Arrowstreet Capital Limited Partnership raised its position in Franklin Resources, Inc. (NYSE:BEN) by 1,908.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 492,000 shares of the closed-end fund’s stock after buying an additional 467,500 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.09% of Franklin Resources worth $22,037,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc boosted its holdings in Franklin Resources by 16.1% in the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after buying an additional 372 shares during the last quarter. First Midwest Bank Trust Division acquired a new stake in Franklin Resources in the 2nd quarter worth about $204,000. NBT Bank N A NY acquired a new stake in Franklin Resources in the 2nd quarter worth about $206,000. Global X Management Co. LLC boosted its holdings in Franklin Resources by 7.9% in the 1st quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock worth $193,000 after buying an additional 337 shares during the last quarter. Finally, BB&T Securities LLC acquired a new stake in Franklin Resources in the 2nd quarter worth about $208,000. Institutional investors own 44.96% of the company’s stock.
Franklin Resources, Inc. (NYSE:BEN) traded down 0.38% on Wednesday, reaching $44.75. 532,139 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $43.09 and a 200-day moving average of $43.30. The company has a market cap of $24.96 billion, a P/E ratio of 14.56 and a beta of 1.72. Franklin Resources, Inc. has a 12-month low of $33.02 and a 12-month 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 EPS for the quarter, meeting the consensus estimate of $0.73. The business had revenue of $1.61 billion for 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 quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.77 earnings per share. Equities analysts expect that Franklin Resources, Inc. will post $2.96 EPS for the current fiscal year.
The firm also recently declared 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. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.80 annualized dividend and a dividend yield of 1.78%. Franklin Resources’s dividend payout ratio is presently 26.14%.
Several research firms recently issued reports on BEN. Deutsche Bank AG lifted their price objective on Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a report on Tuesday, July 4th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a report on Thursday, July 6th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, August 1st. BidaskClub upgraded Franklin Resources from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, UBS AG reiterated a “neutral” rating and issued a $45.00 price objective (down from $46.00) on shares of Franklin Resources in a report on Monday, July 31st. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $44.09.
Franklin Resources 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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