Franklin Resources, Inc. (BEN) Shares Bought by Acadian Asset Management LLC
Acadian Asset Management LLC increased its position in Franklin Resources, Inc. (NYSE:BEN) by 316.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,064 shares of the closed-end fund’s stock after buying an additional 14,481 shares during the period. Acadian Asset Management LLC’s holdings in Franklin Resources were worth $854,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the company. TrimTabs Asset Management LLC raised its position 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 worth $126,000 after buying an additional 1,408 shares during the last quarter. Global X Management Co. LLC raised its position 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 worth $193,000 after buying an additional 337 shares during the last quarter. Investment Centers of America Inc. bought a new position in shares of Franklin Resources during the first quarter worth $201,000. Mogy Joel R Investment Counsel Inc. bought a new position in shares of Franklin Resources during the first quarter worth $202,000. Finally, Van ECK Associates Corp raised its position in shares of Franklin Resources by 6.0% in the first quarter. Van ECK Associates Corp now owns 4,847 shares of the closed-end fund’s stock worth $204,000 after buying an additional 276 shares during the last quarter. 45.80% of the stock is owned by hedge funds and other institutional investors.
Shares of Franklin Resources, Inc. (NYSE BEN) traded up 0.56% during midday trading on Friday, hitting $42.87. 689,287 shares of the stock were exchanged. The stock has a market capitalization of $23.91 billion, a price-to-earnings ratio of 13.95 and a beta of 1.73. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $47.65. The firm’s 50 day moving average is $45.15 and its 200-day moving average is $42.91.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.77 earnings per share. On average, analysts predict that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Wednesday, June 28th. Franklin Resources’s payout ratio is 26.14%.
COPYRIGHT VIOLATION NOTICE: This news story was published by Daily Political and is the property of of Daily Political. If you are viewing this news story on another website, it was illegally copied and republished in violation of U.S. & international copyright & trademark laws. The original version of this news story can be read at https://www.dailypolitical.com/2017/08/11/franklin-resources-inc-ben-shares-bought-by-acadian-asset-management-llc.html.
A number of equities analysts have recently commented on the stock. 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 note on Tuesday, July 4th. Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a research note on Thursday, July 6th. Zacks Investment Research upgraded 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 note on Tuesday, August 1st. BidaskClub upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, UBS AG restated a “neutral” rating and set a $45.00 price objective (down from $46.00) on shares of Franklin Resources in a research note on Monday, July 31st. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Franklin Resources presently has a consensus rating of “Hold” and an average price target of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the transaction, the chief financial officer now directly owns 124,021 shares in the company, valued at $5,520,174.71. The transaction was disclosed in a filing with the SEC, which can be accessed 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.
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).
Receive News & Ratings for Franklin Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.