156,444 Shares in Franklin Resources, Inc. (BEN) Acquired by Banque Pictet & Cie SA
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%.
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.
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