Gateway Investment Advisers LLC boosted its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,487 shares of the closed-end fund’s stock after buying an additional 34 shares during the period. Gateway Investment Advisers LLC’s holdings in Franklin Resources were worth $962,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. TrimTabs Asset Management LLC increased its stake in shares of Franklin Resources by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock worth $126,000 after buying an additional 1,408 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Franklin Resources during the first quarter worth about $193,000. Global X Management Co. LLC increased its stake in shares of Franklin Resources by 7.9% in the first 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 in the last quarter. Investment Centers of America Inc. bought a new stake in shares of Franklin Resources during the first quarter worth about $201,000. Finally, Mogy Joel R Investment Counsel Inc. bought a new stake in shares of Franklin Resources during the first quarter worth about $202,000. 45.55% of the stock is currently owned by institutional investors.
Shares of Franklin Resources, Inc. (NYSE:BEN) opened at 46.67 on Friday. The firm’s 50-day moving average price is $44.62 and its 200 day moving average price is $42.47. The company has a market capitalization of $26.20 billion, a PE ratio of 15.04 and a beta of 1.73. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $47.05.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, April 28th. The closed-end fund reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.07. The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a net margin of 27.77% and a return on equity of 14.34%. The business’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the previous year, the business earned $0.61 EPS. Equities analysts predict that Franklin Resources, Inc. will post $2.93 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.71%. Franklin Resources’s dividend payout ratio (DPR) is currently 25.81%.
A number of equities research analysts recently issued reports on BEN shares. Credit Suisse Group set a $33.00 price target on Franklin Resources and gave the stock a “sell” rating in a research report on Monday, March 27th. Deutsche Bank AG increased their price target on Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research report on Thursday, April 6th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, May 17th. Citigroup Inc. reissued a “neutral” rating and set a $43.00 price target (up previously from $42.00) on shares of Franklin Resources in a research report on Friday, June 9th. Finally, BidaskClub raised Franklin Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Franklin Resources has a consensus rating of “Hold” and a consensus target price of $42.10.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the completion of the transaction, the chief financial officer now directly owns 124,021 shares in the company, valued at approximately $5,520,174.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.60% of the stock is owned by insiders.
Franklin Resources Company 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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