Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Freestone Capital Holdings LLC

Freestone Capital Holdings LLC lessened its holdings in Franklin Resources, Inc. (NYSE:BEN) by 4.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 188,527 shares of the closed-end fund’s stock after selling 8,335 shares during the quarter. Freestone Capital Holdings LLC’s holdings in Franklin Resources were worth $3,825,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Inceptionr LLC acquired a new position in shares of Franklin Resources during the fourth quarter valued at $1,210,000. Raymond James Financial Inc. bought a new position in shares of Franklin Resources in the fourth quarter valued at $11,474,000. Arizona State Retirement System increased its holdings in shares of Franklin Resources by 0.8% in the fourth quarter. Arizona State Retirement System now owns 83,549 shares of the closed-end fund’s stock valued at $1,695,000 after buying an additional 651 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Franklin Resources in the fourth quarter valued at $231,000. Finally, Atria Investments Inc bought a new position in shares of Franklin Resources in the fourth quarter valued at $239,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Trading Up 2.9 %

Shares of NYSE:BEN opened at $20.14 on Thursday. The stock has a market capitalization of $10.58 billion, a PE ratio of 30.98, a P/E/G ratio of 2.31 and a beta of 1.42. Franklin Resources, Inc. has a 1 year low of $18.83 and a 1 year high of $28.61. The firm has a fifty day moving average price of $20.18 and a 200 day moving average price of $20.63. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89.

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

Franklin Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 6.36%. The ex-dividend date is Monday, March 31st. Franklin Resources’s dividend payout ratio (DPR) is 196.92%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BEN. The Goldman Sachs Group raised Franklin Resources from a “sell” rating to a “neutral” rating and upped their price target for the company from $21.00 to $22.00 in a report on Monday, January 6th. Morgan Stanley boosted their target price on shares of Franklin Resources from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Friday, December 20th. Barclays boosted their target price on shares of Franklin Resources from $19.00 to $22.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. cut their target price on shares of Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Franklin Resources from $19.00 to $21.00 and gave the company an “underperform” rating in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, Franklin Resources currently has an average rating of “Hold” and an average target price of $20.86.

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.