Franklin Resources (NYSE:BEN) Stock Unloaded Rep. Thomas H. Kean, Jr.

Representative Thomas H. Kean, Jr. (R-New Jersey) recently sold shares of Franklin Resources, Inc. (NYSE:BEN). In a filing disclosed on January 22nd, the Representative disclosed that they had sold between $1,001 and $15,000 in Franklin Resources stock on December 16th. The trade occurred in the Representative’s “KEAN FAMILY PARTNERSHIP” account.

Representative Thomas H. Kean, Jr. also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Canadian Pacific Kansas City (NYSE:CP) on 12/27/2024.
• Purchased $1,001 – $15,000 in shares of Pernod Ricard (OTC:PRNDY) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Alphabet (NASDAQ:GOOG) on 12/19/2024.
• Purchased $1,001 – $15,000 in shares of Prologis (NYSE:PLD) on 12/16/2024.
• Purchased $1,001 – $15,000 in shares of Abbott Laboratories (NYSE:ABT) on 12/16/2024.
• Purchased $1,001 – $15,000 in shares of Analog Devices (NASDAQ:ADI) on 12/13/2024.

Franklin Resources Stock Up 0.6 %

BEN stock opened at $19.99 on Friday. Franklin Resources, Inc. has a one year low of $18.83 and a one year high of $28.61. The stock has a market capitalization of $10.48 billion, a P/E ratio of 23.25, a PEG ratio of 1.27 and a beta of 1.41. The company has a 50 day moving average price of $21.03 and a two-hundred day moving average price of $21.10. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63.

Franklin Resources (NYSE:BEN) last released its earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the company posted $0.84 earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, sell-side analysts expect that Franklin Resources, Inc. will post 2.32 EPS for the current year.

Franklin Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Monday, December 30th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $1.28 dividend on an annualized basis and a yield of 6.40%. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.31. Franklin Resources’s dividend payout ratio (DPR) is 148.84%.

Institutional Trading of Franklin Resources

Large investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. grew its holdings in Franklin Resources by 50.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 97,950 shares of the closed-end fund’s stock valued at $2,189,000 after purchasing an additional 32,904 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Franklin Resources by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,183,950 shares of the closed-end fund’s stock valued at $71,171,000 after acquiring an additional 54,063 shares in the last quarter. Amalgamated Bank increased its position in shares of Franklin Resources by 2.5% during the second quarter. Amalgamated Bank now owns 83,401 shares of the closed-end fund’s stock worth $1,864,000 after acquiring an additional 2,059 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Franklin Resources by 37.7% in the second quarter. Intech Investment Management LLC now owns 35,765 shares of the closed-end fund’s stock worth $799,000 after acquiring an additional 9,801 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in Franklin Resources by 19.9% in the second quarter. Sei Investments Co. now owns 14,098 shares of the closed-end fund’s stock valued at $315,000 after purchasing an additional 2,340 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BEN shares. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $19.00 price target (down previously from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. Evercore ISI dropped their price objective on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a report on Friday, October 4th. The Goldman Sachs Group upgraded Franklin Resources from a “sell” rating to a “neutral” rating and lifted their target price for the company from $21.00 to $22.00 in a report on Monday, January 6th. StockNews.com upgraded Franklin Resources from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Finally, TD Cowen reduced their price objective on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Four analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $20.18.

About Representative Kean

Thomas Kean Jr. (Republican Party) is a member of the U.S. House, representing New Jersey’s 7th Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2025. Kean (Republican Party) is running for re-election to the U.S. House to represent New Jersey’s 7th Congressional District. He declared candidacy for the 2024 election. Kean has served as state Senate minority leader. He was a member of the New Jersey General Assembly from 2001 to 2003. Thomas Kean Jr. lives in Westfield, New Jersey. Kean earned a master’s degree from the Tufts University Fletcher School of Law and Diplomacy. His career experience includes working with the Environmental Protection Agency during the George H.W. Bush administration and as an advisor to former U.S. Representative Bob Franks, a firefighter, and an emergency medical technician. Kean has served as the vice president of a fire department.

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.