Franklin Resources, Inc. (BEN) Shares Bought by Advisor Partners LLC
Advisor Partners LLC raised its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,134 shares of the closed-end fund’s stock after buying an additional 168 shares during the period. Advisor Partners LLC’s holdings in Franklin Resources were worth $364,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in BEN. IFP Advisors Inc increased its position in shares of 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 buying an additional 372 shares in the last quarter. TrimTabs Asset Management LLC increased 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 in the last quarter. First Midwest Bank Trust Division acquired a new position in shares of Franklin Resources during the second quarter worth about $204,000. Acadian Asset Management LLC acquired a new position in shares of Franklin Resources during the first quarter worth about $193,000. Finally, Global X Management Co. LLC increased 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 in the last quarter. Institutional investors own 45.80% of the company’s stock.
Shares of 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. Franklin Resources, Inc. has a 12 month low of $33.02 and a 12 month high of $47.65. The company has a market capitalization of $23.77 billion, a PE ratio of 13.87 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. Franklin Resources’s revenue was down 1.2% compared to the same quarter last year. During the same period last year, the company posted $0.77 earnings per share. Analysts forecast that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.88%. The ex-dividend date was Wednesday, June 28th. Franklin Resources’s payout ratio is 26.14%.
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A number of brokerages recently issued reports on BEN. BidaskClub downgraded Franklin Resources from a “hold” rating to a “sell” rating in a report on Thursday. UBS AG restated a “neutral” rating and set a $45.00 price target (down previously from $46.00) on shares of Franklin Resources in a report on Monday, July 31st. Zacks Investment Research downgraded Franklin Resources from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Keefe, Bruyette & Woods restated a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a report on Thursday, August 3rd. Finally, Jefferies Group LLC restated a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a report on Friday, July 14th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $43.18.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of Franklin Resources stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the transaction, the chief financial officer now directly owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company 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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