Citigroup Inc. Buys 94,601 Shares of Franklin Resources, Inc. (NYSE:BEN)

Citigroup Inc. grew its holdings in Franklin Resources, Inc. (NYSE:BENGet Rating) by 28.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 426,871 shares of the closed-end fund’s stock after buying an additional 94,601 shares during the quarter. Citigroup Inc.’s holdings in Franklin Resources were worth $14,296,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Capital Analysts LLC increased its position in Franklin Resources by 104.5% in the fourth quarter. Capital Analysts LLC now owns 1,047 shares of the closed-end fund’s stock worth $35,000 after purchasing an additional 535 shares during the period. Brendel Financial Advisors LLC acquired a new stake in Franklin Resources in the fourth quarter worth about $402,000. Paradigm Financial Partners LLC acquired a new stake in Franklin Resources in the fourth quarter worth about $3,718,000. AlphaCrest Capital Management LLC acquired a new stake in Franklin Resources in the fourth quarter worth about $1,548,000. Finally, Gifford Fong Associates acquired a new stake in Franklin Resources in the fourth quarter worth about $184,000. Hedge funds and other institutional investors own 43.50% of the company’s stock.

NYSE BEN opened at $25.23 on Thursday. The stock has a market capitalization of $12.61 billion, a price-to-earnings ratio of 6.78, a PEG ratio of 4.19 and a beta of 1.14. Franklin Resources, Inc. has a 52 week low of $23.63 and a 52 week high of $38.27. The stock’s 50 day moving average price is $26.48 and its two-hundred day moving average price is $30.60. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.13 and a current ratio of 2.13.

Franklin Resources (NYSE:BENGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The closed-end fund reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.17. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.08 billion. Franklin Resources had a return on equity of 18.34% and a net margin of 22.02%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.79 EPS. On average, equities research analysts forecast that Franklin Resources, Inc. will post 3.77 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, April 14th. Shareholders of record on Thursday, March 31st were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 4.60%. The ex-dividend date of this dividend was Wednesday, March 30th. Franklin Resources’s dividend payout ratio (DPR) is 31.18%.

A number of brokerages recently commented on BEN. Keefe, Bruyette & Woods lowered Franklin Resources from an “outperform” rating to a “market perform” rating and set a $30.00 price objective for the company. in a research report on Tuesday, April 12th. StockNews.com assumed coverage on Franklin Resources in a research report on Thursday, March 31st. They set a “hold” rating for the company. Citigroup lowered Franklin Resources from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $44.50 to $28.00 in a research report on Tuesday, April 12th. Morgan Stanley decreased their target price on Franklin Resources from $30.00 to $28.00 and set an “underweight” rating for the company in a research report on Friday, April 8th. Finally, Zacks Investment Research lowered Franklin Resources from a “buy” rating to a “hold” rating and set a $34.00 target price for the company. in a research report on Monday, January 24th. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, Franklin Resources has a consensus rating of “Hold” and an average target price of $31.86.

In related news, insider Franklin Resources Inc purchased 998,370 shares of the stock in a transaction on Friday, April 1st. The shares were purchased at an average price of $12.27 per share, with a total value of $12,249,999.90. Following the transaction, the insider now directly owns 14,079,687 shares of the company’s stock, valued at $172,757,759.49. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 23.30% of the stock is owned by insiders.

Franklin Resources Profile (Get Rating)

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.

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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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