Burney Co. decreased its stake in Franklin Resources, Inc. (NYSE:BEN) by 66.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,765 shares of the closed-end fund’s stock after selling 17,382 shares during the quarter. Burney Co.’s holdings in Franklin Resources were worth $281,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of BEN. Sciencast Management LP boosted its position in Franklin Resources by 6.6% during the first quarter. Sciencast Management LP now owns 25,001 shares of the closed-end fund’s stock worth $849,000 after purchasing an additional 1,538 shares in the last quarter. Wesbanco Bank Inc. boosted its position in Franklin Resources by 9.7% during the first quarter. Wesbanco Bank Inc. now owns 17,566 shares of the closed-end fund’s stock worth $609,000 after purchasing an additional 1,554 shares in the last quarter. Dupont Capital Management Corp boosted its position in Franklin Resources by 61.2% during the second quarter. Dupont Capital Management Corp now owns 4,168 shares of the closed-end fund’s stock worth $134,000 after purchasing an additional 1,582 shares in the last quarter. World Asset Management Inc boosted its position in Franklin Resources by 6.7% during the second quarter. World Asset Management Inc now owns 26,689 shares of the closed-end fund’s stock worth $855,000 after purchasing an additional 1,672 shares in the last quarter. Finally, IFG Advisory LLC boosted its position in Franklin Resources by 9.8% during the second quarter. IFG Advisory LLC now owns 18,830 shares of the closed-end fund’s stock worth $603,000 after purchasing an additional 1,676 shares in the last quarter. Hedge funds and other institutional investors own 46.98% of the company’s stock.

In other Franklin Resources news, EVP Craig Steven Tyle sold 11,165 shares of the stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total transaction of $350,022.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 22.20% of the stock is owned by corporate insiders.

BEN has been the topic of a number of recent analyst reports. Morgan Stanley lowered their price target on Franklin Resources from $33.00 to $32.00 and set an “underweight” rating on the stock in a research report on Thursday, July 12th. Jefferies Financial Group reiterated a “hold” rating and set a $33.00 price target on shares of Franklin Resources in a research report on Friday, July 13th. Barclays lowered their price target on Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a research report on Monday, July 30th. Wells Fargo & Co lowered their price target on Franklin Resources from $35.00 to $34.00 and set a “market perform” rating on the stock in a research report on Monday, July 30th. Finally, Zacks Investment Research downgraded Franklin Resources from a “hold” rating to a “strong sell” rating in a research report on Monday, August 6th. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. The company has a consensus rating of “Hold” and an average price target of $37.25.

Shares of Franklin Resources stock opened at $30.14 on Friday. Franklin Resources, Inc. has a 12 month low of $29.95 and a 12 month high of $45.96. The company has a market cap of $15.95 billion, a price-to-earnings ratio of 9.55, a PEG ratio of 1.57 and a beta of 1.52. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 0.07.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, meeting analysts’ consensus estimates of $0.75. Franklin Resources had a return on equity of 15.40% and a net margin of 10.72%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter in the prior year, the firm earned $0.73 earnings per share. The business’s revenue was down 3.4% compared to the same quarter last year. equities research analysts anticipate that Franklin Resources, Inc. will post 3.14 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.05%. Franklin Resources’s payout ratio is currently 30.56%.

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.

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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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