Federated Investors Inc. PA reduced its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 97.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,810 shares of the closed-end fund’s stock after selling 205,331 shares during the quarter. Federated Investors Inc. PA’s holdings in Franklin Resources were worth $186,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in BEN. JPMorgan Chase & Co. lifted its holdings in shares of Franklin Resources by 118.4% during the first quarter. JPMorgan Chase & Co. now owns 2,192,524 shares of the closed-end fund’s stock valued at $76,037,000 after purchasing an additional 1,188,556 shares in the last quarter. Kiltearn Partners LLP lifted its holdings in shares of Franklin Resources by 11.6% during the first quarter. Kiltearn Partners LLP now owns 7,279,300 shares of the closed-end fund’s stock valued at $248,297,000 after purchasing an additional 759,300 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of Franklin Resources during the first quarter valued at $16,075,000. Howard Capital Management Inc. lifted its holdings in shares of Franklin Resources by 6,520.8% during the first quarter. Howard Capital Management Inc. now owns 306,809 shares of the closed-end fund’s stock valued at $10,637,000 after purchasing an additional 302,175 shares in the last quarter. Finally, MSD Partners L.P. purchased a new stake in Franklin Resources during the first quarter valued at $10,171,000. 46.79% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources stock opened at $31.03 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a market cap of $16.67 billion, a P/E ratio of 10.31, a PEG ratio of 1.64 and a beta of 1.52. Franklin Resources, Inc. has a one year low of $29.95 and a one year high of $45.96.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, hitting analysts’ consensus estimates of $0.75. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Franklin Resources had a return on equity of 15.40% and a net margin of 10.72%. The business’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.73 earnings per share. research analysts anticipate that Franklin Resources, Inc. will post 3.14 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Friday, September 28th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Thursday, September 27th. Franklin Resources’s payout ratio is 30.56%.

A number of research firms recently commented on BEN. Deutsche Bank upped their price objective on Franklin Resources from $31.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday. Zacks Investment Research upgraded Franklin Resources from a “sell” rating to a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. cut Franklin Resources from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $32.00 to $29.00 in a research report on Thursday, September 6th. Morgan Stanley reduced their price objective on Franklin Resources from $32.00 to $30.00 and set an “underweight” rating for the company in a research report on Thursday, August 2nd. Finally, Wells Fargo & Co reduced their price objective on Franklin Resources from $35.00 to $34.00 and set a “market perform” rating for the company in a research report on Monday, July 30th. Five equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $37.25.

In other Franklin Resources news, insider Jed A. Plafker sold 4,820 shares of the company’s stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $32.85, for a total value of $158,337.00. Following the completion of the sale, the insider now owns 56,369 shares in the company, valued at $1,851,721.65. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Craig Steven Tyle sold 11,165 shares of the company’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total value of $350,022.75. The disclosure for this sale can be found here. Corporate insiders own 22.20% of the company’s stock.

Franklin Resources Company Profile

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.

See Also: Outstanding Shares and The Effect on Share Price

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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