Bp Plc Has $2,060,000 Position in Franklin Resources, Inc. (BEN)
Bp Plc held its stake in shares of Franklin Resources, Inc. (NYSE:BEN) during the second quarter, Holdings Channel reports. The fund owned 46,000 shares of the closed-end fund’s stock at the end of the second quarter. Bp Plc’s holdings in Franklin Resources were worth $2,060,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Franklin Resources by 5.2% in the first quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock valued at $1,134,833,000 after buying an additional 1,337,903 shares in the last quarter. BlackRock Inc. boosted its position in Franklin Resources by 1,550.0% in the first quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock valued at $889,973,000 after buying an additional 19,839,472 shares during the last quarter. Kiltearn Partners LLP boosted its position in Franklin Resources by 2.9% in the first quarter. Kiltearn Partners LLP now owns 6,068,600 shares of the closed-end fund’s stock valued at $255,731,000 after buying an additional 169,000 shares during the last quarter. FMR LLC boosted its position in Franklin Resources by 2.3% in the first quarter. FMR LLC now owns 5,340,482 shares of the closed-end fund’s stock valued at $225,047,000 after buying an additional 121,316 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Franklin Resources by 3.2% in the first quarter. Geode Capital Management LLC now owns 3,529,852 shares of the closed-end fund’s stock valued at $148,544,000 after buying an additional 109,308 shares during the last quarter. 45.80% of the stock is owned by hedge funds and other institutional investors.
Franklin Resources, Inc. (NYSE:BEN) opened at 42.63 on Friday. The stock has a 50 day moving average price of $45.15 and a 200-day moving average price of $42.91. The stock has a market cap of $23.77 billion, a PE ratio of 13.87 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.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.73. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the previous year, the business earned $0.77 EPS. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, analysts expect that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend was Wednesday, June 28th. Franklin Resources’s dividend payout ratio is presently 26.14%.
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Several research analysts have issued reports on the company. Deutsche Bank AG increased their price objective on Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research report on Tuesday, July 4th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a research report on Thursday, July 6th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, August 1st. BidaskClub upgraded Franklin Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, UBS AG reiterated a “neutral” rating and issued a $45.00 price objective (down previously from $46.00) on shares of Franklin Resources in a research report on Monday, July 31st. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $43.18.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total value of $762,945.91. Following the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 21.60% of the stock is currently 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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