Chicago Partners Investment Group LLC Acquires New Position in Franklin Resources, Inc. (NYSE:BEN)
Chicago Partners Investment Group LLC acquired a new position in shares of Franklin Resources, Inc. (NYSE:BEN) during the second quarter, Holdings Channel reports. The firm acquired 5,020 shares of the closed-end fund’s stock, valued at approximately $225,000.
Other large investors also recently made changes to their positions in the company. Alpha Windward LLC raised its stake in shares of Franklin Resources by 1.0% in the first quarter. Alpha Windward LLC now owns 5,921 shares of the closed-end fund’s stock worth $250,000 after buying an additional 57 shares during the period. Creative Planning raised its stake in shares of Franklin Resources by 1.8% in the first quarter. Creative Planning now owns 5,664 shares of the closed-end fund’s stock worth $239,000 after buying an additional 98 shares during the period. Mutual of America Capital Management LLC raised its stake in shares of Franklin Resources by 0.3% in 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 buying an additional 104 shares during the period. Nicholas Hoffman & Company LLC. raised its stake in shares of Franklin Resources by 0.9% in the first quarter. Nicholas Hoffman & Company LLC. now owns 13,835 shares of the closed-end fund’s stock worth $583,000 after buying an additional 130 shares during the period. Finally, NGAM Advisors L.P. raised its stake in shares of Franklin Resources by 0.6% in the second quarter. NGAM Advisors L.P. now owns 25,308 shares of the closed-end fund’s stock worth $1,134,000 after buying an additional 148 shares during the period. 45.80% of the stock is owned by institutional investors and hedge funds.
Franklin Resources, Inc. (NYSE BEN) opened at 43.80 on Monday. Franklin Resources, Inc. has a 12-month low of $33.02 and a 12-month high of $47.65. The stock has a market capitalization of $24.43 billion, a price-to-earnings ratio of 14.25 and a beta of 1.73. The company has a 50 day moving average of $45.30 and a 200-day moving average of $42.79.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the company earned $0.77 EPS. The firm’s revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts forecast that Franklin Resources, Inc. will post $2.95 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend was Wednesday, June 28th. Franklin Resources’s dividend payout ratio is currently 26.14%.
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A number of equities research analysts have issued reports on the stock. BidaskClub raised shares of Franklin Resources from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Wells Fargo & Company lowered shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price objective for the company. in a report on Monday, July 24th. Jefferies Group LLC reaffirmed a “hold” rating and set a $44.00 price objective on shares of Franklin Resources in a report on Friday, July 14th. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 price objective for the company in a report on Wednesday, May 17th. Finally, UBS AG reaffirmed a “neutral” rating and set a $45.00 price objective (down from $46.00) on shares of Franklin Resources in a report on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $43.18.
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 completion of 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 filing with the SEC, which can be accessed through the SEC website. 21.60% of the stock is currently owned by corporate 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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