Franklin Resources, Inc. (BEN) Shares Bought by Commerce Bank
Commerce Bank increased its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 9.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,441 shares of the closed-end fund’s stock after buying an additional 5,435 shares during the period. Commerce Bank’s holdings in Franklin Resources were worth $2,931,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in 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. increased its stake 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 in the last quarter. Pzena Investment Management LLC increased its stake in Franklin Resources by 2.4% in the second quarter. Pzena Investment Management LLC now owns 10,348,419 shares of the closed-end fund’s stock valued at $463,506,000 after buying an additional 246,306 shares in the last quarter. Kiltearn Partners LLP increased its stake 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 in the last quarter. Finally, FMR LLC increased its stake 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 in the last quarter. 44.96% of the stock is owned by hedge funds and other institutional investors.
Franklin Resources, Inc. (NYSE BEN) opened at 43.40 on Friday. The company has a 50-day moving average of $44.06 and a 200-day moving average of $43.15. Franklin Resources, Inc. has a 52 week low of $33.02 and a 52 week high of $47.65. The company has a market cap of $24.20 billion, a P/E ratio of 14.12 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, hitting the Zacks’ 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%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.77 EPS. On average, equities research analysts predict that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The firm 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 dividend of $0.20 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.80 dividend on an annualized basis and a yield of 1.84%. Franklin Resources’s dividend payout ratio (DPR) is presently 26.14%.
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Several analysts have recently weighed in on BEN shares. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. BidaskClub raised shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 12th. Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target for the company. in a research note on Monday, July 24th. Citigroup Inc. reaffirmed a “neutral” rating and set a $43.00 price target (up previously from $42.00) on shares of Franklin Resources in a research note on Friday, June 9th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a research note on Thursday, August 3rd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $43.18.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the sale, the chief financial officer now directly owns 124,021 shares in the company, valued at approximately $5,520,174.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 21.60% of the stock is owned by corporate 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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