Meiji Yasuda Asset Management Co Ltd. Sells 9,139 Shares of Franklin Resources, Inc. (NYSE:BEN)

Meiji Yasuda Asset Management Co Ltd. decreased its stake in Franklin Resources, Inc. (NYSE:BEN) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 493,444 shares of the closed-end fund’s stock after selling 9,139 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Franklin Resources were worth $10,012,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Franklin Resources in the third quarter valued at approximately $345,000. PNC Financial Services Group Inc. lifted its position in shares of Franklin Resources by 0.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 69,585 shares of the closed-end fund’s stock valued at $1,402,000 after buying an additional 572 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Franklin Resources by 44.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,998,574 shares of the closed-end fund’s stock valued at $60,421,000 after buying an additional 925,590 shares during the last quarter. Raymond James Trust N.A. bought a new position in shares of Franklin Resources during the 3rd quarter worth $301,000. Finally, Citigroup Inc. increased its holdings in Franklin Resources by 24.8% in the 3rd quarter. Citigroup Inc. now owns 615,925 shares of the closed-end fund’s stock worth $12,411,000 after acquiring an additional 122,300 shares during the last quarter. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Friday, December 20th. Barclays raised their price objective on shares of Franklin Resources from $19.00 to $22.00 and gave the stock an “underweight” rating in a report on Monday, February 3rd. BMO Capital Markets boosted their target price on shares of Franklin Resources from $20.00 to $23.00 and gave the company a “market perform” rating in a report on Monday, February 3rd. Keefe, Bruyette & Woods raised their price target on Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a report on Monday, February 3rd. Finally, Wells Fargo & Company boosted their price objective on Franklin Resources from $20.50 to $24.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $20.86.

Franklin Resources Price Performance

Franklin Resources stock opened at $20.08 on Tuesday. The business has a 50-day simple moving average of $20.13 and a 200 day simple moving average of $20.57. Franklin Resources, Inc. has a 52 week low of $18.83 and a 52 week high of $28.15. The stock has a market cap of $10.55 billion, a price-to-earnings ratio of 30.89, a PEG ratio of 2.31 and a beta of 1.42. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.89.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 EPS 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 last year, the business earned $0.65 earnings per share. On average, research analysts forecast that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 6.37%. The ex-dividend date is Monday, March 31st. Franklin Resources’s dividend payout ratio (DPR) is currently 196.92%.

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.