KBC Group NV Sells 196,063 Shares of Franklin Resources, Inc. (NYSE:BEN)

KBC Group NV trimmed its position in Franklin Resources, Inc. (NYSE:BEN) by 56.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 148,298 shares of the closed-end fund’s stock after selling 196,063 shares during the period. KBC Group NV’s holdings in Franklin Resources were worth $2,988,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. MFA Wealth Advisors LLC bought a new stake in Franklin Resources during the third quarter valued at $26,000. Altshuler Shaham Ltd purchased a new stake in shares of Franklin Resources in the 2nd quarter valued at about $27,000. Matrix Trust Co bought a new stake in shares of Franklin Resources during the 3rd quarter valued at about $29,000. Sentry Investment Management LLC purchased a new position in shares of Franklin Resources during the second quarter worth about $30,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Franklin Resources in the third quarter worth approximately $41,000. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Franklin Resources

In related news, insider Franklin Resources Inc sold 7,900 shares of Franklin Resources stock in a transaction on 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 owns 36,519 shares in the company, valued at $1,596,245.49. The trade was a 17.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jennifer M. Johnson acquired 18,900 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was bought at an average price of $20.95 per share, with a total value of $395,955.00. Following the completion of the acquisition, the chief executive officer now directly owns 216,900 shares in the company, valued at approximately $4,544,055. This represents a 9.55 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. 24.13% of the stock is owned by company insiders.

Franklin Resources Price Performance

Shares of Franklin Resources stock opened at $21.67 on Monday. The stock has a market capitalization of $11.35 billion, a P/E ratio of 25.20, a price-to-earnings-growth ratio of 2.33 and a beta of 1.38. Franklin Resources, Inc. has a one year low of $18.94 and a one year high of $30.32. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.63 and a quick ratio of 1.71. The business’s 50 day simple moving average is $20.47 and its two-hundred day simple moving average is $21.79.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $1.70 billion. Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.84 earnings per share. Analysts forecast that Franklin Resources, Inc. will post 2.4 EPS for the current year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $0.31 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 annualized dividend and a dividend yield of 5.72%. Franklin Resources’s payout ratio is presently 144.19%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BEN shares. BMO Capital Markets dropped their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research report on Monday, July 29th. Evercore ISI dropped their price objective on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a report on Friday, October 4th. UBS Group reduced their target price on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Wells Fargo & Company lifted their price target on Franklin Resources from $19.00 to $19.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Finally, StockNews.com upgraded Franklin Resources from a “sell” rating to a “hold” rating in a research report on Thursday. Five equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $20.20.

Franklin Resources 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.