Fenimore Asset Management Inc. lowered its holdings in Franklin Resources, Inc. (NYSE:BEN) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,089,273 shares of the closed-end fund’s stock after selling 10,300 shares during the period. Franklin Resources makes up 1.8% of Fenimore Asset Management Inc.’s portfolio, making the stock its 22nd biggest position. Fenimore Asset Management Inc.’s holdings in Franklin Resources were worth $47,198,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. California Public Employees Retirement System lifted its holdings in shares of Franklin Resources by 2.4% in the fourth quarter. California Public Employees Retirement System now owns 1,097,772 shares of the closed-end fund’s stock valued at $47,566,000 after purchasing an additional 26,196 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Franklin Resources by 567.2% in the fourth quarter. Teacher Retirement System of Texas now owns 91,055 shares of the closed-end fund’s stock valued at $3,945,000 after purchasing an additional 77,408 shares in the last quarter. ING Groep NV lifted its holdings in shares of Franklin Resources by 8.7% in the fourth quarter. ING Groep NV now owns 33,073 shares of the closed-end fund’s stock valued at $1,433,000 after purchasing an additional 2,637 shares in the last quarter. BT Investment Management Ltd purchased a new stake in shares of Franklin Resources in the fourth quarter valued at $3,150,000. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its holdings in shares of Franklin Resources by 99.3% in the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,503,557 shares of the closed-end fund’s stock valued at $65,149,000 after purchasing an additional 749,038 shares in the last quarter. Institutional investors own 45.03% of the company’s stock.
BEN has been the subject of a number of research analyst reports. Wells Fargo & Co reduced their target price on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating for the company in a report on Friday, October 27th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price target on shares of Franklin Resources in a research note on Friday, December 22nd. ValuEngine downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Friday, November 17th. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Thursday, January 11th. Finally, UBS Group upped their price target on shares of Franklin Resources from $46.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Franklin Resources presently has an average rating of “Hold” and a consensus price target of $44.45.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.13. The company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a return on equity of 13.88% and a net margin of 10.44%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business posted $0.77 earnings per share. equities analysts anticipate that Franklin Resources, Inc. will post 3.25 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 10th. Stockholders of record on Tuesday, December 26th were given a $0.23 dividend. This is an increase from Franklin Resources’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a dividend yield of 2.42%. The ex-dividend date was Friday, December 22nd. Franklin Resources’s dividend payout ratio (DPR) is currently 77.97%.
In related news, Chairman Gregory E. Johnson sold 49,988 shares of the stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $43.58, for a total value of $2,178,477.04. Following the completion of the sale, the chairman now owns 2,116,886 shares in the company, valued at $92,253,891.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jed A. Plafker sold 7,790 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $43.92, for a total transaction of $342,136.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 457,778 shares of company stock worth $19,700,614. 22.20% of the stock is currently owned by company insiders.
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Franklin Resources Company Profile
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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