Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lessened its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 0.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 66,895 shares of the closed-end fund’s stock after selling 549 shares during the period. Retirement Systems of Alabama’s holdings in Franklin Resources were worth $1,357,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in BEN. MFA Wealth Advisors LLC acquired a new position in Franklin Resources in the 3rd quarter valued at about $26,000. Larson Financial Group LLC grew its holdings in Franklin Resources by 254.4% in the 3rd quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after buying an additional 1,277 shares during the period. Brooklyn Investment Group purchased a new stake in Franklin Resources in the 3rd quarter valued at about $39,000. Northwest Investment Counselors LLC purchased a new stake in shares of Franklin Resources during the 3rd quarter worth about $41,000. Finally, Blue Trust Inc. grew its holdings in shares of Franklin Resources by 124.8% during the 3rd quarter. Blue Trust Inc. now owns 2,068 shares of the closed-end fund’s stock worth $46,000 after purchasing an additional 1,148 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Performance

Franklin Resources stock opened at $20.21 on Wednesday. The stock has a 50 day moving average of $20.61 and a 200-day moving average of $20.85. Franklin Resources, Inc. has a 52 week low of $18.83 and a 52 week high of $28.61. The stock has a market cap of $10.61 billion, a P/E ratio of 31.09, a price-to-earnings-growth ratio of 2.14 and a beta of 1.42. The company has a current ratio of 1.66, a quick ratio of 1.63 and a debt-to-equity ratio of 0.89.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same quarter in the previous year, the firm earned $0.65 EPS. On average, analysts expect that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 6.34%. The ex-dividend date of this dividend is Monday, March 31st. Franklin Resources’s dividend payout ratio (DPR) is presently 196.92%.

Analysts Set New Price Targets

BEN has been the subject of a number of research reports. Wells Fargo & Company boosted their target price on Franklin Resources from $20.50 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Deutsche Bank Aktiengesellschaft decreased their target price on Franklin Resources from $20.00 to $19.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Keefe, Bruyette & Woods boosted their target price on Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a report on Monday, February 3rd. TD Cowen decreased their target price on Franklin Resources from $20.00 to $18.50 and set a “hold” rating for the company in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. decreased their price target on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Four 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 presently has a consensus rating of “Hold” and an average price target of $20.86.

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.