Investors Sell Shares of Franklin Resources, Inc. (BEN) on Strength (BEN)
Investors sold shares of Franklin Resources, Inc. (NYSE:BEN) on strength during trading hours on Wednesday. $13.09 million flowed into the stock on the tick-up and $44.03 million flowed out of the stock on the tick-down, for a money net flow of $30.94 million out of the stock. Of all companies tracked, Franklin Resources had the 0th highest net out-flow for the day. Franklin Resources traded up $0.10 for the day and closed at $44.87
A number of analysts recently issued reports on BEN shares. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, August 1st. BidaskClub downgraded Franklin Resources from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $47.00 target price on shares of Franklin Resources in a research report on Thursday, July 6th. Deutsche Bank AG lifted their target price on Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research report on Tuesday, July 4th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $44.00 target price on shares of Franklin Resources in a research report on Friday, July 14th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. Franklin Resources currently has a consensus rating of “Hold” and a consensus price target of $44.09.
The firm has a market cap of $24.96 billion, a price-to-earnings ratio of 14.57 and a beta of 1.72. The firm has a 50 day moving average price of $42.84 and a 200 day moving average price of $43.20.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 EPS. Equities research analysts forecast that Franklin Resources, Inc. will post $2.96 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.80 dividend on an annualized basis and a yield of 1.79%. Franklin Resources’s dividend payout ratio is presently 26.14%.
A number of large investors have recently added to or reduced their stakes in BEN. BlackRock Inc. grew its stake in Franklin Resources by 1,550.0% during the 1st quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock worth $889,973,000 after buying an additional 19,839,472 shares during the last quarter. Vanguard Group Inc. grew its stake in Franklin Resources by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock worth $1,134,833,000 after buying an additional 1,337,903 shares during the last quarter. Nordea Investment Management AB grew its stake in Franklin Resources by 70.2% during the 2nd quarter. Nordea Investment Management AB now owns 1,689,754 shares of the closed-end fund’s stock worth $75,684,000 after buying an additional 696,730 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Franklin Resources by 92.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,412,702 shares of the closed-end fund’s stock worth $63,289,000 after buying an additional 680,059 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Franklin Resources by 996.3% during the 1st quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock worth $30,203,000 after buying an additional 651,346 shares during the last quarter. Hedge funds and other institutional investors own 44.96% of the company’s stock.
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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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