Quantitative Investment Management LLC acquired a new position in Franklin Resources, Inc. (NYSE:BEN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 394,400 shares of the closed-end fund’s stock, valued at approximately $17,665,000. Quantitative Investment Management LLC owned about 0.07% of Franklin Resources at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of BEN. BlackRock Inc. boosted its holdings in 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 worth $889,973,000 after buying an additional 19,839,472 shares during the last quarter. Vanguard Group Inc. boosted its holdings in 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 worth $1,134,833,000 after buying an additional 1,337,903 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in 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 worth $63,289,000 after buying an additional 680,059 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Franklin Resources by 996.3% in the 1st quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock worth $30,203,000 after buying an additional 651,346 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Franklin Resources by 64.7% in the 1st quarter. AQR Capital Management LLC now owns 1,058,071 shares of the closed-end fund’s stock worth $44,587,000 after buying an additional 415,733 shares during the last quarter. Institutional investors own 44.96% of the company’s stock.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of the company’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 transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 21.60% of the company’s stock.
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Franklin Resources, Inc. (NYSE:BEN) traded down 0.02% during mid-day trading on Wednesday, hitting $42.84. 126,502 shares of the stock traded hands. The stock’s 50 day moving average is $42.65 and its 200-day moving average is $43.09. Franklin Resources, Inc. has a 12 month low of $33.02 and a 12 month high of $47.65. The company has a market cap of $23.89 billion, a price-to-earnings ratio of 13.94 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.73. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.77 earnings per share. On average, equities research analysts anticipate that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Thursday, September 28th. Franklin Resources’s payout ratio is 26.14%.
A number of research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Wells Fargo & Company lowered 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. Jefferies Group LLC reissued a “hold” rating and issued a $44.00 target price on shares of Franklin Resources in a research note on Friday, July 14th. Morgan Stanley reissued an “underweight” rating and issued a $40.00 target price (up from $39.00) on shares of Franklin Resources in a research note on Monday, July 10th. Finally, BidaskClub raised shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 12th. Four 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’s stock. The company has an average rating of “Hold” and an average target price of $44.09.
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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