Franklin Resources, Inc. (BEN) Shares Sold by Hanson McClain Inc.
Hanson McClain Inc. lessened its stake in Franklin Resources, Inc. (NYSE:BEN) by 28.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,154 shares of the closed-end fund’s stock after selling 3,200 shares during the quarter. Hanson McClain Inc.’s holdings in Franklin Resources were worth $353,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. grew its stake in Franklin Resources by 6.0% in the 4th quarter. BlackRock Inc. now owns 22,211,494 shares of the closed-end fund’s stock valued at $962,425,000 after acquiring an additional 1,258,796 shares during the last quarter. Pzena Investment Management LLC grew its stake in Franklin Resources by 0.5% in the 4th quarter. Pzena Investment Management LLC now owns 10,390,099 shares of the closed-end fund’s stock valued at $450,203,000 after acquiring an additional 46,938 shares during the last quarter. Kiltearn Partners LLP grew its stake in Franklin Resources by 5.9% in the 4th quarter. Kiltearn Partners LLP now owns 6,520,000 shares of the closed-end fund’s stock valued at $282,512,000 after acquiring an additional 362,400 shares during the last quarter. APG Asset Management N.V. grew its stake in Franklin Resources by 10.6% in the 4th quarter. APG Asset Management N.V. now owns 4,318,827 shares of the closed-end fund’s stock valued at $155,842,000 after acquiring an additional 412,200 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Franklin Resources by 6.4% in the 4th quarter. Geode Capital Management LLC now owns 3,742,985 shares of the closed-end fund’s stock valued at $161,870,000 after acquiring an additional 226,459 shares during the last quarter. Institutional investors and hedge funds own 46.95% of the company’s stock.
BEN has been the topic of a number of research reports. ValuEngine cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Thursday, January 11th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a research note on Friday, December 22nd. Finally, Deutsche Bank lowered their price objective on shares of Franklin Resources from $40.00 to $37.00 and set a “hold” rating on the stock in a research note on Tuesday, March 6th. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Franklin Resources presently has an average rating of “Hold” and an average target price of $43.40.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.13. Franklin Resources had a net margin of 10.44% and a return on equity of 13.88%. The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period last year, the company earned $0.77 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. sell-side analysts predict that Franklin Resources, Inc. will post 3.26 earnings per share for the current fiscal year.
The company also recently declared a special dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 29th will be paid a dividend of $3.00 per share. This is a boost from Franklin Resources’s previous special dividend of $0.50. This represents a dividend yield of 2.35%. The ex-dividend date of this dividend is Wednesday, March 28th. Franklin Resources’s dividend payout ratio (DPR) is currently 78.63%.
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About Franklin Resources
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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