California State Teachers Retirement System decreased its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 3.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 578,762 shares of the closed-end fund’s stock after selling 21,106 shares during the quarter. California State Teachers Retirement System owned 0.11% of Franklin Resources worth $17,166,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in Franklin Resources by 27.4% in the third quarter. Bank of New York Mellon Corp now owns 4,340,194 shares of the closed-end fund’s stock worth $131,985,000 after buying an additional 932,439 shares in the last quarter. First Republic Investment Management Inc. boosted its stake in Franklin Resources by 3.3% in the third quarter. First Republic Investment Management Inc. now owns 63,262 shares of the closed-end fund’s stock worth $1,924,000 after buying an additional 1,999 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Franklin Resources by 9.7% in the third quarter. Dimensional Fund Advisors LP now owns 1,505,136 shares of the closed-end fund’s stock worth $45,785,000 after buying an additional 133,632 shares in the last quarter. Allied Investment Advisors LLC boosted its stake in Franklin Resources by 7.7% in the fourth quarter. Allied Investment Advisors LLC now owns 80,615 shares of the closed-end fund’s stock worth $2,391,000 after buying an additional 5,775 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Franklin Resources by 2.1% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,120,347 shares of the closed-end fund’s stock worth $34,070,000 after buying an additional 23,397 shares in the last quarter. 48.99% of the stock is owned by institutional investors.
NYSE:BEN opened at $33.32 on Friday. The company has a market cap of $16.98 billion, a PE ratio of 10.45, a P/E/G ratio of 1.96 and a beta of 1.17. Franklin Resources, Inc. has a fifty-two week low of $27.34 and a fifty-two week high of $39.28. The company has a quick ratio of 3.93, a current ratio of 3.93 and a debt-to-equity ratio of 0.07.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Wednesday, January 30th. The closed-end fund reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10). The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Franklin Resources had a net margin of 26.55% and a return on equity of 15.01%. The business’s revenue for the quarter was down 7.6% compared to the same quarter last year. During the same period last year, the company posted $0.88 EPS. Sell-side analysts anticipate that Franklin Resources, Inc. will post 2.36 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Thursday, March 28th. Franklin Resources’s dividend payout ratio (DPR) is presently 32.60%.
Several analysts have issued reports on BEN shares. Bank of America lowered Franklin Resources from a “neutral” rating to an “underperform” rating in a research note on Friday, January 11th. Credit Suisse Group reaffirmed a “sell” rating and issued a $23.00 target price on shares of Franklin Resources in a research note on Monday, January 14th. Barclays reaffirmed a “sell” rating and issued a $23.00 target price on shares of Franklin Resources in a research note on Thursday, January 10th. Citigroup lowered Franklin Resources from a “neutral” rating to a “sell” rating in a research note on Monday, January 14th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $30.00 target price on shares of Franklin Resources in a research note on Wednesday, January 9th. Seven investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The stock currently has an average rating of “Hold” and an average target price of $29.77.
In other news, EVP Craig Steven Tyle sold 10,663 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $32.82, for a total transaction of $349,959.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 23.90% of the company’s stock.
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About Franklin Resources
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.
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