Everence Capital Management Inc. Has $310,000 Stock Position in Franklin Resources, Inc. (NYSE:BEN)

Everence Capital Management Inc. cut its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 66.5% in the 4th quarter, HoldingsChannel reports. The fund owned 15,260 shares of the closed-end fund’s stock after selling 30,300 shares during the period. Everence Capital Management Inc.’s holdings in Franklin Resources were worth $310,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in BEN. MFA Wealth Advisors LLC bought a new stake in Franklin Resources during the 3rd quarter worth approximately $26,000. Altshuler Shaham Ltd bought a new stake in Franklin Resources during the second quarter worth $27,000. Matrix Trust Co purchased a new stake in Franklin Resources in the 3rd quarter valued at $29,000. Sentry Investment Management LLC purchased a new position in Franklin Resources during the 2nd quarter worth $30,000. Finally, Larson Financial Group LLC boosted its holdings in Franklin Resources by 254.4% during the 3rd quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock worth $36,000 after acquiring an additional 1,277 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Down 2.1 %

BEN stock opened at $19.99 on Tuesday. Franklin Resources, Inc. has a fifty-two week low of $18.94 and a fifty-two week high of $29.41. The stock has a fifty day moving average of $21.40 and a 200-day moving average of $21.34. The company has a market capitalization of $10.47 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 2.38 and a beta of 1.41. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63.

Franklin Resources (NYSE:BEN) last posted its earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The business had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. Franklin Resources’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.84 EPS. As a group, equities research analysts predict that Franklin Resources, Inc. will post 2.39 earnings per share for the current year.

Franklin Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Monday, December 30th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.28 annualized dividend and a dividend yield of 6.40%. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. Franklin Resources’s dividend payout ratio is currently 148.84%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Franklin Resources from $19.50 to $22.50 and gave the company an “equal weight” rating in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. UBS Group reduced their target price on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $19.00 price target (down from $20.00) on shares of Franklin Resources in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Franklin Resources from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.73.

Insider Transactions at Franklin Resources

In other news, insider Franklin Resources Inc sold 7,900 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $43.71, for a total value of $345,309.00. Following the sale, the insider now directly owns 36,519 shares of the company’s stock, valued at approximately $1,596,245.49. This represents a 17.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 24,024 shares of company stock valued at $1,051,375 over the last three months. Company insiders own 22.90% of the company’s stock.

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.