Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Clark Estates Inc. NY
Clark Estates Inc. NY lowered its position in Franklin Resources, Inc. (NYSE:BEN) by 18.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 116,700 shares of the closed-end fund’s stock after selling 26,000 shares during the period. Franklin Resources comprises about 0.9% of Clark Estates Inc. NY’s portfolio, making the stock its 20th largest position. Clark Estates Inc. NY’s holdings in Franklin Resources were worth $5,227,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of BEN. First Trust Advisors LP raised its stake in shares of Franklin Resources by 3.1% in the second quarter. First Trust Advisors LP now owns 672,624 shares of the closed-end fund’s stock worth $30,127,000 after buying an additional 20,257 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Franklin Resources by 15.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,343,749 shares of the closed-end fund’s stock worth $60,187,000 after buying an additional 178,659 shares in the last quarter. Wetherby Asset Management Inc. raised its stake in shares of Franklin Resources by 2.0% in the second quarter. Wetherby Asset Management Inc. now owns 11,574 shares of the closed-end fund’s stock worth $518,000 after buying an additional 223 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of Franklin Resources during the second quarter worth approximately $596,000. Finally, Global X Management Co. LLC raised its stake in shares of Franklin Resources by 14.5% in the second quarter. Global X Management Co. LLC now owns 5,253 shares of the closed-end fund’s stock worth $235,000 after buying an additional 664 shares in the last quarter. Institutional investors and hedge funds own 45.80% of the company’s stock.
Shares of Franklin Resources, Inc. (NYSE:BEN) opened at 42.63 on Friday. The firm has a 50-day moving average price of $45.15 and a 200 day moving average price of $42.91. Franklin Resources, Inc. has a 52-week low of $33.02 and a 52-week high of $47.65. The stock has a market cap of $23.77 billion, a price-to-earnings ratio of 13.87 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting the consensus estimate of $0.73. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period last year, the business posted $0.77 EPS. The company’s revenue was down 1.2% on a year-over-year basis. Analysts expect that Franklin Resources, Inc. will post $2.95 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were paid a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.88%. Franklin Resources’s dividend payout ratio (DPR) is presently 26.14%.
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A number of brokerages recently commented on BEN. BidaskClub upgraded Franklin Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. Wells Fargo & Company lowered Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price on the stock. in a research report on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating and issued a $44.00 target price on shares of Franklin Resources in a research report on Friday, July 14th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 target price on the stock in a research report on Wednesday, May 17th. Finally, UBS AG reiterated a “neutral” rating and issued a $45.00 target price (down previously from $46.00) on shares of Franklin Resources in a research report on Monday, July 31st. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $43.18.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of Franklin Resources stock in a transaction that occurred 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 sale, 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 document filed with the SEC, which can be accessed through this link. 21.60% of the stock is owned by insiders.
Franklin Resources Company Profile
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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