XTX Topco Ltd Lowers Stock Holdings in Franklin Resources, Inc. (NYSE:BEN)

XTX Topco Ltd trimmed its position in Franklin Resources, Inc. (NYSE:BEN) by 48.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 21,036 shares of the closed-end fund’s stock after selling 19,729 shares during the period. XTX Topco Ltd’s holdings in Franklin Resources were worth $424,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BEN. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Franklin Resources by 28.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 38,216 shares of the closed-end fund’s stock worth $854,000 after buying an additional 8,406 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in Franklin Resources by 10.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,980 shares of the closed-end fund’s stock valued at $268,000 after purchasing an additional 1,143 shares in the last quarter. Gradient Investments LLC raised its stake in Franklin Resources by 8,054.3% in the second quarter. Gradient Investments LLC now owns 2,854 shares of the closed-end fund’s stock valued at $64,000 after purchasing an additional 2,819 shares in the last quarter. Raymond James & Associates raised its stake in Franklin Resources by 14.6% in the second quarter. Raymond James & Associates now owns 128,240 shares of the closed-end fund’s stock valued at $2,866,000 after purchasing an additional 16,347 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its stake in Franklin Resources by 2.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 53,778 shares of the closed-end fund’s stock valued at $1,202,000 after purchasing an additional 1,258 shares in the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BEN. JPMorgan Chase & Co. lowered their target price on shares of Franklin Resources from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. 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. TD Cowen lowered their target price on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Barclays increased their price target on shares of Franklin Resources from $19.00 to $21.00 and gave the company an “underweight” rating in a research report on Monday, December 9th. Finally, The Goldman Sachs Group reduced their price target 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 equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.66.

Insider Activity at Franklin Resources

In related news, insider Franklin Resources Inc sold 8,467 shares of Franklin Resources stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $43.69, for a total value of $369,923.23. Following the sale, the insider now owns 51,019 shares in the company, valued at $2,229,020.11. The trade was a 14.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 24,024 shares of company stock worth $1,051,375 over the last quarter. Corporate insiders own 24.13% of the company’s stock.

Franklin Resources Stock Down 0.6 %

Shares of Franklin Resources stock opened at $21.97 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63. Franklin Resources, Inc. has a 52-week low of $18.94 and a 52-week high of $30.32. The stock has a market capitalization of $11.50 billion, a price-to-earnings ratio of 25.55, a P/E/G ratio of 2.43 and a beta of 1.39. The company’s 50 day moving average price is $21.30 and its 200-day moving average price is $21.60.

Franklin Resources (NYSE:BEN) last issued its earnings results 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). Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The firm had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the business posted $0.84 EPS. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. Equities research analysts forecast that Franklin Resources, Inc. will post 2.39 EPS for the current year.

Franklin Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Monday, December 30th will be issued a $0.32 dividend. The ex-dividend date is Monday, December 30th. This represents a $1.28 annualized dividend and a yield of 5.83%. This is a boost from Franklin Resources’s previous quarterly dividend of $0.31. Franklin Resources’s payout ratio is 148.84%.

Franklin Resources 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.