Nisa Investment Advisors LLC cut its holdings in Franklin Resources, Inc. (NYSE:BEN – Free Report) by 3.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 108,556 shares of the closed-end fund’s stock after selling 3,895 shares during the period. Nisa Investment Advisors LLC’s holdings in Franklin Resources were worth $2,924,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Amalgamated Bank lifted its holdings in Franklin Resources by 33.2% in the fourth quarter. Amalgamated Bank now owns 95,230 shares of the closed-end fund’s stock valued at $2,512,000 after acquiring an additional 23,760 shares during the last quarter. Private Advisor Group LLC lifted its stake in Franklin Resources by 180.5% during the fourth quarter. Private Advisor Group LLC now owns 27,858 shares of the closed-end fund’s stock worth $290,411,000 after purchasing an additional 17,927 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Franklin Resources by 2.4% during the fourth quarter. New York State Common Retirement Fund now owns 328,149 shares of the closed-end fund’s stock worth $8,657,000 after purchasing an additional 7,777 shares in the last quarter. AE Wealth Management LLC lifted its stake in Franklin Resources by 32.9% during the fourth quarter. AE Wealth Management LLC now owns 540,715 shares of the closed-end fund’s stock worth $14,264,000 after purchasing an additional 133,757 shares in the last quarter. Finally, SageView Advisory Group LLC acquired a new position in Franklin Resources during the first quarter worth $376,000. 46.70% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have commented on BEN. Morgan Stanley restated an “underweight” rating and set a $23.00 price target on shares of Franklin Resources in a research note on Tuesday. BMO Capital Markets upped their price target on Franklin Resources from $19.00 to $20.00 in a research note on Tuesday, May 2nd. Evercore ISI cut their price objective on Franklin Resources from $27.00 to $24.00 and set an “underperform” rating on the stock in a research report on Thursday, April 13th. StockNews.com began coverage on Franklin Resources in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Bank of America cut their price objective on Franklin Resources from $28.00 to $24.00 and set an “underperform” rating on the stock in a research report on Wednesday, April 5th. Six analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $24.55.
Franklin Resources Stock Performance
Franklin Resources (NYSE:BEN – Get Free Report) last announced its earnings results on Monday, May 1st. The closed-end fund reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.04. Franklin Resources had a net margin of 10.79% and a return on equity of 11.21%. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the prior year, the firm earned $0.96 earnings per share. The business’s quarterly revenue was down 7.4% compared to the same quarter last year. As a group, analysts expect that Franklin Resources, Inc. will post 2.35 earnings per share for the current year.
Franklin Resources Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were paid a dividend of $0.30 per share. The ex-dividend date was Thursday, June 29th. This represents a $1.20 annualized dividend and a dividend yield of 4.23%. Franklin Resources’s dividend payout ratio (DPR) is 72.29%.
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.
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