Franklin Resources Inc. Has $49.05 Million Stake in Franklin Resources, Inc. (BEN)
Franklin Resources Inc. lifted its stake in Franklin Resources, Inc. (NYSE:BEN) by 0.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,095,039 shares of the closed-end fund’s stock after purchasing an additional 4,971 shares during the quarter. Franklin Resources Inc. owned about 0.20% of Franklin Resources worth $49,047,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of BEN. Acadian Asset Management LLC bought a new stake in shares of Franklin Resources in the 1st quarter worth approximately $193,000. UBS Asset Management Americas Inc. boosted its position in shares of Franklin Resources by 2.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 1,531,221 shares of the closed-end fund’s stock worth $64,526,000 after purchasing an additional 34,826 shares in the last quarter. Meadow Creek Investment Management LLC boosted its position in shares of Franklin Resources by 4.3% in the 1st quarter. Meadow Creek Investment Management LLC now owns 14,868 shares of the closed-end fund’s stock worth $626,000 after purchasing an additional 616 shares in the last quarter. Sei Investments Co. boosted its position in shares of Franklin Resources by 0.6% in the 1st quarter. Sei Investments Co. now owns 209,885 shares of the closed-end fund’s stock worth $8,845,000 after purchasing an additional 1,219 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Franklin Resources by 28.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,580 shares of the closed-end fund’s stock worth $1,078,000 after purchasing an additional 5,690 shares in the last quarter. 44.97% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on BEN. Deutsche Bank AG boosted their price target on Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research report on Tuesday, July 4th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 price target on shares of Franklin Resources in a research report on Thursday, July 6th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, August 1st. BidaskClub raised Franklin Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, UBS AG reissued a “neutral” rating and issued a $45.00 price target (down from $46.00) on shares of Franklin Resources in a research report on Monday, July 31st. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. Franklin Resources presently has a consensus rating of “Hold” and an average target price of $44.09.
Franklin Resources, Inc. (NYSE BEN) opened at 42.48 on Friday. The company has a 50-day moving average of $42.76 and a 200-day moving average of $43.09. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65. The stock has a market capitalization of $23.69 billion, a price-to-earnings ratio of 13.82 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. Franklin Resources’s revenue was down 1.2% compared to the same quarter last year. During the same period last year, the firm earned $0.77 earnings per share. On average, equities analysts forecast that Franklin Resources, Inc. will post $2.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be paid a $0.20 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.80 annualized dividend and a yield of 1.88%. Franklin Resources’s dividend payout ratio (DPR) is 26.14%.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the completion of the sale, the chief financial officer now directly owns 124,021 shares in the company, valued at $5,520,174.71. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 21.60% of the stock is owned by company insiders.
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Franklin Resources Profile
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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