CIBC Asset Management Inc lessened its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 2.2% in the 4th quarter, Holdings Channel reports. The firm owned 37,547 shares of the closed-end fund’s stock after selling 829 shares during the quarter. CIBC Asset Management Inc’s holdings in Franklin Resources were worth $1,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Alpha Omega Wealth Management LLC raised its stake in shares of Franklin Resources by 120.8% during the fourth quarter. Alpha Omega Wealth Management LLC now owns 1,325 shares of the closed-end fund’s stock worth $39,000 after purchasing an additional 725 shares during the last quarter. Clean Yield Group purchased a new stake in shares of Franklin Resources during the fourth quarter worth approximately $44,000. CWM LLC raised its stake in shares of Franklin Resources by 22.5% during the fourth quarter. CWM LLC now owns 1,772 shares of the closed-end fund’s stock worth $53,000 after purchasing an additional 325 shares during the last quarter. Capital Investment Advisory Services LLC purchased a new stake in shares of Franklin Resources during the fourth quarter worth approximately $69,000. Finally, Oregon Public Employees Retirement Fund raised its position in Franklin Resources by 2,525.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,046,540 shares of the closed-end fund’s stock worth $69,000 after acquiring an additional 1,968,602 shares in the last quarter. Institutional investors and hedge funds own 48.99% of the company’s stock.

BEN opened at $32.77 on Thursday. The company has a current ratio of 3.93, a quick ratio of 3.93 and a debt-to-equity ratio of 0.07. The firm has a market cap of $16.54 billion, a P/E ratio of 10.27, a P/E/G ratio of 1.96 and a beta of 1.17. Franklin Resources, Inc. has a 52 week low of $27.34 and a 52 week high of $39.66.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Wednesday, January 30th. The closed-end fund reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10). The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.44 billion. Franklin Resources had a net margin of 26.55% and a return on equity of 15.01%. The firm’s revenue was down 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.88 EPS. Equities analysts predict that Franklin Resources, Inc. will post 2.36 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 29th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Thursday, March 28th. Franklin Resources’s payout ratio is currently 32.60%.

In other Franklin Resources news, EVP Craig Steven Tyle sold 10,663 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $32.82, for a total value of $349,959.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 23.90% of the stock is owned by company insiders.

Several research firms have issued reports on BEN. Zacks Investment Research upgraded Franklin Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. ValuEngine raised Franklin Resources from a “sell” rating to a “hold” rating in a report on Friday, March 1st. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $33.00 target price on shares of Franklin Resources in a report on Tuesday, February 26th. Morgan Stanley set a $28.00 target price on Franklin Resources and gave the company a “sell” rating in a report on Friday, February 8th. Finally, Credit Suisse Group reissued a “sell” rating and issued a $23.00 target price on shares of Franklin Resources in a report on Monday, January 14th. Seven analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Franklin Resources has a consensus rating of “Hold” and a consensus price target of $29.93.

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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.

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Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).

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

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