Rep. Thomas H. Kean, Jr. Sells Franklin Resources, Inc. (NYSE:BEN) Stock

Representative Thomas H. Kean, Jr. (R-New Jersey) recently sold shares of Franklin Resources, Inc. (NYSE:BEN). In a filing disclosed on January 22nd, the Representative disclosed that they had sold between $1,001 and $15,000 in Franklin Resources stock on December 16th. The trade occurred in the Representative’s “KEAN FAMILY PARTNERSHIP” account.

Representative Thomas H. Kean, Jr. also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Canadian Pacific Kansas City (NYSE:CP) on 12/27/2024.
• Purchased $1,001 – $15,000 in shares of Pernod Ricard (OTC:PRNDY) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Alphabet (NASDAQ:GOOG) on 12/19/2024.
• Purchased $1,001 – $15,000 in shares of Prologis (NYSE:PLD) on 12/16/2024.
• Purchased $1,001 – $15,000 in shares of Abbott Laboratories (NYSE:ABT) on 12/16/2024.
• Purchased $1,001 – $15,000 in shares of Analog Devices (NASDAQ:ADI) on 12/13/2024.

Franklin Resources Trading Up 0.6 %

Shares of Franklin Resources stock opened at $19.99 on Friday. The company’s 50-day simple moving average is $21.03 and its 200-day simple moving average is $21.10. The firm has a market cap of $10.48 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 1.28 and a beta of 1.41. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.92. Franklin Resources, Inc. has a 52-week low of $18.83 and a 52-week high of $28.61.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.01). The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 earnings per share. As a group, equities research analysts anticipate that Franklin Resources, Inc. will post 2.32 earnings per share for the current year.

Franklin Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Monday, December 30th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 6.40%. The ex-dividend date was Monday, December 30th. This is a boost from Franklin Resources’s previous quarterly dividend of $0.31. Franklin Resources’s dividend payout ratio (DPR) is 148.84%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BEN. Wells Fargo & Company cut their price objective on Franklin Resources from $22.50 to $20.50 and set an “equal weight” rating for the company in a research report on Tuesday, January 14th. JPMorgan Chase & Co. dropped their target price on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. StockNews.com upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. The Goldman Sachs Group upgraded Franklin Resources from a “sell” rating to a “neutral” rating and lifted their target price for the company from $21.00 to $22.00 in a report on Monday, January 6th. Finally, Morgan Stanley boosted their price objective on shares of Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Friday, December 20th. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.18.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. MFA Wealth Advisors LLC acquired a new position in shares of Franklin Resources during the third quarter worth approximately $26,000. Matrix Trust Co bought a new stake in Franklin Resources during the 3rd quarter valued at $29,000. Larson Financial Group LLC boosted its position in 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 worth $36,000 after acquiring an additional 1,277 shares during the period. Brooklyn Investment Group acquired a new stake in Franklin Resources in the third quarter worth about $39,000. Finally, Northwest Investment Counselors LLC bought a new position in Franklin Resources in the 3rd quarter valued at about $41,000. 47.56% of the stock is owned by institutional investors and hedge funds.

About Representative Kean

Thomas Kean Jr. (Republican Party) is a member of the U.S. House, representing New Jersey’s 7th Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2025. Kean (Republican Party) is running for re-election to the U.S. House to represent New Jersey’s 7th Congressional District. He declared candidacy for the 2024 election. Kean has served as state Senate minority leader. He was a member of the New Jersey General Assembly from 2001 to 2003. Thomas Kean Jr. lives in Westfield, New Jersey. Kean earned a master’s degree from the Tufts University Fletcher School of Law and Diplomacy. His career experience includes working with the Environmental Protection Agency during the George H.W. Bush administration and as an advisor to former U.S. Representative Bob Franks, a firefighter, and an emergency medical technician. Kean has served as the vice president of a fire department.

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.