Norinchukin Bank The increased its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 2.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,351 shares of the closed-end fund’s stock after buying an additional 1,429 shares during the quarter. Norinchukin Bank The’s holdings in Franklin Resources were worth $2,434,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. IFP Advisors Inc increased its holdings in Franklin Resources by 16.1% during the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after purchasing an additional 372 shares in the last quarter. TrimTabs Asset Management LLC increased its holdings in Franklin Resources by 88.9% during the 1st quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock valued at $126,000 after purchasing an additional 1,408 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in Franklin Resources during the 1st quarter valued at $193,000. Global X Management Co. LLC increased its holdings in Franklin Resources by 7.9% during the 1st quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock valued at $193,000 after purchasing an additional 337 shares in the last quarter. Finally, Investment Centers of America Inc. acquired a new stake in Franklin Resources during the 1st quarter valued at $201,000. Institutional investors and hedge funds own 44.97% of the company’s stock.
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A number of equities research analysts recently weighed in on the company. Zacks Investment Research cut Franklin Resources from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Wells Fargo & Company cut Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target for the company. in a report on Monday, July 24th. Jefferies Group LLC reaffirmed a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a report on Friday, July 14th. Morgan Stanley reaffirmed an “underweight” rating and set a $40.00 price target (up from $39.00) on shares of Franklin Resources in a report on Monday, July 10th. Finally, BidaskClub raised Franklin Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. Franklin Resources currently has a consensus rating of “Hold” and a consensus price target of $44.09.
Franklin Resources, Inc. (NYSE BEN) traded up 0.69% during midday trading on Friday, hitting $42.44. The stock had a trading volume of 317,336 shares. The stock has a market cap of $23.67 billion, a price-to-earnings ratio of 13.81 and a beta of 1.73. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $47.65. The company has a 50-day moving average of $42.86 and a 200-day moving average of $43.10.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.73. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. Franklin Resources’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 earnings per share. Equities research analysts forecast that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a $0.20 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.80 dividend on an annualized basis and a yield of 1.90%. Franklin Resources’s payout ratio is 26.14%.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of the stock in a transaction on Thursday, June 22nd. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 21.60% of the company’s stock.
About Franklin Resources
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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