Steel Grove Capital Advisors LLC cut its holdings in shares of Franklin Resources, Inc. (NYSE:BEN – Free Report) by 28.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,844 shares of the closed-end fund’s stock after selling 28,113 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in Franklin Resources were worth $1,692,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in BEN. Exchange Traded Concepts LLC raised its holdings in Franklin Resources by 4.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,751 shares of the closed-end fund’s stock valued at $233,000 after acquiring an additional 397 shares during the period. Horizon Investments LLC raised its holdings in Franklin Resources by 4.3% in the 4th quarter. Horizon Investments LLC now owns 10,471 shares of the closed-end fund’s stock valued at $250,000 after acquiring an additional 433 shares during the period. Larson Financial Group LLC raised its holdings in Franklin Resources by 48.1% in the 4th quarter. Larson Financial Group LLC now owns 1,392 shares of the closed-end fund’s stock valued at $33,000 after acquiring an additional 452 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Franklin Resources by 0.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 102,708 shares of the closed-end fund’s stock valued at $2,376,000 after acquiring an additional 497 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Franklin Resources by 39.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,837 shares of the closed-end fund’s stock worth $44,000 after buying an additional 524 shares in the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.
Franklin Resources Stock Up 2.1%
NYSE:BEN opened at $31.66 on Wednesday. The firm’s 50 day simple moving average is $27.26 and its 200 day simple moving average is $25.68. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.87 and a quick ratio of 1.87. Franklin Resources, Inc. has a one year low of $21.06 and a one year high of $32.44. The company has a market cap of $16.45 billion, a PE ratio of 24.17, a P/E/G ratio of 0.82 and a beta of 1.56.
Franklin Resources Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Monday, June 29th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Monday, June 29th. Franklin Resources’s payout ratio is 100.76%.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on BEN shares. TD Cowen lifted their target price on Franklin Resources from $33.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. The Goldman Sachs Group boosted their price target on Franklin Resources from $30.50 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Wall Street Zen upgraded Franklin Resources from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Morgan Stanley upgraded Franklin Resources from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $21.00 to $31.00 in a research note on Wednesday, May 6th. Finally, Barclays set a $31.00 price target on Franklin Resources and gave the company an “equal weight” rating in a research note on Wednesday, April 29th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $29.56.
View Our Latest Stock Analysis on Franklin Resources
Franklin Resources Profile
Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.
Founded in 1947 by Rupert H.
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