Franklin Resources, Inc. (BEN) Shares Bought by Cadence Capital Management LLC
Cadence Capital Management LLC raised its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 3.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,261 shares of the closed-end fund’s stock after buying an additional 413 shares during the period. Cadence Capital Management LLC’s holdings in Franklin Resources were worth $594,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of BEN. IFP Advisors Inc increased its stake 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 during the last quarter. TrimTabs Asset Management LLC raised 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 valued at $126,000 after buying an additional 1,408 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Franklin Resources during the first quarter valued at $193,000. Global X Management Co. LLC raised 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 valued at $193,000 after buying an additional 337 shares during the period. Finally, Investment Centers of America Inc. purchased a new position in shares of Franklin Resources during the first quarter valued at $201,000. 44.96% of the stock is owned by institutional investors.
Shares of Franklin Resources, Inc. (NYSE BEN) opened at 42.40 on Wednesday. The stock has a market cap of $23.65 billion, a P/E ratio of 13.80 and a beta of 1.73. Franklin Resources, Inc. has a 52-week low of $33.02 and a 52-week high of $47.65. The firm’s 50-day moving average price is $44.46 and its 200-day moving average price is $43.07.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.73. The firm 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 quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 earnings per share. Equities analysts predict that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be issued a $0.20 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.80 annualized dividend and a yield of 1.89%. Franklin Resources’s payout ratio is 26.14%.
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BEN has been the subject of several research reports. BidaskClub raised Franklin Resources from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, June 28th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a report on Thursday, July 6th. Deutsche Bank AG increased their price objective on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a report on Tuesday, July 4th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $44.00 price objective on shares of Franklin Resources in a report on Friday, July 14th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the transaction, the chief financial officer now directly owns 124,021 shares in the company, valued at approximately $5,520,174.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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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