Wells Fargo & Company MN Sells 52,406 Shares of Franklin Resources, Inc. (NYSE:BEN)

Wells Fargo & Company MN lessened its holdings in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 19.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 213,047 shares of the closed-end fund's stock after selling 52,406 shares during the period. Wells Fargo & Company MN's holdings in Franklin Resources were worth $4,323,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BEN. Resona Asset Management Co. Ltd. purchased a new position in shares of Franklin Resources during the fourth quarter valued at approximately $3,415,000. Prudential PLC purchased a new position in Franklin Resources during the 4th quarter valued at $436,000. Unison Advisors LLC raised its holdings in Franklin Resources by 1.5% in the 4th quarter. Unison Advisors LLC now owns 107,847 shares of the closed-end fund's stock worth $2,223,000 after purchasing an additional 1,604 shares in the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of Franklin Resources in the 4th quarter worth about $10,863,000. Finally, Headlands Technologies LLC purchased a new position in shares of Franklin Resources during the fourth quarter valued at about $34,000. Institutional investors own 47.56% of the company's stock.

Franklin Resources Stock Performance

Franklin Resources stock traded up $0.38 during midday trading on Thursday, hitting $18.77. The stock had a trading volume of 2,549,421 shares, compared to its average volume of 4,337,185. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89. Franklin Resources, Inc. has a 52-week low of $16.25 and a 52-week high of $25.47. The company has a market capitalization of $9.86 billion, a PE ratio of 28.88, a P/E/G ratio of 2.31 and a beta of 1.36. The firm's fifty day moving average is $19.19 and its two-hundred day moving average is $20.25.

Franklin Resources (NYSE:BEN - Get Free Report) last released its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. During the same quarter in the previous year, the business posted $0.65 EPS. On average, research analysts forecast that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 6.82%. The ex-dividend date was Monday, March 31st. Franklin Resources's dividend payout ratio is currently 196.92%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Bank of America cut their price objective on Franklin Resources from $20.00 to $17.00 and set an "underperform" rating on the stock in a research report on Thursday, April 3rd. Evercore ISI dropped their price target on Franklin Resources from $19.00 to $17.00 and set an "underperform" rating on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. decreased their price objective on Franklin Resources from $21.00 to $19.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. Morgan Stanley dropped their target price on shares of Franklin Resources from $18.00 to $15.00 and set an "underweight" rating on the stock in a report on Monday, April 7th. Finally, UBS Group increased their price target on shares of Franklin Resources from $19.00 to $23.00 and gave the stock a "neutral" rating in a research note on Monday, February 3rd. Five investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, Franklin Resources currently has a consensus rating of "Hold" and a consensus price target of $18.96.

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.