Unigestion Holding SA acquired a new position in Franklin Resources, Inc. (NYSE:BEN) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 33,172 shares of the closed-end fund’s stock, valued at approximately $957,000.
A number of other hedge funds also recently bought and sold shares of the stock. Sigma Planning Corp increased its position in shares of Franklin Resources by 8.0% during the second quarter. Sigma Planning Corp now owns 9,241 shares of the closed-end fund’s stock valued at $322,000 after acquiring an additional 681 shares during the last quarter. Bingham Osborn & Scarborough LLC bought a new position in shares of Franklin Resources in the second quarter worth $208,000. Aperio Group LLC boosted its holdings in shares of Franklin Resources by 1.8% in the second quarter. Aperio Group LLC now owns 186,653 shares of the closed-end fund’s stock worth $6,496,000 after acquiring an additional 3,353 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Franklin Resources by 257.1% in the second quarter. Janus Henderson Group PLC now owns 690,543 shares of the closed-end fund’s stock worth $24,029,000 after acquiring an additional 497,181 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Franklin Resources by 0.5% in the second quarter. Northern Trust Corp now owns 4,270,065 shares of the closed-end fund’s stock worth $148,598,000 after acquiring an additional 20,983 shares during the period. 49.87% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on the company. Barclays reissued a “sell” rating and set a $24.00 price objective on shares of Franklin Resources in a research note on Wednesday, October 9th. Morgan Stanley dropped their price objective on Franklin Resources from $31.00 to $28.00 and set an “underweight” rating for the company in a research note on Tuesday, October 8th. TheStreet lowered Franklin Resources from a “b-” rating to a “c+” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. raised Franklin Resources from an “underweight” rating to a “neutral” rating and set a $32.00 price objective for the company in a research note on Thursday, September 12th. Finally, ValuEngine raised Franklin Resources from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. Seven equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $29.35.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, October 25th. The closed-end fund reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.03). Franklin Resources had a net margin of 20.71% and a return on equity of 12.35%. The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the business earned $0.96 EPS. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, sell-side analysts forecast that Franklin Resources, Inc. will post 2.59 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a dividend of $0.26 per share. The ex-dividend date was Friday, September 27th. This represents a $1.04 dividend on an annualized basis and a yield of 3.68%. Franklin Resources’s payout ratio is 41.27%.
In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $26.01, for a total transaction of $130,050.00. Following the sale, the executive vice president now owns 100,009 shares in the company, valued at $2,601,234.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 22.20% of the company’s stock.
Franklin Resources 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.
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