Cibc World Markets Corp Sells 10,867 Shares of Franklin Resources, Inc. (NYSE:BEN)

Cibc World Markets Corp reduced its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 18.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,806 shares of the closed-end fund’s stock after selling 10,867 shares during the quarter. Cibc World Markets Corp’s holdings in Franklin Resources were worth $970,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Smartleaf Asset Management LLC boosted its stake in Franklin Resources by 44.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock valued at $33,000 after purchasing an additional 505 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Franklin Resources by 0.8% in the third quarter. PNC Financial Services Group Inc. now owns 69,585 shares of the closed-end fund’s stock valued at $1,402,000 after purchasing an additional 572 shares in the last quarter. Hardy Reed LLC boosted its position in shares of Franklin Resources by 3.7% during the fourth quarter. Hardy Reed LLC now owns 16,721 shares of the closed-end fund’s stock valued at $339,000 after buying an additional 591 shares during the last quarter. Anchor Investment Management LLC grew its holdings in Franklin Resources by 30.2% during the third quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock worth $52,000 after buying an additional 604 shares in the last quarter. Finally, SkyView Investment Advisors LLC raised its position in Franklin Resources by 3.2% in the 3rd quarter. SkyView Investment Advisors LLC now owns 19,485 shares of the closed-end fund’s stock valued at $393,000 after buying an additional 609 shares during the last quarter. 47.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BEN. BMO Capital Markets lifted their price objective on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a report on Monday, February 3rd. Wells Fargo & Company boosted their price target on shares of Franklin Resources from $20.50 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Barclays upped their price objective on shares of Franklin Resources from $19.00 to $22.00 and gave the stock an “underweight” rating in a research report on Monday, February 3rd. The Goldman Sachs Group raised shares of Franklin Resources from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $21.00 to $22.00 in a research report on Monday, January 6th. Finally, Morgan Stanley upped their target price on Franklin Resources from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Friday, December 20th. Four equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat, Franklin Resources presently has a consensus rating of “Hold” and an average price target of $20.86.

Franklin Resources Price Performance

Shares of NYSE BEN opened at $19.86 on Friday. The firm has a market cap of $10.43 billion, a price-to-earnings ratio of 30.55, a price-to-earnings-growth ratio of 2.31 and a beta of 1.42. The stock has a fifty day simple moving average of $20.10 and a two-hundred day simple moving average of $20.55. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89. Franklin Resources, Inc. has a 1-year low of $18.83 and a 1-year high of $28.15.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, topping 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 in the prior year, the business posted $0.65 earnings per share. Analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 6.45%. The ex-dividend date is Monday, March 31st. Franklin Resources’s dividend payout ratio (DPR) is currently 196.92%.

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.