Y Intercept Hong Kong Ltd Sells 71,821 Shares of Franklin Resources, Inc. (NYSE:BEN)

Y Intercept Hong Kong Ltd trimmed its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 46.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 81,410 shares of the closed-end fund’s stock after selling 71,821 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Franklin Resources were worth $1,640,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Altshuler Shaham Ltd bought a new position in shares of Franklin Resources during the 2nd quarter worth $27,000. MFA Wealth Advisors LLC bought a new position in Franklin Resources during the third quarter worth about $26,000. Sentry Investment Management LLC purchased a new position in shares of Franklin Resources in the second quarter worth about $30,000. Matrix Trust Co bought a new stake in shares of Franklin Resources in the third quarter valued at approximately $29,000. Finally, Larson Financial Group LLC lifted its stake in shares of Franklin Resources by 254.4% during the 3rd quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after buying an additional 1,277 shares in the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

Franklin Resources Stock Up 0.4 %

Shares of NYSE:BEN opened at $22.38 on Wednesday. Franklin Resources, Inc. has a 12-month low of $18.94 and a 12-month high of $30.32. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92. The stock’s 50-day moving average price is $21.10 and its 200-day moving average price is $21.62. The stock has a market capitalization of $11.72 billion, a P/E ratio of 25.99, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the firm posted $0.84 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities analysts anticipate that Franklin Resources, Inc. will post 2.39 earnings per share for the current year.

Franklin Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Monday, December 30th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 5.72%. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. The ex-dividend date is Monday, December 30th. Franklin Resources’s dividend payout ratio is 148.84%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BEN shares. Barclays boosted their price objective on Franklin Resources from $19.00 to $21.00 and gave the company an “underweight” rating in a research note on Monday. Evercore ISI cut their price objective on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a report on Friday, October 4th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $19.00 target price (down from $20.00) on shares of Franklin Resources in a research note on Tuesday, November 5th. JPMorgan Chase & Co. cut their price target on shares of Franklin Resources from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Finally, The Goldman Sachs Group lowered their price objective on shares of Franklin Resources from $23.75 to $21.25 and set a “sell” rating on the stock in a research report on Monday, September 30th. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $20.39.

Insider Transactions at Franklin Resources

In other Franklin Resources news, insider Franklin Resources Inc sold 7,900 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $43.71, for a total value of $345,309.00. Following the completion of the sale, the insider now owns 36,519 shares in the company, valued at approximately $1,596,245.49. This trade represents a 17.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 24,024 shares of company stock worth $1,051,375. Company insiders own 24.13% of the company’s stock.

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.