Franklin Resources, Inc. (NYSE:BEN) Holdings Decreased by New York Life Investment Management LLC

New York Life Investment Management LLC reduced its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 3.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 73,894 shares of the closed-end fund’s stock after selling 2,709 shares during the period. New York Life Investment Management LLC’s holdings in Franklin Resources were worth $1,499,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Larson Financial Group LLC raised its stake in shares of Franklin Resources by 254.4% during the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after purchasing an additional 1,277 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Franklin Resources during the third quarter valued at about $39,000. Principal Securities Inc. raised its position in Franklin Resources by 561.1% in the fourth quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock worth $40,000 after acquiring an additional 1,661 shares in the last quarter. Assetmark Inc. bought a new stake in Franklin Resources in the third quarter worth about $46,000. Finally, Anchor Investment Management LLC raised its position in Franklin Resources by 30.2% in the third quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock worth $52,000 after acquiring an additional 604 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors.

Franklin Resources Price Performance

NYSE BEN opened at $19.84 on Tuesday. The stock’s 50-day moving average price is $20.22 and its two-hundred day moving average price is $20.66. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89. The company has a market cap of $10.42 billion, a PE ratio of 30.52, a PEG ratio of 2.31 and a beta of 1.42. Franklin Resources, Inc. has a 1 year low of $18.83 and a 1 year high of $28.61.

Franklin Resources (NYSE:BEN) last released its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, beating 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 previous year, the firm posted $0.65 EPS. On average, analysts predict that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Dividend Announcement

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

Analyst Ratings Changes

BEN has been the topic of several research reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Barclays boosted their price target 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. 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 research report on Monday, February 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a research report on Monday, February 3rd. Finally, TD Cowen dropped their price target on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $20.86.

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.