Abbrea Capital LLC maintained its stake in shares of Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,125 shares of the closed-end fund’s stock at the end of the second quarter. Abbrea Capital LLC’s holdings in Franklin Resources were worth $680,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. IFP Advisors Inc boosted its stake in shares of Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after buying an additional 372 shares during the last quarter. TrimTabs Asset Management LLC boosted its stake 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 last quarter. Acadian Asset Management LLC bought a new stake in shares of Franklin Resources during the first quarter worth approximately $193,000. Global X Management Co. LLC boosted its stake 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 last quarter. Finally, Investment Centers of America Inc. bought a new stake in shares of Franklin Resources during the first quarter worth approximately $201,000. Institutional investors and hedge funds 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 50 day moving average price of $45.10 and a 200 day moving average price of $42.93. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $47.65. The company has a market capitalization of $23.84 billion, a price-to-earnings ratio of 13.91 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, hitting analysts’ consensus estimates of $0.73. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the prior year, the firm earned $0.77 earnings per share. The firm’s revenue was down 1.2% compared to the same quarter last year. On average, equities analysts anticipate that Franklin Resources, Inc. will post $2.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Wednesday, June 28th. Franklin Resources’s dividend payout ratio (DPR) is 26.14%.
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A number of analysts have commented on BEN shares. BidaskClub upgraded Franklin Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. 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 Wednesday, June 28th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 price target on shares of Franklin Resources in a research report on Thursday, July 6th. Deutsche Bank AG increased 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 investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. Franklin Resources has an average rating of “Hold” and a consensus price target of $43.18.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the stock in a transaction on Thursday, June 22nd. The stock was 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 in the company, valued at $5,520,174.71. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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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