Cypress Capital Management LLC lowered its stake in Franklin Resources, Inc. (NYSE:BEN) by 22.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 270,211 shares of the closed-end fund’s stock after selling 78,300 shares during the quarter. Cypress Capital Management LLC owned about 0.05% of Franklin Resources worth $7,998,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Childress Capital Advisors LLC bought a new position in Franklin Resources in the fourth quarter valued at approximately $27,000. Regent Peak Wealth Advisors LLC bought a new position in Franklin Resources in the fourth quarter valued at approximately $31,000. First National Bank of South Miami bought a new position in Franklin Resources in the first quarter valued at approximately $37,000. AdvisorNet Financial Inc lifted its stake in Franklin Resources by 229.9% in the first quarter. AdvisorNet Financial Inc now owns 1,300 shares of the closed-end fund’s stock valued at $38,000 after buying an additional 906 shares in the last quarter. Finally, Vantage Consulting Group Inc bought a new position in Franklin Resources in the fourth quarter valued at approximately $46,000. 44.71% of the stock is currently owned by hedge funds and other institutional investors.
BEN traded up $0.11 during trading on Friday, reaching $34.55. 15,424 shares of the stock were exchanged, compared to its average volume of 3,325,176. Franklin Resources, Inc. has a twelve month low of $17.97 and a twelve month high of $35.94. The company has a market cap of $17.42 billion, a PE ratio of 16.02, a P/E/G ratio of 0.77 and a beta of 1.24. The business’s 50 day moving average price is $32.32. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.73 and a current ratio of 1.73.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th will be issued a $0.28 dividend. The ex-dividend date is Tuesday, June 29th. This represents a $1.12 annualized dividend and a dividend yield of 3.24%. Franklin Resources’s dividend payout ratio is currently 42.91%.
In other Franklin Resources news, EVP Jed A. Plafker sold 20,782 shares of the company’s stock in a transaction on Wednesday, March 24th. The shares were sold at an average price of $28.67, for a total value of $595,819.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Gwen L. Shaneyfelt sold 5,000 shares of the company’s stock in a transaction on Thursday, March 18th. The shares were sold at an average price of $30.32, for a total transaction of $151,600.00. Following the completion of the transaction, the chief accounting officer now owns 68,749 shares in the company, valued at $2,084,469.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,782 shares of company stock worth $913,670. Corporate insiders own 23.10% of the company’s stock.
A number of analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Franklin Resources from $29.00 to $33.00 and gave the stock a “hold” rating in a research report on Wednesday, May 5th. Credit Suisse Group boosted their price objective on shares of Franklin Resources from $26.00 to $27.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 5th. Morgan Stanley boosted their price objective on shares of Franklin Resources from $24.00 to $26.00 and gave the stock an “underweight” rating in a research report on Wednesday, May 5th. Finally, BMO Capital Markets raised shares of Franklin Resources from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $22.00 to $36.00 in a research report on Monday, March 29th. Five equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. Franklin Resources currently has an average rating of “Hold” and a consensus price target of $25.90.
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.
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