Franklin Resources, Inc. (NYSE:BEN) Short Interest Update

Franklin Resources, Inc. (NYSE:BEN) was the target of a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 26,170,000 shares, a decline of 9.2% from the November 15th total of 28,820,000 shares. Based on an average trading volume of 4,150,000 shares, the days-to-cover ratio is presently 6.3 days. Currently, 9.3% of the shares of the stock are short sold.

Analysts Set New Price Targets

BEN has been the topic of several analyst reports. The Goldman Sachs Group dropped their price target on shares of Franklin Resources from $23.75 to $21.25 and set a “sell” rating on the stock in a research note on Monday, September 30th. UBS Group dropped their price objective on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Evercore ISI reduced their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a report on Friday, October 4th. StockNews.com raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Finally, Keefe, Bruyette & Woods restated an “underperform” rating and issued a $19.00 target price (down from $20.00) on shares of Franklin Resources in a research note on Tuesday, November 5th. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $20.66.

Insiders Place Their Bets

In other news, insider Franklin Resources Inc sold 8,467 shares of Franklin Resources stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $43.69, for a total transaction of $369,923.23. Following the sale, the insider now owns 51,019 shares of the company’s stock, valued at approximately $2,229,020.11. The trade was a 14.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 24,024 shares of company stock valued at $1,051,375 in the last quarter. 24.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Franklin Resources

Several hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its holdings in Franklin Resources by 28.2% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 38,216 shares of the closed-end fund’s stock valued at $854,000 after buying an additional 8,406 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Franklin Resources by 10.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,980 shares of the closed-end fund’s stock worth $268,000 after purchasing an additional 1,143 shares during the last quarter. Gradient Investments LLC lifted its holdings in Franklin Resources by 8,054.3% during the 2nd quarter. Gradient Investments LLC now owns 2,854 shares of the closed-end fund’s stock valued at $64,000 after purchasing an additional 2,819 shares during the last quarter. Raymond James & Associates lifted its position in Franklin Resources by 14.6% during the 2nd quarter. Raymond James & Associates now owns 128,240 shares of the closed-end fund’s stock valued at $2,866,000 after purchasing an additional 16,347 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in shares of Franklin Resources by 2.4% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 53,778 shares of the closed-end fund’s stock worth $1,202,000 after acquiring an additional 1,258 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Price Performance

Shares of NYSE:BEN traded down $0.13 during midday trading on Friday, reaching $21.97. 2,497,004 shares of the company’s stock were exchanged, compared to its average volume of 4,020,594. The firm has a market capitalization of $11.50 billion, a PE ratio of 25.55, a price-to-earnings-growth ratio of 2.43 and a beta of 1.39. Franklin Resources has a 12 month low of $18.94 and a 12 month high of $30.32. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63. The company’s 50 day simple moving average is $21.30 and its two-hundred day simple moving average is $21.60.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data 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 firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the company earned $0.84 earnings per share. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. Equities research analysts expect that Franklin Resources will post 2.39 earnings per share for the current fiscal year.

Franklin Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Monday, December 30th will be paid a $0.32 dividend. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. The ex-dividend date is Monday, December 30th. This represents a $1.28 dividend on an annualized basis and a yield of 5.83%. Franklin Resources’s payout ratio is presently 148.84%.

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.