CWM LLC increased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 31.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 665,239 shares of the closed-end fund’s stock after buying an additional 159,401 shares during the period. Franklin Resources comprises approximately 1.5% of CWM LLC’s investment portfolio, making the stock its 14th largest position. CWM LLC owned 0.12% of Franklin Resources worth $29,796,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in Franklin Resources by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,210,421 shares of the closed-end fund’s stock worth $47,908,000 after buying an additional 4,464 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Franklin Resources by 22.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 17,002 shares of the closed-end fund’s stock worth $716,000 after buying an additional 3,161 shares during the last quarter. BlackRock Inc. raised its position 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 worth $889,973,000 after buying an additional 19,839,472 shares during the last quarter. Korea Investment CORP raised its position in Franklin Resources by 12.0% in the first quarter. Korea Investment CORP now owns 204,537 shares of the closed-end fund’s stock worth $8,619,000 after buying an additional 21,995 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position 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 worth $30,203,000 after buying an additional 651,346 shares during the last quarter. Institutional investors and hedge funds own 45.80% of the company’s stock.
Shares of Franklin Resources, Inc. (BEN) opened at 42.75 on Friday. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65. The stock’s 50 day moving average price is $45.10 and its 200 day moving average price is $42.93. The firm has a market capitalization of $23.84 billion, a price-to-earnings ratio of 13.91 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, meeting the consensus estimate of $0.73. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the prior year, the firm posted $0.77 earnings per share. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. Analysts expect that Franklin Resources, Inc. will post $2.95 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.87%. Franklin Resources’s payout ratio is 26.14%.
A number of research firms recently issued reports on BEN. BidaskClub lowered Franklin Resources from a “hold” rating to a “sell” rating in a report on Thursday. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $44.00 price target on shares of Franklin Resources in a research note on Thursday, August 3rd. Zacks Investment Research cut Franklin Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. UBS AG reissued a “neutral” rating and issued a $45.00 price target (down previously from $46.00) on shares of Franklin Resources in a research note on Monday, July 31st. Finally, Wells Fargo & Company cut Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target on the stock. in a research note on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $43.18.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $5,520,174.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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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