Rafferty Asset Management LLC lessened its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 24.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,641 shares of the closed-end fund’s stock after selling 15,831 shares during the period. Rafferty Asset Management LLC’s holdings in Franklin Resources were worth $2,223,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc raised its position in shares of Franklin Resources by 16.1% during the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after purchasing an additional 372 shares during the last quarter. TrimTabs Asset Management LLC raised its position in shares of 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 worth $126,000 after purchasing an additional 1,408 shares during the last quarter. First Midwest Bank Trust Division acquired a new position in shares of Franklin Resources during the 2nd quarter worth about $204,000. Acadian Asset Management LLC acquired a new position in shares of Franklin Resources during the 1st quarter worth about $193,000. Finally, NBT Bank N A NY acquired a new position in shares of Franklin Resources during the 2nd quarter worth about $206,000. Hedge funds and other institutional investors own 44.96% of the company’s stock.
Shares of Franklin Resources, Inc. (BEN) opened at 42.97 on Thursday. The stock has a market cap of $23.96 billion, a PE ratio of 13.98 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 stock has a 50 day moving average of $42.65 and a 200 day moving average of $43.09.
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 analysts’ consensus estimates of $0.73. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The company’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Thursday, September 28th. Franklin Resources’s dividend payout ratio is presently 26.14%.
BEN has been the subject of several research reports. BidaskClub raised shares of Franklin Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, June 28th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a research note on Thursday, July 6th. Deutsche Bank AG upped their price objective on shares of Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a research note on Tuesday, July 4th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $44.00 price objective on shares of Franklin Resources in a research note on Friday, July 14th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Franklin Resources currently has an average rating of “Hold” and an average target price of $44.09.
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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