Huntington National Bank Has $10,313,000 Stake in Franklin Resources Inc. (BEN)
Huntington National Bank held its position in Franklin Resources Inc. (NYSE:BEN) during the second quarter, Holdings Channel reports. The institutional investor owned 200,942 shares of the closed-end fund’s stock at the end of the second quarter. Huntington National Bank’s holdings in Franklin Resources were worth $10,313,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. First Manhattan Co. increased its position in Franklin Resources by 1.1% in the second quarter. First Manhattan Co. now owns 1,322,714 shares of the closed-end fund’s stock valued at $44,138,000 after buying an additional 14,745 shares in the last quarter. Legal & General Group Plc increased its position in Franklin Resources by 3.5% in the first quarter. Legal & General Group Plc now owns 1,773,479 shares of the closed-end fund’s stock valued at $69,255,000 after buying an additional 60,608 shares in the last quarter. Robecosam AG increased its position in Franklin Resources by 5.9% in the first quarter. Robecosam AG now owns 10,600 shares of the closed-end fund’s stock valued at $415,000 after buying an additional 586 shares in the last quarter. Williams Jones & Associates LLC purchased a new position in Franklin Resources during the first quarter valued at $220,000. Finally, LPL Financial LLC increased its position in Franklin Resources by 33.0% in the first quarter. LPL Financial LLC now owns 32,959 shares of the closed-end fund’s stock valued at $1,267,000 after buying an additional 8,169 shares in the last quarter. 48.39% of the stock is owned by institutional investors.
Franklin Resources Inc. (NYSE:BEN) traded up 0.37% during midday trading on Monday, hitting $35.23. The stock had a trading volume of 2,308,926 shares. The firm has a market cap of $20.30 billion, a PE ratio of 13.03 and a beta of 1.75. Franklin Resources Inc. has a one year low of $30.56 and a one year high of $42.23. The stock has a 50-day moving average price of $36.00 and a 200 day moving average price of $36.24.
Franklin Resources (NYSE:BEN) last posted its earnings results on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.10. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The business earned $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm earned $0.82 earnings per share. The company’s revenue for the quarter was down 18.3% compared to the same quarter last year. On average, analysts predict that Franklin Resources Inc. will post $2.79 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.18 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.04%. Franklin Resources’s dividend payout ratio (DPR) is currently 26.57%.
BEN has been the subject of several research reports. Deutsche Bank AG lifted their target price on Franklin Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, September 9th. Jefferies Group reaffirmed a “hold” rating on shares of Franklin Resources in a research report on Monday, August 1st. Barclays PLC dropped their target price on Franklin Resources from $31.00 to $30.00 and set an “underweight” rating for the company in a research report on Friday, July 29th. Finally, Citigroup Inc. boosted their price objective on Franklin Resources from $36.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, July 29th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $37.81.
In other news, insider Jennifer M. Johnson sold 15,892 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $35.99, for a total value of $571,953.08. Following the completion of the sale, the insider now owns 1,473,782 shares in the company, valued at $53,041,414.18. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total value of $180,900.00. The disclosure for this sale can be found here. 20.41% of the stock is owned by insiders.
About Franklin Resources
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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