Foundation Resource Management Inc. Has $16.25 Million Stake in Franklin Resources, Inc. (NYSE:BEN)

Foundation Resource Management Inc. reduced its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 4.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 490,354 shares of the closed-end fund’s stock after selling 24,182 shares during the period. Franklin Resources accounts for about 3.4% of Foundation Resource Management Inc.’s investment portfolio, making the stock its 12th largest holding. Foundation Resource Management Inc. owned about 0.10% of Franklin Resources worth $16,250,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Alpha Omega Wealth Management LLC lifted its holdings in Franklin Resources by 120.8% during the fourth quarter. Alpha Omega Wealth Management LLC now owns 1,325 shares of the closed-end fund’s stock valued at $39,000 after purchasing an additional 725 shares in the last quarter. Vigilant Capital Management LLC purchased a new position in Franklin Resources during the first quarter valued at approximately $39,000. Clean Yield Group purchased a new position in shares of Franklin Resources in the fourth quarter worth $44,000. CWM LLC lifted its holdings in shares of Franklin Resources by 22.5% in the fourth quarter. CWM LLC now owns 1,772 shares of the closed-end fund’s stock worth $53,000 after buying an additional 325 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. lifted its holdings in shares of Franklin Resources by 102.2% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 1,943 shares of the closed-end fund’s stock worth $58,000 after buying an additional 982 shares in the last quarter. 49.52% of the stock is owned by institutional investors.

NYSE BEN opened at $34.65 on Friday. The company has a current ratio of 3.54, a quick ratio of 3.93 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $17.56 billion, a PE ratio of 10.86, a P/E/G ratio of 1.94 and a beta of 1.18. Franklin Resources, Inc. has a 12 month low of $27.34 and a 12 month high of $35.82.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, April 26th. The closed-end fund reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.08. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. The business’s revenue for the quarter was down 11.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.78 earnings per share. As a group, equities research analysts anticipate that Franklin Resources, Inc. will post 2.55 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date was Thursday, March 28th. Franklin Resources’s payout ratio is presently 32.60%.

In other Franklin Resources news, EVP Craig Steven Tyle sold 10,663 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $32.82, for a total transaction of $349,959.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 22.20% of the stock is owned by corporate insiders.

A number of equities research analysts recently issued reports on the stock. TheStreet raised shares of Franklin Resources from a “c+” rating to a “b” rating in a research note on Friday, April 26th. Keefe, Bruyette & Woods downgraded shares of Franklin Resources from a “market perform” rating to an “underperform” rating and decreased their price target for the company from $34.00 to $33.00 in a research note on Monday, April 29th. Citigroup raised shares of Franklin Resources from a “sell” rating to a “neutral” rating and upped their price target for the company from $28.00 to $35.00 in a research note on Monday, April 15th. Bank of America set a $32.00 price target on shares of Franklin Resources and gave the company a “sell” rating in a research note on Tuesday, April 9th. Finally, Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Wednesday, April 3rd. Seven equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $30.55.

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Franklin Resources Profile

Franklin Resources, Inc offers banking products and services. It offers demand deposits and interest and non-interest bearing time and savings deposits. The bank's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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