Franklin Resources (NYSE:BEN) Stock Unloaded Rep. Thomas H. Kean, Jr.

Representative Thomas H. Kean, Jr. (R-New Jersey) recently sold shares of Franklin Resources, Inc. (NYSE:BEN). In a filing disclosed on January 22nd, the Representative disclosed that they had sold between $1,001 and $15,000 in Franklin Resources stock on December 16th. The trade occurred in the Representative’s “KEAN FAMILY PARTNERSHIP” account.

Representative Thomas H. Kean, Jr. also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Canadian Pacific Kansas City (NYSE:CP) on 12/27/2024.
• Purchased $1,001 – $15,000 in shares of Pernod Ricard (OTC:PRNDY) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Alphabet (NASDAQ:GOOG) on 12/19/2024.
• Purchased $1,001 – $15,000 in shares of Prologis (NYSE:PLD) on 12/16/2024.
• Purchased $1,001 – $15,000 in shares of Abbott Laboratories (NYSE:ABT) on 12/16/2024.
• Purchased $1,001 – $15,000 in shares of Analog Devices (NASDAQ:ADI) on 12/13/2024.

Franklin Resources Price Performance

BEN opened at $19.99 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92. Franklin Resources, Inc. has a 12-month low of $18.83 and a 12-month high of $28.61. The firm has a market cap of $10.48 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.27 and a beta of 1.41. The stock’s 50-day moving average price is $21.03 and its 200 day moving average price is $21.10.

Franklin Resources (NYSE:BEN) last issued its earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.01). The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $1.70 billion. Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.84 EPS. As a group, sell-side analysts expect that Franklin Resources, Inc. will post 2.32 earnings per share for the current year.

Franklin Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Monday, December 30th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.40%. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. The ex-dividend date was Monday, December 30th. Franklin Resources’s payout ratio is 148.84%.

Institutional Trading of Franklin Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in BEN. MFA Wealth Advisors LLC bought a new stake in shares of Franklin Resources during the third quarter worth $26,000. Matrix Trust Co acquired a new position in shares of Franklin Resources during the 3rd quarter worth approximately $29,000. Larson Financial Group LLC raised its position in Franklin Resources by 254.4% during the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock worth $36,000 after acquiring an additional 1,277 shares in the last quarter. Brooklyn Investment Group acquired a new stake in Franklin Resources in the 3rd quarter valued at about $39,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Franklin Resources during the 3rd quarter worth approximately $41,000. 47.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BEN. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $19.00 price objective (down previously from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. Wells Fargo & Company cut their price objective on shares of Franklin Resources from $22.50 to $20.50 and set an “equal weight” rating for the company in a research report on Tuesday, January 14th. TD Cowen lowered their price target on Franklin Resources from $20.00 to $18.50 and set a “hold” rating for the company in a report on Tuesday, November 5th. Barclays cut their target price on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. Finally, Morgan Stanley boosted their price objective on shares of Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Friday, December 20th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.18.

About Representative Kean

Thomas Kean Jr. (Republican Party) is a member of the U.S. House, representing New Jersey’s 7th Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2025. Kean (Republican Party) is running for re-election to the U.S. House to represent New Jersey’s 7th Congressional District. He declared candidacy for the 2024 election. Kean has served as state Senate minority leader. He was a member of the New Jersey General Assembly from 2001 to 2003. Thomas Kean Jr. lives in Westfield, New Jersey. Kean earned a master’s degree from the Tufts University Fletcher School of Law and Diplomacy. His career experience includes working with the Environmental Protection Agency during the George H.W. Bush administration and as an advisor to former U.S. Representative Bob Franks, a firefighter, and an emergency medical technician. Kean has served as the vice president of a fire department.

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.