Franklin Resources, Inc. (BEN) Shares Reduced by Ashfield Capital Partners LLC

Franklin Resources, Inc. (BEN) Shares Reduced by Ashfield Capital Partners LLC

Ashfield Capital Partners LLC decreased its stake in Franklin Resources, Inc. (NYSE:BEN) by 80.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,525 shares of the closed-end fund’s stock after selling 38,595 shares during the period. Ashfield Capital Partners LLC’s holdings in Franklin Resources were worth $290,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Schroder Investment Management Group boosted its holdings in shares of Franklin Resources by 30.2% in the 2nd quarter. Schroder Investment Management Group now owns 3,790,481 shares of the closed-end fund’s stock valued at $120,537,000 after buying an additional 879,164 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Franklin Resources by 108.2% in the 2nd quarter. Morgan Stanley now owns 3,197,116 shares of the closed-end fund’s stock valued at $102,468,000 after buying an additional 1,661,189 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Franklin Resources by 11.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,371,504 shares of the closed-end fund’s stock valued at $43,955,000 after buying an additional 144,888 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Franklin Resources by 0.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,339,874 shares of the closed-end fund’s stock worth $42,943,000 after purchasing an additional 7,562 shares during the period. Finally, California Public Employees Retirement System boosted its stake in Franklin Resources by 0.8% during the 2nd quarter. California Public Employees Retirement System now owns 1,254,557 shares of the closed-end fund’s stock worth $40,209,000 after purchasing an additional 10,077 shares during the period. Institutional investors and hedge funds own 46.57% of the company’s stock.

A number of analysts recently weighed in on BEN shares. Deutsche Bank increased their price target on shares of Franklin Resources from $31.00 to $32.00 and gave the stock a “hold” rating in a research note on Thursday, September 27th. JPMorgan Chase & Co. cut shares of Franklin Resources from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $32.00 to $29.00 in a research note on Thursday, September 6th. Morgan Stanley decreased their price target on shares of Franklin Resources from $33.00 to $32.00 and set an “underweight” rating for the company in a research note on Thursday, July 12th. Zacks Investment Research cut shares of Franklin Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 23rd. Finally, UBS Group decreased their price target on shares of Franklin Resources from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Monday, October 8th. Six equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Franklin Resources presently has an average rating of “Hold” and an average target price of $34.27.

Shares of NYSE:BEN opened at $30.82 on Tuesday. The firm has a market cap of $16.18 billion, a P/E ratio of 9.66, a price-to-earnings-growth ratio of 1.04 and a beta of 1.28. 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, Inc. has a 1-year low of $28.12 and a 1-year high of $45.96.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Thursday, October 25th. The closed-end fund reported $1.13 EPS for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.39. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.55 billion. Franklin Resources had a net margin of 12.10% and a return on equity of 16.00%. As a group, research analysts expect that Franklin Resources, Inc. will post 2.94 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were given a dividend of $0.23 per share. The ex-dividend date was Thursday, September 27th. This represents a $0.92 dividend on an annualized basis and a yield of 2.99%. Franklin Resources’s payout ratio is currently 28.84%.

In other Franklin Resources news, EVP Craig Steven Tyle sold 11,165 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total transaction of $350,022.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jed A. Plafker sold 4,820 shares of the company’s stock in a transaction on Friday, September 21st. The stock was sold at an average price of $32.85, for a total transaction of $158,337.00. Following the transaction, the insider now owns 56,369 shares of the company’s stock, valued at approximately $1,851,721.65. The disclosure for this sale can be found here. 22.20% of the stock is currently owned by corporate insiders.

Franklin Resources 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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