Franklin Resources, Inc. (BEN) Position Boosted by Wetherby Asset Management Inc.
Wetherby Asset Management Inc. increased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 11,574 shares of the closed-end fund’s stock after buying an additional 223 shares during the period. Wetherby Asset Management Inc.’s holdings in Franklin Resources were worth $518,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. IFP Advisors Inc raised its position in shares of Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after buying an additional 372 shares during the last quarter. 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. First Midwest Bank Trust Division bought a new position in shares of Franklin Resources during the second quarter worth about $204,000. Acadian Asset Management LLC bought a new position in shares of Franklin Resources during the first quarter worth about $193,000. Finally, 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. Institutional investors and hedge funds own 45.80% of the company’s stock.
Shares of Franklin Resources, Inc. (BEN) opened at 42.75 on Friday. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65. The company’s 50-day moving average is $45.10 and its 200-day moving average is $42.93. The stock 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 announced its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.73. The company 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%. Franklin Resources’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.77 EPS. On average, equities research analysts anticipate that Franklin Resources, Inc. will post $2.95 earnings per share 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 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 currently 26.14%.
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A number of brokerages have issued reports on BEN. BidaskClub lowered shares of Franklin Resources from a “hold” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research lowered 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 issued a $45.00 price objective (down previously from $46.00) on shares of Franklin Resources in a research note on Monday, July 31st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $44.00 price objective on shares of Franklin Resources in a research note on Thursday, August 3rd. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $44.00 price objective on shares of Franklin Resources in a research note on Friday, July 14th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. The company has an average 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 value of $762,945.91. Following the transaction, the chief financial officer now directly owns 124,021 shares of the company’s stock, valued at approximately $5,520,174.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 21.60% of the company’s stock.
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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