Franklin Resources, Inc. (NYSE:BEN) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC cut its position in Franklin Resources, Inc. (NYSE:BEN) by 61.9% during the fourth quarter, Holdings Channel reports. The firm owned 112,684 shares of the closed-end fund’s stock after selling 183,054 shares during the period. HighTower Advisors LLC’s holdings in Franklin Resources were worth $2,286,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Smartleaf Asset Management LLC increased its holdings in shares of Franklin Resources by 44.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock valued at $33,000 after purchasing an additional 505 shares during the period. Larson Financial Group LLC increased its holdings in shares of Franklin Resources by 254.4% in the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after purchasing an additional 1,277 shares during the period. Brooklyn Investment Group acquired a new position in shares of Franklin Resources in the third quarter valued at about $39,000. Principal Securities Inc. increased its holdings in shares of Franklin Resources by 561.1% in the fourth quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock valued at $40,000 after purchasing an additional 1,661 shares during the period. Finally, Anchor Investment Management LLC increased its holdings in shares of Franklin Resources by 30.2% in the third quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock valued at $52,000 after purchasing an additional 604 shares during the period. 47.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on BEN shares. Morgan Stanley raised their target price on Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Friday, December 20th. Barclays lifted their target price on shares of Franklin Resources from $19.00 to $22.00 and gave the company an “underweight” rating in a report on Monday, February 3rd. BMO Capital Markets lifted their target price on shares of Franklin Resources from $20.00 to $23.00 and gave the company a “market perform” rating in a report on Monday, February 3rd. UBS Group lifted their target price on shares of Franklin Resources from $19.00 to $23.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Franklin Resources from $19.00 to $21.00 and gave the company an “underperform” rating in a report on Monday, February 3rd. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.86.

Franklin Resources Price Performance

Shares of NYSE BEN opened at $19.86 on Friday. The firm has a market cap of $10.43 billion, a PE ratio of 30.55, a PEG ratio of 2.31 and a beta of 1.42. The firm has a fifty day moving average of $20.10 and a 200 day moving average of $20.56. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. Franklin Resources, Inc. has a one year low of $18.83 and a one year high of $28.15.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. During the same period last year, the firm posted $0.65 earnings per share. As a group, research analysts predict that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 6.45%. The ex-dividend date of this dividend is Monday, March 31st. Franklin Resources’s payout ratio is presently 196.92%.

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.