Foundation Resource Management Inc. Sells 13,389 Shares of Franklin Resources, Inc. (NYSE:BEN)

Foundation Resource Management Inc. lessened its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 572,379 shares of the closed-end fund’s stock after selling 13,389 shares during the quarter. Franklin Resources makes up 1.9% of Foundation Resource Management Inc.’s holdings, making the stock its 18th biggest holding. Foundation Resource Management Inc. owned approximately 0.11% of Franklin Resources worth $11,614,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of BEN. MFA Wealth Advisors LLC acquired a new stake in shares of Franklin Resources in the third quarter valued at about $26,000. Altshuler Shaham Ltd bought a new stake in Franklin Resources in the second quarter valued at approximately $27,000. Matrix Trust Co acquired a new stake in Franklin Resources during the 3rd quarter valued at approximately $29,000. Larson Financial Group LLC raised its holdings in Franklin Resources by 254.4% during 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. Finally, Brooklyn Investment Group bought a new position in Franklin Resources during the 3rd quarter worth approximately $39,000. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Evercore ISI decreased their price objective on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a research report on Friday, October 4th. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $19.00 price target (down from $20.00) on shares of Franklin Resources in a report on Tuesday, November 5th. TD Cowen dropped their price objective on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Wells Fargo & Company decreased their target price on Franklin Resources from $22.50 to $20.50 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, JPMorgan Chase & Co. dropped their price target on Franklin Resources from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.55.

Franklin Resources Stock Up 2.2 %

Shares of NYSE:BEN opened at $19.41 on Wednesday. The business’s 50 day moving average is $21.25 and its 200 day moving average is $21.21. Franklin Resources, Inc. has a 12-month low of $18.83 and a 12-month high of $28.61. The stock has a market cap of $10.17 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 2.38 and a beta of 1.41. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.92.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $1.70 billion. Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. Franklin Resources’s revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the business posted $0.84 earnings per share. On average, sell-side analysts forecast that Franklin Resources, Inc. will post 2.39 earnings per share for the current fiscal year.

Franklin Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Monday, December 30th were paid a $0.32 dividend. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Monday, December 30th. This represents a $1.28 annualized dividend and a yield of 6.59%. Franklin Resources’s dividend payout ratio (DPR) is 148.84%.

Insiders Place Their Bets

In other news, insider Franklin Resources Inc sold 7,900 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $43.71, for a total transaction of $345,309.00. Following the completion of the transaction, the insider now directly owns 36,519 shares of the company’s stock, valued at $1,596,245.49. This represents a 17.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 22.90% of the company’s stock.

Franklin Resources Company 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.