CIBC Private Wealth Group LLC Has $349,000 Holdings in Franklin Resources, Inc. (NYSE:BEN)

CIBC Private Wealth Group LLC lessened its holdings in Franklin Resources, Inc. (NYSE:BEN) by 7.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 17,624 shares of the closed-end fund’s stock after selling 1,456 shares during the period. CIBC Private Wealth Group LLC’s holdings in Franklin Resources were worth $349,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its position in Franklin Resources by 28.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 245,148 shares of the closed-end fund’s stock worth $4,940,000 after purchasing an additional 54,765 shares in the last quarter. FMR LLC lifted its stake in shares of Franklin Resources by 27.1% in the 3rd quarter. FMR LLC now owns 39,678 shares of the closed-end fund’s stock valued at $800,000 after acquiring an additional 8,468 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Franklin Resources by 6.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 53,951 shares of the closed-end fund’s stock valued at $1,087,000 after acquiring an additional 3,400 shares in the last quarter. Chevy Chase Trust Holdings LLC grew its position in Franklin Resources by 1.0% during the 3rd quarter. Chevy Chase Trust Holdings LLC now owns 165,442 shares of the closed-end fund’s stock worth $3,334,000 after acquiring an additional 1,692 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in Franklin Resources by 200.5% in the 3rd quarter. HighTower Advisors LLC now owns 295,738 shares of the closed-end fund’s stock worth $5,966,000 after purchasing an additional 197,308 shares in the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wells Fargo & Company lifted their price target 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. BMO Capital Markets lifted their target price on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Monday, February 3rd. Bank of America decreased their price target on shares of Franklin Resources from $20.00 to $17.00 and set an “underperform” rating for the company in a research report on Thursday. JPMorgan Chase & Co. cut their price target on shares of Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Finally, Morgan Stanley increased their price objective on Franklin Resources from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Friday, December 20th. Five equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat, Franklin Resources presently has a consensus rating of “Hold” and an average target price of $20.54.

Franklin Resources Price Performance

Franklin Resources stock opened at $17.49 on Friday. The stock’s 50 day moving average price is $20.03 and its two-hundred day moving average price is $20.53. The stock has a market capitalization of $9.19 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 2.31 and a beta of 1.36. 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 52-week low of $17.19 and a 52-week high of $27.55.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, topping analysts’ consensus estimates 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 in the previous year, the business earned $0.65 earnings per share. On average, equities analysts predict that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be issued a $0.32 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.28 annualized dividend and a yield of 7.32%. Franklin Resources’s payout ratio is currently 196.92%.

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.