Russell Investments Group Ltd. Cuts Holdings in Franklin Resources, Inc. (NYSE:BEN)

Russell Investments Group Ltd. lessened its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 3.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 234,751 shares of the closed-end fund’s stock after selling 8,807 shares during the period. Russell Investments Group Ltd.’s holdings in Franklin Resources were worth $4,758,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BEN. Smartleaf Asset Management LLC lifted its stake in shares of Franklin Resources by 44.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock valued at $33,000 after purchasing an additional 505 shares in the last quarter. Headlands Technologies LLC acquired a new position in Franklin Resources during the fourth quarter valued at approximately $34,000. Principal Securities Inc. grew its stake in Franklin Resources by 561.1% during the fourth quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock worth $40,000 after buying an additional 1,661 shares during the period. Anchor Investment Management LLC increased its position in shares of Franklin Resources by 30.2% in the third quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock worth $52,000 after acquiring an additional 604 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Franklin Resources by 29.4% in the 4th quarter. Blue Trust Inc. now owns 2,677 shares of the closed-end fund’s stock valued at $54,000 after acquiring an additional 609 shares during the period. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Price Performance

BEN opened at $18.09 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. Franklin Resources, Inc. has a 1-year low of $16.25 and a 1-year high of $25.84. The company has a 50-day moving average of $19.54 and a 200-day moving average of $20.35. The company has a market capitalization of $9.50 billion, a P/E ratio of 27.83, a PEG ratio of 2.31 and a beta of 1.36.

Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same period last year, the business posted $0.65 earnings per share. Equities analysts expect that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 7.08%. Franklin Resources’s dividend payout ratio (DPR) is 196.92%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BEN shares. TD Cowen decreased their price target on shares of Franklin Resources from $20.00 to $17.50 and set a “hold” rating for the company in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods increased their target price on Franklin Resources from $19.00 to $21.00 and gave the company an “underperform” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. reduced their price target on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Wells Fargo & Company lowered their price objective on shares of Franklin Resources from $24.00 to $20.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Finally, BMO Capital Markets boosted their target price on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Monday, February 3rd. Five investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.38.

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.