Greenwich Investment Management Inc. Takes $268,000 Position in Franklin Resources, Inc. (BEN)
Greenwich Investment Management Inc. bought a new position in Franklin Resources, Inc. (NYSE:BEN) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,000 shares of the closed-end fund’s stock, valued at approximately $268,000.
A number of other hedge funds have also recently added to or reduced their stakes in BEN. IFP Advisors Inc grew its stake in Franklin Resources by 16.1% in the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after acquiring an additional 372 shares during the period. Global X Management Co. LLC grew its stake in Franklin Resources by 7.9% in the 1st quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock worth $193,000 after acquiring an additional 337 shares during the period. Investment Centers of America Inc. purchased a new stake in Franklin Resources in the 1st quarter worth approximately $201,000. Van ECK Associates Corp grew its stake in Franklin Resources by 6.0% in the 1st quarter. Van ECK Associates Corp now owns 4,847 shares of the closed-end fund’s stock worth $204,000 after acquiring an additional 276 shares during the period. Finally, First Midwest Bank Trust Division purchased a new stake in Franklin Resources in the 2nd quarter worth approximately $204,000. 44.96% of the stock is owned by hedge funds and other institutional investors.
BEN has been the subject of several recent analyst reports. Citigroup Inc. reaffirmed a “neutral” rating and issued a $43.00 target price (up from $42.00) on shares of Franklin Resources in a research note on Friday, June 9th. BidaskClub raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Zacks Investment Research cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. Deutsche Bank AG lifted their target price on shares of Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research note on Tuesday, July 4th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price target on shares of Franklin Resources in a report on Thursday, July 6th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $44.09.
Franklin Resources, Inc. (NYSE:BEN) traded up 0.73% during trading on Friday, hitting $42.89. 1,154,260 shares of the company traded hands. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65. The firm has a 50 day moving average of $42.65 and a 200 day moving average of $43.09. The firm has a market cap of $23.92 billion, a P/E ratio of 13.96 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last posted 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 company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.77 earnings per share. On average, analysts expect that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal 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 given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, September 28th. Franklin Resources’s dividend payout ratio is 26.14%.
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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