Bayesian Capital Management LP Sells 19,020 Shares of Franklin Resources, Inc. (NYSE:BEN)

Bayesian Capital Management LP reduced its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 59.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,800 shares of the closed-end fund’s stock after selling 19,020 shares during the quarter. Bayesian Capital Management LP’s holdings in Franklin Resources were worth $360,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Franklin Resources by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 35,889,477 shares of the closed-end fund’s stock worth $1,008,853,000 after buying an additional 3,592,943 shares during the last quarter. Power Corp of Canada increased its holdings in Franklin Resources by 18,266.0% in the 1st quarter. Power Corp of Canada now owns 31,557,117 shares of the closed-end fund’s stock worth $887,071,000 after purchasing an additional 31,385,293 shares in the last quarter. Capital Research Global Investors increased its holdings in Franklin Resources by 17.9% in the 4th quarter. Capital Research Global Investors now owns 26,652,644 shares of the closed-end fund’s stock worth $793,983,000 after purchasing an additional 4,043,808 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Franklin Resources by 5.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,067,780 shares of the closed-end fund’s stock worth $91,398,000 after purchasing an additional 154,850 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Franklin Resources by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,878,337 shares of the closed-end fund’s stock worth $55,956,000 after purchasing an additional 37,474 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BEN has been the subject of a number of recent research reports. Evercore ISI lowered their target price on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating for the company in a report on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft lowered their target price on Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a report on Monday. Morgan Stanley upped their target price on Franklin Resources from $24.00 to $25.00 and gave the stock an “underweight” rating in a report on Wednesday, April 17th. UBS Group lowered their target price on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Finally, BMO Capital Markets decreased their price target on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research note on Monday. Four investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $24.86.

Insider Activity at Franklin Resources

In related news, major shareholder Charles B. Johnson bought 200,000 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were bought at an average price of $22.80 per share, for a total transaction of $4,560,000.00. Following the completion of the acquisition, the insider now directly owns 88,703,192 shares of the company’s stock, valued at $2,022,432,777.60. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 24.13% of the stock is owned by corporate insiders.

Franklin Resources Stock Up 0.3 %

Shares of Franklin Resources stock opened at $22.88 on Thursday. Franklin Resources, Inc. has a one year low of $21.57 and a one year high of $30.32. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.82. The stock’s 50-day moving average is $22.86 and its 200 day moving average is $25.13. The firm has a market cap of $11.97 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 2.52 and a beta of 1.43.

Franklin Resources (NYSE:BEN) last announced its earnings results on Monday, April 29th. The closed-end fund reported $0.56 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.01). Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the company earned $0.61 EPS. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. Equities research analysts anticipate that Franklin Resources, Inc. will post 2.42 EPS for the current year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.24 annualized dividend and a dividend yield of 5.42%. Franklin Resources’s payout ratio is 70.86%.

Franklin Resources Company 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.