New York State Teachers Retirement System Trims Holdings in Franklin Resources, Inc. (NYSE:BEN)

New York State Teachers Retirement System reduced its position in Franklin Resources, Inc. (NYSE:BEN) by 5.8% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 303,975 shares of the closed-end fund’s stock after selling 18,885 shares during the quarter. New York State Teachers Retirement System’s holdings in Franklin Resources were worth $6,168,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Exchange Traded Concepts LLC lifted its holdings in shares of Franklin Resources by 301.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 5,074 shares of the closed-end fund’s stock worth $102,000 after acquiring an additional 3,810 shares during the period. Blue Trust Inc. lifted its stake in Franklin Resources by 124.8% during the third 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 last quarter. Allspring Global Investments Holdings LLC lifted its stake in Franklin Resources by 8.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 15,001 shares of the closed-end fund’s stock valued at $302,000 after buying an additional 1,195 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Franklin Resources during the third quarter valued at about $41,000. Finally, Symphony Financial Ltd. Co. acquired a new position in Franklin Resources during the third quarter worth about $623,000. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Stock Performance

Shares of Franklin Resources stock opened at $20.90 on Thursday. The company has a market cap of $10.98 billion, a PE ratio of 32.15, a price-to-earnings-growth ratio of 2.13 and a beta of 1.42. Franklin Resources, Inc. has a 52 week low of $18.83 and a 52 week high of $28.61. The business has a 50 day moving average price of $20.38 and a 200-day moving average price of $20.76. The company has a quick ratio of 1.66, a current ratio of 1.66 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 for the quarter, beating 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 last year, the business earned $0.65 earnings per share. Equities analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a dividend of $0.32 per share. The ex-dividend date is Monday, March 31st. This represents a $1.28 dividend on an annualized basis and a yield of 6.13%. Franklin Resources’s payout ratio is 196.93%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BEN shares. Barclays upped their target price on Franklin Resources from $19.00 to $22.00 and gave the stock an “underweight” rating in a research report on Monday, February 3rd. Deutsche Bank Aktiengesellschaft decreased their price target on Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. JPMorgan Chase & Co. reduced their target price on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. The Goldman Sachs Group raised Franklin Resources from a “sell” rating to a “neutral” rating and raised their price target for the stock from $21.00 to $22.00 in a research report on Monday, January 6th. Finally, StockNews.com raised Franklin Resources from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat, Franklin Resources presently has a consensus rating of “Hold” and a consensus 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.