Employees Retirement System of Texas lessened its holdings in Franklin Resources, Inc. (NYSE:BEN) by 17.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 43,000 shares of the closed-end fund’s stock after selling 9,000 shares during the quarter. Employees Retirement System of Texas’ holdings in Franklin Resources were worth $1,378,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in BEN. BlackRock Inc. increased its stake in shares of Franklin Resources by 11.8% in the 1st quarter. BlackRock Inc. now owns 24,827,358 shares of the closed-end fund’s stock valued at $861,012,000 after purchasing an additional 2,615,864 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of Franklin Resources by 81.7% in the 1st quarter. Schroder Investment Management Group now owns 2,911,317 shares of the closed-end fund’s stock valued at $100,964,000 after purchasing an additional 1,309,429 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Franklin Resources by 118.4% in the 1st quarter. JPMorgan Chase & Co. now owns 2,192,524 shares of the closed-end fund’s stock valued at $76,037,000 after purchasing an additional 1,188,556 shares in the last quarter. Kiltearn Partners LLP increased its stake in shares of Franklin Resources by 11.6% in the 1st quarter. Kiltearn Partners LLP now owns 7,279,300 shares of the closed-end fund’s stock valued at $248,297,000 after purchasing an additional 759,300 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Franklin Resources by 436.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 641,847 shares of the closed-end fund’s stock valued at $22,259,000 after purchasing an additional 522,177 shares in the last quarter. Hedge funds and other institutional investors own 46.98% of the company’s stock.
In other Franklin Resources news, EVP Craig Steven Tyle sold 11,165 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total transaction of $350,022.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 22.20% of the stock is currently owned by insiders.
NYSE:BEN opened at $30.26 on Friday. Franklin Resources, Inc. has a 12 month low of $30.14 and a 12 month high of $45.96. 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 company has a market cap of $16.56 billion, a price-to-earnings ratio of 9.91, a PEG ratio of 1.63 and a beta of 1.52.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.75. Franklin Resources had a return on equity of 15.40% and a net margin of 10.72%. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same period in the previous year, the business earned $0.73 EPS. Franklin Resources’s quarterly revenue was down 3.4% on a year-over-year basis. equities research analysts forecast that Franklin Resources, Inc. will post 3.14 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Friday, September 28th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.92 annualized dividend and a yield of 3.04%. Franklin Resources’s dividend payout ratio (DPR) is currently 30.56%.
Several equities analysts recently weighed in on BEN shares. Morgan Stanley cut their price target on 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 restated a “hold” rating and issued a $33.00 price target on shares of Franklin Resources in a research note on Friday, July 13th. Barclays cut their price target on 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 cut their price target on 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 lowered Franklin Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, August 6th. Five investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Franklin Resources currently has an average rating of “Hold” and an average target price of $37.25.
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.
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