Gamco Investors INC. ET AL lessened its position in Franklin Resources, Inc. (NYSE:BEN – Free Report) by 16.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 101,883 shares of the closed-end fund’s stock after selling 20,200 shares during the period. Gamco Investors INC. ET AL’s holdings in Franklin Resources were worth $2,406,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. Mariner LLC lifted its holdings in Franklin Resources by 0.7% during the 4th quarter. Mariner LLC now owns 56,151 shares of the closed-end fund’s stock valued at $1,341,000 after purchasing an additional 377 shares during the last quarter. Lido Advisors LLC grew its stake in Franklin Resources by 4.0% during the first quarter. Lido Advisors LLC now owns 10,194 shares of the closed-end fund’s stock worth $244,000 after buying an additional 395 shares during the last quarter. Zions Bancorporation National Association UT grew its stake in Franklin Resources by 35.5% during the fourth quarter. Zions Bancorporation National Association UT now owns 1,512 shares of the closed-end fund’s stock worth $36,000 after buying an additional 396 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Franklin Resources by 4.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 9,751 shares of the closed-end fund’s stock worth $233,000 after buying an additional 397 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Franklin Resources by 12.2% during the first quarter. Geneos Wealth Management Inc. now owns 3,671 shares of the closed-end fund’s stock worth $87,000 after buying an additional 400 shares in the last quarter. Institutional investors own 47.56% of the company’s stock.
Franklin Resources Price Performance
BEN opened at $33.18 on Tuesday. Franklin Resources, Inc. has a one year low of $21.10 and a one year high of $34.92. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.87 and a quick ratio of 1.87. The company’s 50 day simple moving average is $32.49 and its 200-day simple moving average is $28.63. The stock has a market capitalization of $17.24 billion, a P/E ratio of 25.33, a price-to-earnings-growth ratio of 0.72 and a beta of 1.54.
Franklin Resources Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Monday, June 29th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Monday, June 29th. Franklin Resources’s dividend payout ratio (DPR) is 100.76%.
Wall Street Analyst Weigh In
Several brokerages have recently commented on BEN. TD Cowen boosted their target price on Franklin Resources from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. The Goldman Sachs Group lifted their price objective on Franklin Resources from $30.50 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Evercore reissued an “underperform” rating and issued a $35.00 price objective on shares of Franklin Resources in a research note on Friday, July 10th. JPMorgan Chase & Co. increased their target price on Franklin Resources from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Wednesday, April 29th. Finally, Morgan Stanley raised their target price on Franklin Resources from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Franklin Resources has a consensus rating of “Hold” and an average price target of $32.00.
Read Our Latest Stock Analysis on BEN
About Franklin Resources
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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