Assetmark Inc. Sells 587 Shares of Franklin Resources, Inc. (NYSE:BEN)

Assetmark Inc. cut its holdings in Franklin Resources, Inc. (NYSE:BEN) by 25.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,711 shares of the closed-end fund’s stock after selling 587 shares during the period. Assetmark Inc.’s holdings in Franklin Resources were worth $35,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Smartleaf Asset Management LLC grew its position 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 worth $33,000 after buying an additional 505 shares in the last quarter. Larson Financial Group LLC raised its holdings in Franklin Resources by 254.4% in the 3rd quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after acquiring an additional 1,277 shares in the last quarter. Brooklyn Investment Group acquired a new position in Franklin Resources in the third quarter valued at about $39,000. Principal Securities Inc. raised its stake in Franklin Resources by 561.1% in the fourth quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock valued at $40,000 after purchasing an additional 1,661 shares in the last quarter. Finally, Anchor Investment Management LLC raised its stake in Franklin Resources by 30.2% in the third quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock valued at $52,000 after purchasing an additional 604 shares in the last quarter. 47.56% of the stock is owned by institutional investors.

Analyst Ratings Changes

BEN has been the subject of several analyst reports. Barclays boosted their target price on shares of Franklin Resources from $19.00 to $22.00 and gave the company an “underweight” rating in a research report on Monday, February 3rd. The Goldman Sachs Group upgraded shares of Franklin Resources from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $21.00 to $22.00 in a research report on Monday, January 6th. BMO Capital Markets upped their price objective on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Monday, February 3rd. Keefe, Bruyette & Woods upped their price objective on Franklin Resources from $19.00 to $21.00 and gave the company an “underperform” rating in a research note on Monday, February 3rd. Finally, Morgan Stanley lifted their target price on shares of Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Friday, December 20th. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $20.86.

Franklin Resources Trading Up 3.4 %

NYSE:BEN opened at $19.56 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $10.27 billion, a price-to-earnings ratio of 30.09, a PEG ratio of 2.31 and a beta of 1.42. The firm has a fifty day simple moving average of $20.08 and a two-hundred day simple moving average of $20.56. Franklin Resources, Inc. has a 12 month low of $18.83 and a 12 month high of $28.15.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, beating 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 previous year, the firm earned $0.65 earnings per share. Analysts expect that Franklin Resources, Inc. will post 2.16 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 6.55%. The ex-dividend date of this dividend is Monday, March 31st. Franklin Resources’s payout ratio is currently 196.92%.

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.