BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 21.9% in the 2nd quarter, Holdings Channel reports. The firm owned 139,320 shares of the closed-end fund’s stock after selling 39,019 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Franklin Resources were worth $4,465,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Comerica Bank increased its position in Franklin Resources by 2.3% during the second quarter. Comerica Bank now owns 92,660 shares of the closed-end fund’s stock worth $2,975,000 after purchasing an additional 2,071 shares during the last quarter. Keystone Financial Planning Inc. acquired a new stake in Franklin Resources during the second quarter worth about $525,000. Teacher Retirement System of Texas increased its position in Franklin Resources by 115.2% during the second quarter. Teacher Retirement System of Texas now owns 158,400 shares of the closed-end fund’s stock worth $5,077,000 after purchasing an additional 84,790 shares during the last quarter. BlackRock Inc. increased its position in 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 purchasing an additional 2,615,864 shares during the last quarter. Finally, Foundation Resource Management Inc. acquired a new stake in Franklin Resources during the second quarter worth about $6,783,000. Hedge funds and other institutional investors own 46.84% of the company’s stock.
Shares of BEN stock opened at $31.42 on Thursday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 0.07. The stock has a market cap of $16.73 billion, a price-to-earnings ratio of 10.44, a P/E/G ratio of 1.65 and a beta of 1.52. Franklin Resources, Inc. has a 1-year low of $31.06 and a 1-year high of $45.96.
Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 27th. The closed-end fund reported $0.75 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.75. Franklin Resources had a net margin of 10.72% and a return on equity of 15.40%. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same quarter last year, the firm posted $0.73 earnings per share. Franklin Resources’s revenue was down 3.4% compared to the same quarter last year. equities research analysts anticipate that Franklin Resources, Inc. will post 3.14 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Stockholders of record on Friday, September 28th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Thursday, September 27th. Franklin Resources’s payout ratio is 30.56%.
In other news, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total value of $350,022.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 22.20% of the company’s stock.
BEN has been the subject of several research analyst reports. Zacks Investment Research raised shares of Franklin Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, August 24th. Deutsche Bank lowered their target price on shares of Franklin Resources from $33.00 to $32.00 and set a “hold” rating for the company in a research note on Thursday, August 16th. Jefferies Financial Group reaffirmed a “hold” rating and set a $33.00 target price on shares of Franklin Resources in a research note on Friday, July 13th. Wells Fargo & Co lowered 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, Morgan Stanley lowered 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. Four investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. The stock has a consensus rating of “Hold” and an average target price of $38.00.
About Franklin Resources
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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