BB&T Corp Lowers Stake in Franklin Resources, Inc. (NYSE:BEN)
BB&T Corp lowered its stake in Franklin Resources, Inc. (NYSE:BEN) by 67.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,590 shares of the closed-end fund’s stock after selling 9,709 shares during the period. BB&T Corp’s holdings in Franklin Resources were worth $205,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of BEN. TrimTabs Asset Management LLC increased 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 valued at $126,000 after buying an additional 1,408 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Franklin Resources during the first quarter valued at about $193,000. Global X Management Co. LLC increased 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 valued at $193,000 after buying an additional 337 shares in the last quarter. Investment Centers of America Inc. bought a new stake in shares of Franklin Resources during the first quarter valued at about $201,000. Finally, Mogy Joel R Investment Counsel Inc. bought a new stake in shares of Franklin Resources during the first quarter valued at about $202,000. 45.47% of the stock is owned by institutional investors.
Shares of Franklin Resources, Inc. (BEN) traded down 0.41% during mid-day trading on Friday, reaching $43.65. 991,435 shares of the company’s stock were exchanged. The company has a market cap of $24.34 billion, a PE ratio of 14.20 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. The company’s 50-day moving average price is $45.30 and its 200 day moving average price is $42.79.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.73. The firm 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 business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.77 EPS. On average, equities research analysts predict that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date was Wednesday, June 28th. Franklin Resources’s dividend payout ratio is 26.14%.
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Several brokerages have recently issued reports on BEN. Deutsche Bank AG increased their price objective on shares of Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research report on Tuesday, July 4th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a research report on Thursday, July 6th. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday. BidaskClub raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, UBS AG reissued a “neutral” rating and set a $45.00 price objective (down previously from $46.00) on shares of Franklin Resources in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of Franklin Resources stock in a transaction 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 directly owns 124,021 shares of the company’s stock, valued at approximately $5,520,174.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.60% of the stock is owned by 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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