Pacer Advisors Inc. Reduces Stock Position in Franklin Resources, Inc. $BEN

Pacer Advisors Inc. decreased its position in Franklin Resources, Inc. (NYSE:BEN) by 49.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,354 shares of the closed-end fund’s stock after selling 15,273 shares during the quarter. Pacer Advisors Inc.’s holdings in Franklin Resources were worth $363,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of BEN. Norges Bank purchased a new stake in shares of Franklin Resources during the fourth quarter worth about $98,168,000. Squarepoint Ops LLC increased its holdings in Franklin Resources by 188.2% during the 4th quarter. Squarepoint Ops LLC now owns 4,131,559 shares of the closed-end fund’s stock valued at $98,703,000 after purchasing an additional 2,697,743 shares during the period. Azora Capital LP raised its position in Franklin Resources by 78.8% during the 4th quarter. Azora Capital LP now owns 5,796,575 shares of the closed-end fund’s stock valued at $138,480,000 after purchasing an additional 2,554,105 shares during the last quarter. Holocene Advisors LP purchased a new stake in Franklin Resources in the 2nd quarter worth approximately $51,384,000. Finally, Bank of New York Mellon Corp lifted its holdings in Franklin Resources by 125.3% in the 4th quarter. Bank of New York Mellon Corp now owns 3,737,050 shares of the closed-end fund’s stock worth $89,278,000 after buying an additional 2,078,369 shares during the period. 47.56% of the stock is owned by institutional investors.

Franklin Resources Trading Down 0.6%

NYSE BEN opened at $33.31 on Wednesday. The firm has a market capitalization of $16.93 billion, a PE ratio of 22.66, a P/E/G ratio of 0.72 and a beta of 1.55. The stock’s 50 day moving average is $33.11 and its 200 day moving average is $29.28. Franklin Resources, Inc. has a twelve month low of $21.10 and a twelve month high of $36.28. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.22.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 31st. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.06. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $1.76 billion. Franklin Resources had a return on equity of 11.55% and a net margin of 8.72%.The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.49 earnings per share. Research analysts forecast that Franklin Resources, Inc. will post 2.86 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Monday, June 29th were given a $0.33 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.0%. Franklin Resources’s dividend payout ratio is currently 89.80%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BEN shares. Weiss Ratings raised Franklin Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $34.00 price objective on shares of Franklin Resources in a research report on Monday, August 3rd. Evercore restated an “underperform” rating and issued a $35.00 price objective on shares of Franklin Resources in a report on Friday, July 10th. TD Cowen raised their target price on shares of Franklin Resources from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Finally, Barclays boosted their price target on shares of Franklin Resources from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Franklin Resources currently has an average rating of “Hold” and a consensus price target of $32.44.

About Franklin Resources

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.