Capstone Asset Management Co. decreased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 5.5% during the second quarter, Holdings Channel reports. The institutional investor owned 33,671 shares of the closed-end fund’s stock after selling 1,954 shares during the period. Capstone Asset Management Co.’s holdings in Franklin Resources were worth $1,508,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. TrimTabs Asset Management LLC boosted 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 Franklin Resources during the first quarter valued at approximately $193,000. Global X Management Co. LLC boosted its position in 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 valued at $193,000 after buying an additional 337 shares during the period. Investment Centers of America Inc. purchased a new position in Franklin Resources during the first quarter valued at approximately $201,000. Finally, Mogy Joel R Investment Counsel Inc. purchased a new position in Franklin Resources during the first quarter valued at approximately $202,000. Institutional investors and hedge funds own 45.55% of the company’s stock.
Franklin Resources, Inc. (NYSE:BEN) opened at 46.24 on Wednesday. The stock has a market cap of $25.96 billion, a PE ratio of 14.90 and a beta of 1.73. The company has a 50-day moving average price of $44.33 and a 200-day moving average price of $42.40. Franklin Resources, Inc. has a 52 week low of $33.02 and a 52 week high of $46.61.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, April 28th. The closed-end fund reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.07. Franklin Resources had a return on equity of 14.34% and a net margin of 27.77%. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.57 billion. During the same period in the prior year, the company earned $0.61 earnings per share. The company’s revenue for the quarter was down .8% compared to the same quarter last year. Analysts anticipate that Franklin Resources, Inc. will post $2.93 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a $0.20 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.80 annualized dividend and a dividend yield of 1.73%. Franklin Resources’s dividend payout ratio (DPR) is currently 25.81%.
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Several analysts have recently weighed in on the stock. BidaskClub upgraded shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a research report on Thursday, July 6th. Morgan Stanley restated an “underweight” rating and set a $40.00 price objective (up previously from $39.00) on shares of Franklin Resources in a research report on Monday, July 10th. Jefferies Group LLC reaffirmed a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a research note on Friday, July 14th. Finally, Zacks Investment Research cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Franklin Resources currently has a consensus rating of “Hold” and an average target price of $42.10.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of the stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total transaction of $762,945.91. Following the completion of the transaction, the chief financial officer now directly owns 124,021 shares in the company, valued at $5,520,174.71. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 21.60% of the stock is owned by corporate insiders.
About Franklin Resources
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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