Northwest Investment Counselors LLC Cuts Position in Franklin Resources, Inc. (NYSE:BEN)

Northwest Investment Counselors LLC decreased its position in Franklin Resources, Inc. (NYSE:BEN) by 1.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,768 shares of the closed-end fund’s stock after selling 694 shares during the quarter. Northwest Investment Counselors LLC’s holdings in Franklin Resources were worth $1,523,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC increased its position in shares of Franklin Resources by 93.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 1,420,367 shares of the closed-end fund’s stock worth $46,994,000 after acquiring an additional 686,589 shares during the period. Investec Asset Management LTD purchased a new stake in shares of Franklin Resources during the first quarter worth $17,112,000. CWM LLC increased its position in shares of Franklin Resources by 25,571.5% during the first quarter. CWM LLC now owns 454,899 shares of the closed-end fund’s stock worth $15,075,000 after acquiring an additional 453,127 shares during the period. Robeco Institutional Asset Management B.V. increased its position in shares of Franklin Resources by 60.6% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,110,327 shares of the closed-end fund’s stock worth $38,639,000 after acquiring an additional 418,762 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Franklin Resources by 8,944.8% during the first quarter. Victory Capital Management Inc. now owns 407,740 shares of the closed-end fund’s stock worth $13,513,000 after acquiring an additional 403,232 shares during the period. 48.50% of the stock is currently owned by institutional investors.

NYSE:BEN traded down $0.15 during trading hours on Tuesday, hitting $30.38. The company’s stock had a trading volume of 82,014 shares, compared to its average volume of 3,117,453. The company has a market capitalization of $15.84 billion, a PE ratio of 9.58, a P/E/G ratio of 1.74 and a beta of 1.17. The company has a fifty day simple moving average of $34.38. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.35 and a quick ratio of 3.35. Franklin Resources, Inc. has a 52-week low of $27.34 and a 52-week high of $35.82.

Franklin Resources (NYSE:BEN) last posted its earnings results on Tuesday, July 30th. The closed-end fund reported $0.48 EPS for the quarter, missing the consensus estimate of $0.63 by ($0.15). The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Franklin Resources had a net margin of 23.80% and a return on equity of 13.43%. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period last year, the company earned $0.75 EPS. As a group, analysts predict that Franklin Resources, Inc. will post 2.59 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.42%. The ex-dividend date was Thursday, June 27th. Franklin Resources’s dividend payout ratio (DPR) is presently 32.60%.

In related news, EVP Craig Steven Tyle sold 10,924 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $32.04, for a total value of $350,004.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 23.90% of the company’s stock.

A number of analysts have recently weighed in on BEN shares. JPMorgan Chase & Co. upped their price objective on Franklin Resources from $33.00 to $34.00 and gave the stock an “underweight” rating in a research report on Friday, July 12th. Barclays set a $27.00 price objective on Franklin Resources and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Citigroup upped their price objective on Franklin Resources from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. TheStreet raised Franklin Resources from a “c+” rating to a “b” rating in a research report on Friday, April 26th. Finally, Keefe, Bruyette & Woods lowered Franklin Resources from a “market perform” rating to an “underperform” rating and dropped their target price for the company from $34.00 to $33.00 in a report on Monday, April 29th. Seven equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $31.18.

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.

Read More: The Role of a Fiduciary and Individual Investors

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

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