Palisade Asset Management LLC maintained its position in Franklin Resources, Inc. (NYSE:BEN) during the second quarter, Holdings Channel reports. The firm owned 5,290 shares of the closed-end fund’s stock at the end of the second quarter. Palisade Asset Management LLC’s holdings in Franklin Resources were worth $237,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BEN. Cambridge Investment Research Advisors Inc. increased its position in Franklin Resources by 22.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 17,002 shares of the closed-end fund’s stock worth $716,000 after buying an additional 3,161 shares during the period. BlackRock Inc. increased its position in Franklin Resources by 1,550.0% in the first quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock worth $889,973,000 after buying an additional 19,839,472 shares during the period. Korea Investment CORP increased its position in Franklin Resources by 12.0% in the first quarter. Korea Investment CORP now owns 204,537 shares of the closed-end fund’s stock worth $8,619,000 after buying an additional 21,995 shares during the period. JPMorgan Chase & Co. increased its position in Franklin Resources by 996.3% in the first quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock worth $30,203,000 after buying an additional 651,346 shares during the period. Finally, Gulf International Bank UK Ltd increased its position in Franklin Resources by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 119,694 shares of the closed-end fund’s stock worth $5,043,000 after buying an additional 1,550 shares during the period. 45.80% of the stock is currently owned by institutional investors and hedge funds.

Shares of Franklin Resources, Inc. (NYSE BEN) opened at 42.63 on Friday. The firm’s 50-day moving average is $45.15 and its 200 day moving average is $42.91. The stock has a market cap of $23.77 billion, a P/E ratio of 13.87 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.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.77 earnings per share. Analysts forecast that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders 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 annualized dividend and a yield of 1.88%. Franklin Resources’s dividend payout ratio is currently 26.14%.

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BEN has been the topic of a number of research reports. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Wednesday, June 28th. Morgan Stanley reissued an “underweight” rating and set a $40.00 target price (up previously from $39.00) on shares of Franklin Resources in a research report on Monday, July 10th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $47.00 target price on shares of Franklin Resources in a research report on Thursday, July 6th. Deutsche Bank AG lifted 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. Finally, BidaskClub downgraded shares of Franklin Resources from a “strong-buy” rating to a “buy” rating 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 issued a buy rating to the stock. The stock currently 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 the stock in a transaction that occurred on 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 21.60% of the company’s stock.

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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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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