Franklin Resources Inc. (BEN) Stake Raised by BlackRock Advisors LLC
BlackRock Advisors LLC boosted its stake in Franklin Resources Inc. (NYSE:BEN) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 243,624 shares of the closed-end fund’s stock after buying an additional 6,046 shares during the period. BlackRock Advisors LLC’s holdings in Franklin Resources were worth $8,129,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of BEN. Tower Research Capital LLC TRC increased its stake in shares of Franklin Resources by 426.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,352 shares of the closed-end fund’s stock valued at $179,000 after buying an additional 4,335 shares during the last quarter. Kiltearn Partners LLP increased its stake in shares of Franklin Resources by 10.6% in the second quarter. Kiltearn Partners LLP now owns 4,698,900 shares of the closed-end fund’s stock valued at $156,802,000 after buying an additional 451,700 shares during the last quarter. Westpac Banking Corp increased its stake in shares of Franklin Resources by 8.7% in the second quarter. Westpac Banking Corp now owns 303,785 shares of the closed-end fund’s stock valued at $10,137,000 after buying an additional 24,295 shares during the last quarter. Mizuho Asset Management Co. Ltd. increased its stake in shares of Franklin Resources by 111.7% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 5,607 shares of the closed-end fund’s stock valued at $187,000 after buying an additional 2,958 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Franklin Resources by 1.0% in the second quarter. Vanguard Group Inc. now owns 25,374,475 shares of the closed-end fund’s stock valued at $846,745,000 after buying an additional 251,984 shares during the last quarter. 48.39% of the stock is owned by institutional investors and hedge funds.
Franklin Resources Inc. (NYSE:BEN) opened at 34.78 on Wednesday. Franklin Resources Inc. has a 12-month low of $30.56 and a 12-month high of $42.23. The company has a market cap of $20.04 billion, a P/E ratio of 12.87 and a beta of 1.66. The firm has a 50-day moving average price of $35.79 and a 200-day moving average price of $35.95.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.10. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the company posted $0.82 earnings per share. The business’s revenue was down 18.3% on a year-over-year basis. On average, analysts forecast that Franklin Resources Inc. will post $2.80 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Wednesday, September 28th. Franklin Resources’s dividend payout ratio is currently 26.57%.
Several brokerages have weighed in on BEN. Barclays PLC reiterated a “sell” rating and issued a $31.00 price objective on shares of Franklin Resources in a research report on Tuesday. Jefferies Group boosted their price objective on Franklin Resources from $34.00 to $36.00 and gave the company a “hold” rating in a research report on Tuesday. Deutsche Bank AG boosted their price objective on Franklin Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Wednesday, October 5th. Zacks Investment Research downgraded Franklin Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 4th. Finally, Citigroup Inc. lowered their price objective on Franklin Resources from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Tuesday, September 20th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a strong buy rating to the company. Franklin Resources currently has a consensus rating of “Hold” and an average price target of $37.88.
In other Franklin Resources news, insider Jennifer M. Johnson sold 15,892 shares of Franklin Resources stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $35.99, for a total value of $571,953.08. Following the sale, the insider now owns 1,473,782 shares of the company’s stock, valued at approximately $53,041,414.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig Steven Tyle sold 5,000 shares of Franklin Resources stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total value of $180,900.00. The disclosure for this sale can be found here. Corporate insiders own 20.41% of the company’s stock.
About Franklin Resources
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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