc. will post 2.32 earnings per share for the current year.

Franklin Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Monday, December 30th were given a $0.32 dividend. This is a boost from Franklin Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Monday, December 30th. This represents a $1.28 annualized dividend and a yield of 6.37%. Franklin Resources’s dividend payout ratio is 148.84%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BEN shares. Barclays reduced their price objective on shares of Franklin Resources from $21.00 to $19.00 and set an “underweight” rating for the company in a report on Friday, January 17th. JPMorgan Chase & Co. decreased their price objective on shares of Franklin Resources from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. The Goldman Sachs Group upgraded Franklin Resources from a “sell” rating to a “neutral” rating and upped their target price for the stock from $21.00 to $22.00 in a research report on Monday, January 6th. Finally, Evercore ISI lowered their price target on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a research report on Friday, October 4th. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $20.18.

Institutional Trading of Franklin Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dupree Financial Group LLC acquired a new stake in Franklin Resources during the 4th quarter valued at $2,713,000. Symphony Financial Ltd. Co. grew its holdings in shares of Franklin Resources by 86.9% during the fourth quarter. Symphony Financial Ltd. Co. now owns 58,020 shares of the closed-end fund’s stock valued at $1,148,000 after buying an additional 26,982 shares in the last quarter. Donald L. Hagan LLC acquired a new position in Franklin Resources during the fourth quarter valued at $894,000. Capital Investment Advisory Services LLC lifted its stake in Franklin Resources by 13.4% in the 4th quarter. Capital Investment Advisory Services LLC now owns 12,290 shares of the closed-end fund’s stock worth $249,000 after acquiring an additional 1,450 shares in the last quarter. Finally, Swedbank AB boosted its position in Franklin Resources by 159.5% during the 4th quarter. Swedbank AB now owns 161,088 shares of the closed-end fund’s stock worth $3,268,000 after acquiring an additional 99,012 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

About Representative Kean

Thomas Kean Jr. (Republican Party) is a member of the U.S. House, representing New Jersey’s 7th Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2025. Kean (Republican Party) is running for re-election to the U.S. House to represent New Jersey’s 7th Congressional District. He declared candidacy for the 2024 election. Kean has served as state Senate minority leader. He was a member of the New Jersey General Assembly from 2001 to 2003. Thomas Kean Jr. lives in Westfield, New Jersey. Kean earned a master’s degree from the Tufts University Fletcher School of Law and Diplomacy. His career experience includes working with the Environmental Protection Agency during the George H.W. Bush administration and as an advisor to former U.S. Representative Bob Franks, a firefighter, and an emergency medical technician. Kean has served as the vice president of a fire department.

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.