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.

WARNING: “Greenwich Investment Management Inc. Takes $268,000 Position in Franklin Resources, Inc. (BEN)” was reported by Watch List News and is the sole property of of Watch List News. If you are reading this article on another publication, it was illegally stolen and republished in violation of US & international trademark and copyright law. The correct version of this article can be viewed at https://www.watchlistnews.com/greenwich-investment-management-inc-takes-268000-position-in-franklin-resources-inc-ben/1585124.html.

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.

Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).

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

Receive News & Ratings for Franklin Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.