Franklin Resources, Inc. (NYSE:BEN) Holdings Trimmed by Commonwealth Equity Services LLC

Posted by Defense World Staff on Aug 28th, 2023

Commonwealth Equity Services LLC cut its holdings in Franklin Resources, Inc. (NYSE:BEN – Free Report) by 0.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 458,513 shares of the closed-end fund’s stock after selling 952 shares during the quarter. Commonwealth Equity Services LLC owned about 0.09% of Franklin Resources worth $12,352,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of BEN. Eagle Bay Advisors LLC acquired a new stake in Franklin Resources during the second quarter valued at approximately $26,000. Resurgent Financial Advisors LLC acquired a new stake in shares of Franklin Resources during the fourth quarter worth $27,000. CVA Family Office LLC boosted its position in shares of Franklin Resources by 131.5% in the 4th quarter. CVA Family Office LLC now owns 1,435 shares of the closed-end fund’s stock valued at $38,000 after purchasing an additional 815 shares during the period. Clear Street Markets LLC increased its stake in Franklin Resources by 54.1% in the 4th quarter. Clear Street Markets LLC now owns 1,587 shares of the closed-end fund’s stock worth $42,000 after purchasing an additional 557 shares in the last quarter. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its stake in Franklin Resources by 6,395.8% during the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,559 shares of the closed-end fund’s stock valued at $42,000 after buying an additional 1,535 shares in the last quarter. 46.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BEN shares. The Goldman Sachs Group lifted their target price on shares of Franklin Resources from $21.50 to $24.50 and gave the stock a “sell” rating in a research report on Tuesday, August 1st. Morgan Stanley raised their target price on Franklin Resources from $23.00 to $24.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 8th. BMO Capital Markets upped their price target on Franklin Resources from $24.00 to $27.00 in a research report on Monday, July 31st. StockNews.com initiated coverage on Franklin Resources in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Wells Fargo & Company upped their target price on Franklin Resources from $25.50 to $26.00 in a report on Thursday, July 13th. Six investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, Franklin Resources has a consensus rating of “Reduce” and a consensus target price of $25.25.

Get Our Latest Stock Report on BEN

Franklin Resources Stock Up 0.7 %

Shares of BEN stock opened at $25.79 on Monday. The stock’s 50 day simple moving average is $27.51 and its 200 day simple moving average is $27.14. Franklin Resources, Inc. has a twelve month low of $20.24 and a twelve month high of $34.37. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.89 and a current ratio of 2.63. The company has a market capitalization of $12.87 billion, a price-to-earnings ratio of 16.12 and a beta of 1.28.

Franklin Resources (NYSE:BEN – Get Free Report) last issued its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. The business had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Franklin Resources had a net margin of 10.51% and a return on equity of 10.43%. Franklin Resources’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.82 earnings per share. As a group, research analysts predict that Franklin Resources, Inc. will post 2.38 EPS for the current year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date of this dividend was Thursday, June 29th. Franklin Resources’s dividend payout ratio (DPR) is currently 75.00%.

Franklin Resources Company Profile

(Free Report)

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.