Raymond James & Associates Has $7.48 Million Stake in Franklin Resources, Inc. (BEN)
Raymond James & Associates reduced its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 0.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 233,228 shares of the closed-end fund’s stock after selling 1,980 shares during the period. Raymond James & Associates’ holdings in Franklin Resources were worth $7,475,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of BEN. BlackRock Inc. lifted its holdings in Franklin Resources by 11.8% in the first quarter. BlackRock Inc. now owns 24,827,358 shares of the closed-end fund’s stock worth $861,012,000 after buying an additional 2,615,864 shares during the period. Schroder Investment Management Group lifted its holdings in Franklin Resources by 81.7% in the first quarter. Schroder Investment Management Group now owns 2,911,317 shares of the closed-end fund’s stock worth $100,964,000 after buying an additional 1,309,429 shares during the period. JPMorgan Chase & Co. lifted its holdings in Franklin Resources by 118.4% in the first quarter. JPMorgan Chase & Co. now owns 2,192,524 shares of the closed-end fund’s stock worth $76,037,000 after buying an additional 1,188,556 shares during the period. Kiltearn Partners LLP lifted its holdings in Franklin Resources by 11.6% in the first quarter. Kiltearn Partners LLP now owns 7,279,300 shares of the closed-end fund’s stock worth $248,297,000 after buying an additional 759,300 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Franklin Resources in the second quarter worth about $18,677,000. Institutional investors and hedge funds own 46.79% of the company’s stock.
Several brokerages have commented on BEN. Wells Fargo & Co lowered their price objective on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating for the company in a report on Monday, July 30th. Jefferies Financial Group restated a “hold” rating and issued a $33.00 price objective on shares of Franklin Resources in a report on Friday, July 13th. Zacks Investment Research lowered shares of Franklin Resources from a “hold” rating to a “strong sell” rating in a report on Monday, August 6th. Morgan Stanley lowered their price objective on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating for the company in a report on Thursday, August 2nd. Finally, Barclays lowered their price objective on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating for the company in a report on Monday, July 30th. Six investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $37.25.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 27th. The closed-end fund reported $0.75 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.75. Franklin Resources had a net margin of 10.72% and a return on equity of 15.40%. The firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same period last year, the business earned $0.73 earnings per share. The business’s revenue was down 3.4% on a year-over-year basis. sell-side analysts predict that Franklin Resources, Inc. will post 3.14 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.23 per share. The ex-dividend date is Thursday, September 27th. This represents a $0.92 annualized dividend and a dividend yield of 2.84%. Franklin Resources’s payout ratio is 30.56%.
In other news, insider Jed A. Plafker sold 4,820 shares of Franklin Resources stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $32.85, for a total transaction of $158,337.00. Following the completion of the transaction, the insider now directly owns 56,369 shares in the company, valued at $1,851,721.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig Steven Tyle sold 11,165 shares of Franklin Resources stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total transaction of $350,022.75. The disclosure for this sale can be found here. 22.20% of the stock is currently owned by company insiders.
About Franklin Resources
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.
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