Bingham Osborn & Scarborough LLC Has $353,000 Stake in Franklin Resources, Inc. (BEN)
Bingham Osborn & Scarborough LLC maintained its position in shares of Franklin Resources, Inc. (NYSE:BEN) during the second quarter, Holdings Channel reports. The fund owned 7,888 shares of the closed-end fund’s stock at the end of the second quarter. Bingham Osborn & Scarborough LLC’s holdings in Franklin Resources were worth $353,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of BEN. CAPROCK Group Inc. bought a new position in shares of Franklin Resources during the first quarter worth approximately $210,000. Candriam Luxembourg S.C.A. raised its position in shares of Franklin Resources by 353.0% in the first quarter. Candriam Luxembourg S.C.A. now owns 106,084 shares of the closed-end fund’s stock worth $4,471,000 after buying an additional 82,666 shares during the last quarter. James Investment Research Inc. raised its position in shares of Franklin Resources by 24.8% in the first quarter. James Investment Research Inc. now owns 93,204 shares of the closed-end fund’s stock worth $3,928,000 after buying an additional 18,524 shares during the last quarter. State of Alaska Department of Revenue bought a new position in shares of Franklin Resources during the first quarter worth approximately $224,000. Finally, Rothschild Investment Corp IL bought a new position in shares of Franklin Resources during the first quarter worth approximately $212,000. 45.80% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Franklin Resources, Inc. (NYSE BEN) opened at 42.75 on Friday. Franklin Resources, Inc. has a 12 month low of $33.02 and a 12 month high of $47.65. The stock has a market cap of $23.84 billion, a PE ratio of 13.91 and a beta of 1.73. The firm’s 50-day moving average is $45.10 and its 200 day moving average is $42.93.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data 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. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the previous year, the business posted $0.77 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. On average, equities analysts predict that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend was Wednesday, June 28th. Franklin Resources’s dividend payout ratio (DPR) is 26.14%.
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A number of equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Wells Fargo & Company lowered shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target on the stock. in a report on Monday, July 24th. Jefferies Group LLC reissued a “hold” rating and issued a $44.00 price target on shares of Franklin Resources in a report on Friday, July 14th. Morgan Stanley reissued an “underweight” rating and issued a $40.00 price target (up previously from $39.00) on shares of Franklin Resources in a report on Monday, July 10th. Finally, BidaskClub raised shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently 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 business’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the transaction, the chief financial officer now owns 124,021 shares in the company, valued at $5,520,174.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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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