Baird Financial Group Inc. Reduces Holdings in Franklin Resources, Inc. (BEN)

Baird Financial Group Inc. decreased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 15.4% during the 2nd quarter, Holdings Channel reports. The firm owned 80,795 shares of the closed-end fund’s stock after selling 14,657 shares during the quarter. Baird Financial Group Inc.’s holdings in Franklin Resources were worth $2,589,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the business. BlackRock Inc. boosted its stake in shares of Franklin Resources by 11.8% during the first quarter. BlackRock Inc. now owns 24,827,358 shares of the closed-end fund’s stock worth $861,012,000 after buying an additional 2,615,864 shares during the period. Kiltearn Partners LLP boosted its stake in shares of Franklin Resources by 11.6% during the first quarter. Kiltearn Partners LLP now owns 7,279,300 shares of the closed-end fund’s stock worth $248,297,000 after buying an additional 759,300 shares during the period. Schroder Investment Management Group boosted its stake in shares of Franklin Resources by 81.7% during the first quarter. Schroder Investment Management Group now owns 2,911,317 shares of the closed-end fund’s stock worth $100,964,000 after buying an additional 1,309,429 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Franklin Resources by 118.4% during the first quarter. JPMorgan Chase & Co. now owns 2,192,524 shares of the closed-end fund’s stock worth $76,037,000 after buying an additional 1,188,556 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Franklin Resources by 11.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,371,504 shares of the closed-end fund’s stock worth $43,955,000 after buying an additional 144,888 shares during the period. 46.84% of the stock is currently owned by institutional investors.

Shares of NYSE:BEN opened at $31.92 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a market capitalization of $16.52 billion, a P/E ratio of 10.60, a PEG ratio of 1.63 and a beta of 1.52. Franklin Resources, Inc. has a 52 week low of $29.95 and a 52 week high of $45.96.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.75. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.57 billion. Franklin Resources had a net margin of 10.72% and a return on equity of 15.40%. The firm’s revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.73 earnings per share. sell-side analysts anticipate that Franklin Resources, Inc. will post 3.14 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Investors of record on Friday, September 28th will be given a $0.23 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.92 dividend on an annualized basis and a yield of 2.88%. Franklin Resources’s payout ratio is currently 30.56%.

BEN has been the subject of several recent research reports. Morgan Stanley decreased their target price on shares of Franklin Resources from $33.00 to $32.00 and set an “underweight” rating for the company in a research note on Thursday, July 12th. Jefferies Financial Group reiterated a “hold” rating and set a $33.00 target price on shares of Franklin Resources in a research note on Friday, July 13th. Barclays decreased their target price on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating for the company in a research note on Monday, July 30th. Wells Fargo & Co decreased their target price on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating for the company in a research note on Monday, July 30th. Finally, Zacks Investment Research downgraded shares of Franklin Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, August 6th. Six equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Franklin Resources presently has a consensus rating of “Hold” and a consensus price target of $37.25.

In related news, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total value of $350,022.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 22.20% of the stock is owned by company insiders.

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.

See Also: Return on Investment (ROI) Defined, Explained

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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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