Banque Pictet & Cie SA acquired a new stake in Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 156,444 shares of the closed-end fund’s stock, valued at approximately $7,007,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. IFP Advisors Inc boosted its position in Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after buying an additional 372 shares during the period. TrimTabs Asset Management LLC boosted its position 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 during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Franklin Resources during the first quarter worth approximately $193,000. Global X Management Co. LLC boosted its position 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 during the last quarter. Finally, Investment Centers of America Inc. acquired a new position in shares of Franklin Resources during the first quarter worth approximately $201,000. Institutional investors own 44.96% of the company’s stock.

Franklin Resources, Inc. (BEN) traded up 0.39% during mid-day trading on Friday, hitting $43.40. The stock had a trading volume of 943,332 shares. The stock has a market cap of $24.20 billion, a price-to-earnings ratio of 14.12 and a beta of 1.73. Franklin Resources, Inc. has a 12 month low of $33.02 and a 12 month high of $47.65. The stock’s 50-day moving average price is $44.06 and its 200-day moving average price is $43.15.

Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.77 EPS. On average, analysts predict that Franklin Resources, Inc. will post $2.95 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Thursday, September 28th. Franklin Resources’s dividend payout ratio is currently 26.14%.

COPYRIGHT VIOLATION NOTICE: This article was originally published by Watch List News and is the property of of Watch List News. If you are reading this article on another publication, it was illegally stolen and republished in violation of United States & international copyright and trademark law. The correct version of this article can be read at https://www.watchlistnews.com/156444-shares-in-franklin-resources-inc-ben-acquired-by-banque-pictet-cie-sa/1538260.html.

A number of research analysts have commented on the stock. BidaskClub upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. Wells Fargo & Company cut shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target on the stock. in a research report on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of 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. Finally, UBS AG reiterated a “neutral” rating and set a $45.00 price target (down from $46.00) on shares of Franklin Resources in a research report on Monday, July 31st. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $43.18.

In other news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total transaction of $762,945.91. Following the transaction, the chief financial officer now owns 124,021 shares of the company’s stock, valued at approximately $5,520,174.71. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 21.60% of the company’s stock.

About Franklin Resources

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.

Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

Receive News & Ratings for Franklin Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.