Cubist Systematic Strategies LLC Acquires New Position in Franklin Resources, Inc. (BEN)
Cubist Systematic Strategies LLC acquired a new position in Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 17,250 shares of the closed-end fund’s stock, valued at approximately $773,000.
Other institutional investors have also bought and sold shares of the company. IFP Advisors Inc boosted its stake 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 worth $120,000 after purchasing an additional 372 shares in the last quarter. Global X Management Co. LLC boosted its stake in 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 purchasing an additional 337 shares in the last quarter. Investment Centers of America Inc. acquired a new position in Franklin Resources in the first quarter worth $201,000. First Midwest Bank Trust Division acquired a new position in Franklin Resources in the second quarter worth $204,000. Finally, NBT Bank N A NY acquired a new position in Franklin Resources in the second quarter worth $206,000. 44.95% of the stock is currently owned by institutional investors.
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Franklin Resources, Inc. (BEN) opened at 44.39 on Wednesday. The firm has a 50-day moving average price of $43.31 and a 200 day moving average price of $43.37. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $47.65. The firm has a market cap of $24.76 billion, a price-to-earnings ratio of 14.45 and a beta of 1.72.
Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, hitting 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 business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.77 EPS. Equities analysts predict that Franklin Resources, Inc. will post $2.96 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date was Thursday, September 28th. Franklin Resources’s dividend payout ratio is 26.14%.
A number of equities analysts have commented on the company. Zacks Investment Research lowered Franklin Resources from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Wells Fargo & Company lowered Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price objective on the stock. in a research note on Monday, July 24th. Jefferies Group LLC reissued a “hold” rating and issued a $44.00 price objective on shares of Franklin Resources in a research note on Friday, July 14th. Morgan Stanley reissued an “underweight” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Franklin Resources in a research note on Monday, July 10th. Finally, BidaskClub raised Franklin Resources from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 12th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $44.36.
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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