BlackRock Inc. lessened its stake in Franklin Resources, Inc. (NYSE:BEN) by 0.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 22,915,402 shares of the closed-end fund’s stock after selling 112,594 shares during the quarter. BlackRock Inc.’s holdings in Franklin Resources were worth $797,458,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in BEN. Vanguard Group Inc. grew its position in Franklin Resources by 15.2% in the 2nd quarter. Vanguard Group Inc. now owns 37,527,041 shares of the closed-end fund’s stock valued at $1,305,941,000 after buying an additional 4,944,487 shares in the last quarter. APG Asset Management N.V. grew its position in Franklin Resources by 46.9% in the 2nd quarter. APG Asset Management N.V. now owns 6,018,027 shares of the closed-end fund’s stock valued at $183,902,000 after buying an additional 1,920,900 shares in the last quarter. Nuveen Asset Management LLC grew its position in Franklin Resources by 17,619.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,360,466 shares of the closed-end fund’s stock valued at $47,344,000 after buying an additional 1,352,788 shares in the last quarter. Royal Bank of Canada grew its position in Franklin Resources by 148.5% in the 2nd quarter. Royal Bank of Canada now owns 1,129,235 shares of the closed-end fund’s stock valued at $39,299,000 after buying an additional 674,759 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Franklin Resources by 54.0% in the 2nd quarter. First Trust Advisors LP now owns 1,807,240 shares of the closed-end fund’s stock valued at $62,892,000 after buying an additional 634,062 shares in the last quarter. Hedge funds and other institutional investors own 49.87% of the company’s stock.
In other news, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $26.01, for a total transaction of $130,050.00. Following the completion of the transaction, the executive vice president now owns 100,009 shares in the company, valued at approximately $2,601,234.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 22.20% of the company’s stock.
NYSE:BEN opened at $28.28 on Friday. Franklin Resources, Inc. has a twelve month low of $25.57 and a twelve month high of $35.82. The company has a current ratio of 3.35, a quick ratio of 3.35 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $27.90 and a 200-day moving average of $31.12. The firm has a market cap of $14.60 billion, a price-to-earnings ratio of 11.22, a price-to-earnings-growth ratio of 1.60 and a beta of 1.23.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, October 25th. The closed-end fund reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.03). Franklin Resources had a net margin of 20.71% and a return on equity of 12.35%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the business posted $0.96 EPS. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, research analysts forecast that Franklin Resources, Inc. will post 2.59 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $0.26 per share. The ex-dividend date was Friday, September 27th. This represents a $1.04 annualized dividend and a dividend yield of 3.68%. Franklin Resources’s dividend payout ratio (DPR) is 41.27%.
A number of brokerages recently issued reports on BEN. Morgan Stanley decreased their target price on shares of Franklin Resources from $31.00 to $28.00 and set an “underweight” rating for the company in a research report on Tuesday, October 8th. JPMorgan Chase & Co. upgraded shares of Franklin Resources from an “underweight” rating to a “neutral” rating and set a $32.00 target price for the company in a research report on Thursday, September 12th. ValuEngine upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. TheStreet lowered shares of Franklin Resources from a “b-” rating to a “c+” rating in a research report on Friday, August 9th. Finally, Barclays reiterated a “sell” rating and issued a $24.00 target price on shares of Franklin Resources in a research report on Wednesday, October 9th. Seven investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $29.35.
Franklin Resources Company 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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