Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Oppenheimer Asset Management Inc.

Posted by Defense World Staff on May 6th, 2023

Oppenheimer Asset Management Inc. trimmed its position in shares of Franklin Resources, Inc. (NYSE:BEN – Get Rating) by 5.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,335 shares of the closed-end fund’s stock after selling 1,652 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Franklin Resources were worth $774,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. RFP Financial Group LLC acquired a new position in shares of Franklin Resources during the fourth quarter worth about $26,000. Eagle Bay Advisors LLC acquired a new position in Franklin Resources during the second quarter worth about $26,000. Arcus Capital Partners LLC acquired a new position in Franklin Resources during the fourth quarter worth about $32,000. Wipfli Financial Advisors LLC acquired a new position in Franklin Resources during the third quarter worth about $41,000. Finally, EWG Elevate Inc. acquired a new position in Franklin Resources during the fourth quarter worth about $68,000. 45.47% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Stock Performance

Shares of BEN opened at $25.54 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 4.97 and a current ratio of 2.09. The company has a market capitalization of $12.79 billion, a price-to-earnings ratio of 15.39 and a beta of 1.26. The company’s 50 day simple moving average is $26.98 and its 200 day simple moving average is $27.32. Franklin Resources, Inc. has a 1 year low of $20.24 and a 1 year high of $34.37.

Franklin Resources (NYSE:BEN – Get Rating) last announced its quarterly earnings data on Monday, May 1st. The closed-end fund reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.04. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.80 billion. Franklin Resources had a net margin of 10.79% and a return on equity of 11.21%. The company’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.96 earnings per share. On average, sell-side analysts predict that Franklin Resources, Inc. will post 2.31 EPS for the current year.

Franklin Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Friday, March 31st were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 4.70%. The ex-dividend date was Thursday, March 30th. Franklin Resources’s payout ratio is 72.29%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of Franklin Resources from $26.00 to $27.00 and gave the stock an “underperform” rating in a research report on Tuesday, January 31st. Morgan Stanley upped their target price on shares of Franklin Resources from $19.00 to $23.00 and gave the stock an “underweight” rating in a research report on Thursday, January 19th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Franklin Resources from $27.00 to $29.00 and gave the company a “hold” rating in a research report on Tuesday, January 31st. JPMorgan Chase & Co. increased their price target on shares of Franklin Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Tuesday, January 31st. Finally, BMO Capital Markets increased their price target on shares of Franklin Resources from $19.00 to $20.00 in a research report on Tuesday. Six analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $24.55.

Insider Activity at Franklin Resources

In related news, insider Franklin Resources Inc purchased 2,465,483 shares of the business’s stock in a transaction on Friday, April 28th. The shares were bought at an average price of $10.14 per share, with a total value of $24,999,997.62. Following the completion of the purchase, the insider now directly owns 4,955,483 shares in the company, valued at approximately $50,248,597.62. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 23.40% of the company’s stock.

Franklin Resources Profile

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Franklin Resources, Inc is a holding company, which engages in the provision of investment management and related services. The firm offers services and products under various distinct brand names, including, but not limited to, Franklin, Templeton, Legg Mason, Benefit Street Partners, Brandywine Global Investment Management, Clarion Partners, ClearBridge Investments, Fiduciary Trust International, Franklin Bissett, Franklin Mutual Series, K2, LibertyShares, Martin Currie, Royce Investment Partners and Western Asset Management Company.