Teachers Retirement System of The State of Kentucky Has $1,747,000 Position in Franklin Resources, Inc. (BEN)
Teachers Retirement System of The State of Kentucky continued to hold its stake in Franklin Resources, Inc. (NYSE:BEN) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 39,000 shares of the closed-end fund’s stock at the end of the 2nd quarter. Teachers Retirement System of The State of Kentucky’s holdings in Franklin Resources were worth $1,747,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of BEN. BlackRock Inc. increased its holdings in shares of Franklin Resources by 1,550.0% in the 1st quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock valued at $889,973,000 after acquiring an additional 19,839,472 shares during the period. Vanguard Group Inc. increased its holdings in shares of Franklin Resources by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock valued at $1,134,833,000 after acquiring an additional 1,337,903 shares during the period. Nordea Investment Management AB increased its holdings in shares of Franklin Resources by 70.2% in the 2nd quarter. Nordea Investment Management AB now owns 1,689,754 shares of the closed-end fund’s stock valued at $75,684,000 after acquiring an additional 696,730 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Franklin Resources by 92.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,412,702 shares of the closed-end fund’s stock valued at $63,289,000 after acquiring an additional 680,059 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Franklin Resources by 996.3% in the 1st quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock valued at $30,203,000 after acquiring an additional 651,346 shares during the period. 44.96% of the stock is owned by institutional investors and hedge funds.
Shares of Franklin Resources, Inc. (NYSE BEN) opened at 44.87 on Thursday. The stock has a market cap of $25.02 billion, a P/E ratio of 14.60 and a beta of 1.72. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $47.65. The firm’s 50-day moving average price is $42.79 and its 200 day moving average price is $43.19.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.73. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. Franklin Resources’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period last year, the firm earned $0.77 earnings per share. On average, equities analysts expect that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Thursday, September 28th. Franklin Resources’s payout ratio is 26.14%.
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A number of research analysts have recently issued reports on the company. BidaskClub upgraded Franklin Resources from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. UBS AG reiterated a “neutral” rating and issued a $45.00 price target (down from $46.00) on shares of Franklin Resources in a report on Monday, July 31st. Wells Fargo & Company downgraded Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target on the stock. in a report on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating and issued a $44.00 price target on shares of Franklin Resources in a report on Friday, July 14th. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a $43.00 price target (up from $42.00) on shares of Franklin Resources in a report on Friday, June 9th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Franklin Resources currently has a consensus rating of “Hold” and a consensus target price of $44.09.
Franklin Resources 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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