Franklin Resources, Inc. (BEN) Stake Maintained by Abbrea Capital LLC
Abbrea Capital LLC continued to hold its position in shares of Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,125 shares of the closed-end fund’s stock at the end of the second quarter. Abbrea Capital LLC’s holdings in Franklin Resources were worth $680,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. Sigma Planning Corp raised its position in shares of Franklin Resources by 12.0% in the second quarter. Sigma Planning Corp now owns 7,161 shares of the closed-end fund’s stock valued at $321,000 after buying an additional 765 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Franklin Resources during the second quarter valued at about $1,758,000. DekaBank Deutsche Girozentrale raised its position in shares of Franklin Resources by 7.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 44,802 shares of the closed-end fund’s stock valued at $2,080,000 after buying an additional 3,183 shares during the last quarter. First Trust Advisors LP raised its position 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 valued at $30,127,000 after buying an additional 20,257 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position 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 valued at $60,187,000 after buying an additional 178,659 shares during the last quarter. 45.80% of the stock is currently owned by institutional investors.
Shares of Franklin Resources, Inc. (NYSE:BEN) opened at 42.75 on Friday. The stock’s 50 day moving average is $45.10 and its 200-day moving average is $42.93. Franklin Resources, Inc. has a 52-week low of $33.02 and a 52-week high of $47.65. The firm has a market capitalization of $23.84 billion, a P/E ratio of 13.91 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last issued 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 business had revenue of $1.61 billion during 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 firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 EPS. On average, equities analysts forecast that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.
The business also recently disclosed 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 was Wednesday, June 28th. This represents a $0.80 annualized dividend and a yield of 1.87%. Franklin Resources’s dividend payout ratio is presently 26.14%.
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Several brokerages have issued reports on BEN. BidaskClub lowered Franklin Resources from a “hold” rating to a “sell” rating in a report on Thursday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $44.00 price objective on shares of Franklin Resources in a report on Thursday, August 3rd. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. UBS AG reiterated a “neutral” rating and set a $45.00 target price (down previously from $46.00) on shares of Franklin Resources in a research note on Monday, July 31st. Finally, Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price for the company. in a research note on Monday, July 24th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. Franklin Resources currently has an average rating of “Hold” and a consensus price target of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the company’s 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 owns 124,021 shares in the company, valued at approximately $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 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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