Franklin Resources, Inc. (NYSE:BEN) Shares Sold by abrdn plc

abrdn plc lessened its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 5.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 130,535 shares of the closed-end fund’s stock after selling 6,841 shares during the quarter. abrdn plc’s holdings in Franklin Resources were worth $2,635,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of BEN. MFA Wealth Advisors LLC bought a new position in shares of Franklin Resources during the third quarter worth about $26,000. Larson Financial Group LLC grew its position in Franklin Resources by 254.4% in the 3rd quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock worth $36,000 after purchasing an additional 1,277 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Franklin Resources in the third quarter valued at approximately $39,000. Northwest Investment Counselors LLC acquired a new position in Franklin Resources during the 3rd quarter worth $41,000. Finally, Blue Trust Inc. increased its stake in Franklin Resources by 124.8% during the 3rd quarter. Blue Trust Inc. now owns 2,068 shares of the closed-end fund’s stock valued at $46,000 after buying an additional 1,148 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Down 0.9 %

BEN stock opened at $20.41 on Monday. The company has a market cap of $10.72 billion, a PE ratio of 31.40, a price-to-earnings-growth ratio of 2.14 and a beta of 1.42. The company has a quick ratio of 1.63, a current ratio of 1.66 and a debt-to-equity ratio of 0.89. Franklin Resources, Inc. has a 52 week low of $18.83 and a 52 week high of $28.61. The business has a 50-day simple moving average of $20.66 and a 200 day simple moving average of $20.88.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same quarter in the prior year, the company posted $0.65 earnings per share. Sell-side analysts anticipate that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 6.27%. The ex-dividend date of this dividend is Monday, March 31st. Franklin Resources’s payout ratio is 196.93%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. BMO Capital Markets lifted their price objective on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research note on Monday, February 3rd. Wells Fargo & Company lifted their target price on Franklin Resources from $20.50 to $24.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Keefe, Bruyette & Woods boosted their target price on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a research report on Monday, February 3rd. TD Cowen lowered their price target on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Finally, Barclays increased their target price on Franklin Resources from $19.00 to $22.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $20.86.

About Franklin Resources

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.