Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC trimmed its position in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 0.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,303,699 shares of the closed-end fund's stock after selling 30,902 shares during the quarter. Geode Capital Management LLC owned approximately 1.39% of Franklin Resources worth $147,816,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in BEN. Smartleaf Asset Management LLC increased its stake in Franklin Resources by 44.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock valued at $33,000 after purchasing an additional 505 shares during the last quarter. Principal Securities Inc. boosted its holdings in shares of Franklin Resources by 561.1% in the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund's stock valued at $40,000 after buying an additional 1,661 shares during the period. Anchor Investment Management LLC grew its position in shares of Franklin Resources by 30.2% during the 3rd quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund's stock valued at $52,000 after buying an additional 604 shares during the last quarter. Blue Trust Inc. lifted its holdings in Franklin Resources by 29.4% in the fourth quarter. Blue Trust Inc. now owns 2,677 shares of the closed-end fund's stock worth $54,000 after acquiring an additional 609 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in Franklin Resources by 64.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,937 shares of the closed-end fund's stock valued at $60,000 after acquiring an additional 1,147 shares during the period. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Price Performance

Shares of NYSE BEN traded up $0.17 during mid-day trading on Friday, reaching $17.89. 5,794,767 shares of the company traded hands, compared to its average volume of 4,360,795. The firm has a market cap of $9.39 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 2.31 and a beta of 1.36. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.66 and a quick ratio of 1.66. Franklin Resources, Inc. has a fifty-two week low of $16.25 and a fifty-two week high of $26.16. The stock has a fifty day simple moving average of $19.60 and a 200-day simple moving average of $20.37.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same period in the prior year, the firm posted $0.65 EPS. Equities research analysts anticipate that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 7.16%. The ex-dividend date of this dividend was Monday, March 31st. Franklin Resources's payout ratio is 196.92%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Evercore ISI cut their price target on Franklin Resources from $19.00 to $17.00 and set an "underperform" rating on the stock in a report on Friday. Wells Fargo & Company reduced their price target on shares of Franklin Resources from $24.00 to $20.00 and set an "equal weight" rating for the company in a report on Tuesday. Bank of America lowered their price target on shares of Franklin Resources from $20.00 to $17.00 and set an "underperform" rating for the company in a research report on Thursday, April 3rd. Keefe, Bruyette & Woods lifted their price objective on shares of Franklin Resources from $19.00 to $21.00 and gave the company an "underperform" rating in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group upgraded shares of Franklin Resources from a "sell" rating to a "neutral" rating and upped their target price for the stock from $21.00 to $22.00 in a research report on Monday, January 6th. Five investment 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, Franklin Resources currently has an average rating of "Hold" and a consensus price target of $19.63.

About Franklin Resources

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.