First Citizens Bank & Trust Co. Acquires New Stake in Franklin Resources Inc. (BEN)
First Citizens Bank & Trust Co. bought a new stake in shares of Franklin Resources Inc. (NYSE:BEN) during the second quarter, Holdings Channel reports. The institutional investor bought 21,000 shares of the closed-end fund’s stock, valued at approximately $701,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Acadian Asset Management LLC increased its position in shares of Franklin Resources by 1,520.5% in the second quarter. Acadian Asset Management LLC now owns 3,160 shares of the closed-end fund’s stock valued at $105,000 after buying an additional 2,965 shares during the period. Alpha Windward LLC increased its position in shares of Franklin Resources by 24.5% in the second quarter. Alpha Windward LLC now owns 5,438 shares of the closed-end fund’s stock valued at $181,000 after buying an additional 1,071 shares during the period. Independence Advisors LLC purchased a new position in shares of Franklin Resources during the second quarter valued at $217,000. Williams Jones & Associates LLC purchased a new position in shares of Franklin Resources during the first quarter valued at $220,000. Finally, Advisor Partners LLC purchased a new position in shares of Franklin Resources during the first quarter valued at $232,000. Institutional investors and hedge funds own 48.39% of the company’s stock.
Franklin Resources Inc. (NYSE:BEN) traded down 1.04% during trading on Thursday, reaching $34.39. 1,989,097 shares of the company’s stock traded hands. The company has a market capitalization of $19.81 billion, a price-to-earnings ratio of 12.72 and a beta of 1.66. The firm’s 50 day moving average is $35.73 and its 200-day moving average is $35.94. Franklin Resources Inc. has a 12 month low of $30.56 and a 12 month high of $42.23.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.10. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. Franklin Resources’s quarterly revenue was down 18.3% on a year-over-year basis. During the same quarter last year, the company posted $0.82 earnings per share. Analysts expect that Franklin Resources Inc. will post $2.80 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.18 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.72 annualized dividend and a dividend yield of 2.07%. Franklin Resources’s payout ratio is 26.57%.
BEN has been the subject of several analyst reports. Deutsche Bank AG restated a “hold” rating on shares of Franklin Resources in a research note on Sunday, July 10th. Jefferies Group reduced their price objective on shares of Franklin Resources from $38.00 to $34.00 and set a “hold” rating on the stock in a research note on Monday, July 11th. Keefe, Bruyette & Woods increased their price objective on shares of Franklin Resources from $34.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, July 29th. Citigroup Inc. reduced their price objective on shares of Franklin Resources from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 20th. Finally, Zacks Investment Research downgraded shares of Franklin Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Five research 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’s stock. Franklin Resources currently has a consensus rating of “Hold” and an average target price of $37.88.
In other news, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total value of $180,900.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jennifer M. Johnson sold 15,892 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $35.99, for a total transaction of $571,953.08. Following the completion of the sale, the insider now owns 1,473,782 shares in the company, valued at approximately $53,041,414.18. The disclosure for this sale can be found here. 20.41% of the stock is currently owned by insiders.
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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