Baird Financial Group Inc. Decreases Holdings in Franklin Resources, Inc. (BEN)

Baird Financial Group Inc. lowered its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 15.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 80,795 shares of the closed-end fund’s stock after selling 14,657 shares during the quarter. Baird Financial Group Inc.’s holdings in Franklin Resources were worth $2,589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of BEN. BlackRock Inc. increased its position in shares of Franklin Resources by 11.8% during the first quarter. BlackRock Inc. now owns 24,827,358 shares of the closed-end fund’s stock worth $861,012,000 after acquiring an additional 2,615,864 shares during the period. Schroder Investment Management Group increased its position in shares of Franklin Resources by 81.7% during the first quarter. Schroder Investment Management Group now owns 2,911,317 shares of the closed-end fund’s stock worth $100,964,000 after acquiring an additional 1,309,429 shares during the period. JPMorgan Chase & Co. increased its position in shares of Franklin Resources by 118.4% during the first quarter. JPMorgan Chase & Co. now owns 2,192,524 shares of the closed-end fund’s stock worth $76,037,000 after acquiring an additional 1,188,556 shares during the period. Kiltearn Partners LLP increased its position in shares of Franklin Resources by 11.6% during the first quarter. Kiltearn Partners LLP now owns 7,279,300 shares of the closed-end fund’s stock worth $248,297,000 after acquiring an additional 759,300 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of Franklin Resources during the second quarter worth $18,677,000. 46.84% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts recently commented on the company. JPMorgan Chase & Co. lowered Franklin Resources from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $32.00 to $29.00 in a report on Thursday, September 6th. Morgan Stanley dropped their target price on Franklin Resources from $33.00 to $32.00 and set an “underweight” rating on the stock in a report on Thursday, July 12th. Zacks Investment Research lowered Franklin Resources from a “hold” rating to a “sell” rating in a report on Tuesday, September 11th. Barclays dropped their target price on Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a report on Monday, July 30th. Finally, Deutsche Bank dropped their target price on Franklin Resources from $33.00 to $32.00 and set a “hold” rating on the stock in a report on Thursday, August 16th. Six research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $37.25.

In other Franklin Resources news, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total transaction of $350,022.75. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 22.20% of the company’s stock.

NYSE:BEN opened at $31.92 on Friday. The firm has a market capitalization of $16.52 billion, a P/E ratio of 10.60, a price-to-earnings-growth ratio of 1.63 and a beta of 1.52. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.37 and a current ratio of 3.37. Franklin Resources, Inc. has a 12 month low of $29.95 and a 12 month high of $45.96.

Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, meeting the consensus estimate of $0.75. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a return on equity of 15.40% and a net margin of 10.72%. Franklin Resources’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.73 earnings per share. analysts predict that Franklin Resources, Inc. will post 3.14 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Thursday, September 27th. Franklin Resources’s payout ratio is 30.56%.

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.

Further Reading: Book Value Per Share – BVPS

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

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