Sei Investments Co. Acquires 1,548 Shares of Franklin Resources, Inc. (BEN)
Sei Investments Co. raised its position in Franklin Resources, Inc. (NYSE:BEN) by 0.7% during the second quarter, Holdings Channel reports. The fund owned 211,433 shares of the closed-end fund’s stock after buying an additional 1,548 shares during the period. Sei Investments Co.’s holdings in Franklin Resources were worth $9,470,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of BEN. TrimTabs Asset Management LLC increased its position in shares of Franklin Resources by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock worth $126,000 after buying an additional 1,408 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Franklin Resources during the first quarter worth approximately $193,000. Global X Management Co. LLC increased its position in shares of Franklin Resources by 7.9% in the first quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock worth $193,000 after buying an additional 337 shares during the period. Investment Centers of America Inc. purchased a new position in shares of Franklin Resources during the first quarter worth approximately $201,000. Finally, Mogy Joel R Investment Counsel Inc. purchased a new position in shares of Franklin Resources during the first quarter worth approximately $202,000. Hedge funds and other institutional investors own 45.80% of the company’s stock.
Shares of Franklin Resources, Inc. (NYSE:BEN) opened at 42.75 on Friday. The stock has a market capitalization of $23.84 billion, a P/E ratio of 13.91 and a beta of 1.73. The stock has a 50 day moving average of $45.10 and a 200-day moving average of $42.93. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $47.65.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period last year, the company earned $0.77 earnings per share. The company’s quarterly revenue was down 1.2% on a year-over-year basis. Equities research analysts predict that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were given a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.80 annualized dividend and a dividend yield of 1.87%. Franklin Resources’s dividend payout ratio is presently 26.14%.
A number of equities analysts have commented on the stock. BidaskClub downgraded shares of Franklin Resources from a “hold” rating to a “sell” rating in a research note on Thursday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $44.00 target price on shares of Franklin Resources in a research note on Thursday, August 3rd. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. UBS AG reaffirmed a “neutral” rating and set a $45.00 target price (down from $46.00) on shares of Franklin Resources in a research note on Monday, July 31st. Finally, Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price on the stock. in a research note on Monday, July 24th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. Franklin Resources currently has an average rating of “Hold” and an average target price of $43.18.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the sale, the chief financial officer now directly owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.60% of the stock is currently owned by company insiders.
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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