HGK Asset Management Inc. lowered its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 6.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 206,903 shares of the closed-end fund’s stock after selling 13,120 shares during the period. HGK Asset Management Inc.’s holdings in Franklin Resources were worth $9,267,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Conning Inc. increased its stake in shares of Franklin Resources by 0.9% during the second quarter. Conning Inc. now owns 8,696 shares of the closed-end fund’s stock worth $389,000 after purchasing an additional 80 shares during the period. Mutual of America Capital Management LLC increased its stake in shares of Franklin Resources by 0.3% during the first quarter. Mutual of America Capital Management LLC now owns 40,840 shares of the closed-end fund’s stock worth $1,721,000 after purchasing an additional 104 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Franklin Resources by 2.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,244 shares of the closed-end fund’s stock worth $235,000 after purchasing an additional 116 shares during the period. Nicholas Hoffman & Company LLC. increased its stake in shares of Franklin Resources by 0.9% during the first quarter. Nicholas Hoffman & Company LLC. now owns 13,835 shares of the closed-end fund’s stock worth $583,000 after purchasing an additional 130 shares during the period. Finally, NGAM Advisors L.P. increased its stake in shares of Franklin Resources by 0.6% during the second quarter. NGAM Advisors L.P. now owns 25,308 shares of the closed-end fund’s stock worth $1,134,000 after purchasing an additional 148 shares during the period. Institutional investors own 44.96% of the company’s stock.
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In related 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 transaction, the chief financial officer now owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The transaction 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.
BEN has been the topic of a number of recent research reports. Citigroup Inc. reiterated a “neutral” rating and set a $43.00 target price (up previously from $42.00) on shares of Franklin Resources in a research note on Friday, June 9th. BidaskClub upgraded Franklin Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Zacks Investment Research lowered Franklin Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. Deutsche Bank AG raised their price objective on Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research note on Tuesday, July 4th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a research note on Thursday, July 6th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $44.09.
Shares of Franklin Resources, Inc. (NYSE:BEN) traded up 0.16% during midday trading on Monday, hitting $42.55. The company’s stock had a trading volume of 213,398 shares. The stock’s 50 day moving average is $42.76 and its 200-day moving average is $43.09. The firm has a market cap of $23.73 billion, a P/E ratio of 13.85 and a beta of 1.73. Franklin Resources, Inc. has a 52-week low of $33.02 and a 52-week high of $47.65.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, hitting the consensus estimate of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.77 earnings per share. Equities analysts predict that Franklin Resources, Inc. will post $2.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a $0.20 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.80 dividend on an annualized basis and a yield of 1.88%. Franklin Resources’s dividend payout ratio is presently 26.14%.
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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