Resona Asset Management Co. Ltd. Trims Stake in Franklin Resources, Inc. $BEN

Resona Asset Management Co. Ltd. lessened its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 19.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 82,837 shares of the closed-end fund’s stock after selling 19,786 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Franklin Resources were worth $1,936,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Capital A Wealth Management LLC lifted its stake in shares of Franklin Resources by 3,869.2% during the 2nd quarter. Capital A Wealth Management LLC now owns 1,032 shares of the closed-end fund’s stock worth $25,000 after acquiring an additional 1,006 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of Franklin Resources during the third quarter worth $25,000. Total Investment Management Inc. purchased a new stake in shares of Franklin Resources during the second quarter valued at $27,000. Consultiva Wealth Management CORP. boosted its stake in shares of Franklin Resources by 177.1% during the second quarter. Consultiva Wealth Management CORP. now owns 1,283 shares of the closed-end fund’s stock valued at $31,000 after purchasing an additional 820 shares during the period. Finally, SJS Investment Consulting Inc. grew its holdings in shares of Franklin Resources by 5,180.0% in the third quarter. SJS Investment Consulting Inc. now owns 2,112 shares of the closed-end fund’s stock worth $49,000 after purchasing an additional 2,072 shares during the last quarter. Institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Up 0.7%

Franklin Resources stock opened at $25.69 on Thursday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.95. The firm has a market cap of $13.39 billion, a P/E ratio of 28.23, a P/E/G ratio of 1.22 and a beta of 1.44. The business has a fifty day moving average of $24.09 and a two-hundred day moving average of $24.00. Franklin Resources, Inc. has a twelve month low of $16.25 and a twelve month high of $26.25.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, November 7th. The closed-end fund reported $0.67 EPS for the quarter, topping the consensus estimate of $0.57 by $0.10. Franklin Resources had a return on equity of 9.12% and a net margin of 5.98%.The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the company posted $0.59 EPS. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, analysts forecast that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Tuesday, December 30th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, December 30th. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a dividend yield of 5.1%. Franklin Resources’s payout ratio is currently 145.05%.

Wall Street Analyst Weigh In

BEN has been the subject of several research reports. Wall Street Zen cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Sunday, December 14th. JPMorgan Chase & Co. decreased their price target on shares of Franklin Resources from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Monday, November 10th. BMO Capital Markets initiated coverage on Franklin Resources in a report on Friday, October 3rd. They issued an “outperform” rating and a $26.00 price target for the company. TD Cowen reduced their price objective on Franklin Resources from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Wednesday, January 14th. Finally, Bank of America lifted their target price on Franklin Resources from $19.00 to $22.00 and gave the company an “underperform” rating in a research report on Thursday, October 2nd. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $24.64.

About Franklin Resources

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.