Advisor Partners LLC boosted its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 2.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,134 shares of the closed-end fund’s stock after buying an additional 168 shares during the period. Advisor Partners LLC’s holdings in Franklin Resources were worth $364,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Franklin Resources by 1,550.0% in the first quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock valued at $889,973,000 after buying an additional 19,839,472 shares during the period. Vanguard Group Inc. increased its stake in Franklin Resources by 5.2% in the first quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock valued at $1,134,833,000 after buying an additional 1,337,903 shares during the period. JPMorgan Chase & Co. increased its stake in Franklin Resources by 996.3% in the first quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock valued at $30,203,000 after buying an additional 651,346 shares during the period. AQR Capital Management LLC increased its stake in Franklin Resources by 64.7% in the first quarter. AQR Capital Management LLC now owns 1,058,071 shares of the closed-end fund’s stock valued at $44,587,000 after buying an additional 415,733 shares during the period. Finally, Candriam Luxembourg S.C.A. increased its stake in Franklin Resources by 372.8% in the second quarter. Candriam Luxembourg S.C.A. now owns 501,556 shares of the closed-end fund’s stock valued at $22,466,000 after buying an additional 395,472 shares during the period. Institutional investors and hedge funds own 45.80% of the company’s stock.
Franklin Resources, Inc. (NYSE:BEN) opened at 42.63 on Friday. The firm has a market cap of $23.77 billion, a PE ratio of 13.87 and a beta of 1.73. The firm has a 50-day moving average price of $45.15 and a 200-day moving average price of $42.91. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results 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. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the business posted $0.77 earnings per share. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, equities analysts expect that Franklin Resources, Inc. will post $2.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.80 dividend on an annualized basis and a yield of 1.88%. Franklin Resources’s payout ratio is 26.14%.
A number of analysts have recently weighed in on BEN shares. BidaskClub upgraded Franklin Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 target price for the company in a research report on Wednesday, May 17th. Deutsche Bank AG upped their target price on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a research report on Tuesday, July 4th. Wells Fargo & Company downgraded Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price for the company. in a research report on Monday, July 24th. Finally, Citigroup Inc. reiterated a “neutral” rating and set a $43.00 target price (up from $42.00) on shares of Franklin Resources in a research report on Friday, June 9th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. Franklin Resources presently has an average rating of “Hold” and a consensus price target of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total transaction of $762,945.91. Following the sale, the chief financial officer now 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 available at the SEC website. Company insiders own 21.60% of the company’s stock.
Franklin Resources Company 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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