Pictet Asset Management Ltd. Sells 7,300 Shares of Franklin Resources, Inc. (BEN)
Pictet Asset Management Ltd. decreased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 2.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 341,308 shares of the closed-end fund’s stock after selling 7,300 shares during the period. Pictet Asset Management Ltd.’s holdings in Franklin Resources were worth $14,264,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Teachers Advisors LLC increased its position in shares of Franklin Resources by 5.8% in the fourth quarter. Teachers Advisors LLC now owns 542,960 shares of the closed-end fund’s stock worth $21,490,000 after buying an additional 29,824 shares during the period. Creative Planning increased its position in shares of Franklin Resources by 1.8% in the first quarter. Creative Planning now owns 5,664 shares of the closed-end fund’s stock worth $239,000 after buying an additional 98 shares during the period. Gulf International Bank UK Ltd increased its position in shares of 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. National Pension Service increased its position in shares of Franklin Resources by 0.7% in the first quarter. National Pension Service now owns 326,001 shares of the closed-end fund’s stock worth $13,764,000 after buying an additional 2,255 shares during the period. Finally, Alpha Windward LLC increased its position in shares of Franklin Resources by 1.0% in the first quarter. Alpha Windward LLC now owns 5,921 shares of the closed-end fund’s stock worth $250,000 after buying an additional 57 shares during the period. Institutional investors own 45.80% of the company’s stock.
Shares of Franklin Resources, Inc. (NYSE BEN) opened at 42.75 on Friday. The stock has a market capitalization of $23.84 billion, a PE ratio of 13.91 and a beta of 1.73. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65. The stock’s 50 day moving average price is $45.10 and its 200 day moving average price is $42.93.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 EPS 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 analyst estimates of $1.62 billion. During the same period last year, the company earned $0.77 earnings per share. Franklin Resources’s quarterly revenue was down 1.2% compared to the same quarter last year. Equities research analysts predict that Franklin Resources, Inc. will post $2.95 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.87%. The ex-dividend date was Wednesday, June 28th. Franklin Resources’s payout ratio is currently 26.14%.
ILLEGAL ACTIVITY NOTICE: This article was reported by Daily Political and is the sole property of of Daily Political. If you are accessing this article on another publication, it was illegally copied and reposted in violation of United States & international copyright & trademark laws. The original version of this article can be read at https://www.dailypolitical.com/2017/08/13/pictet-asset-management-ltd-sells-7300-shares-of-franklin-resources-inc-ben.html.
BEN has been the subject of a number of recent research reports. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, May 17th. Citigroup Inc. reiterated a “neutral” rating and set a $43.00 price objective (up from $42.00) on shares of Franklin Resources in a research note on Friday, June 9th. BidaskClub upgraded Franklin Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Deutsche Bank AG boosted their price objective on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a research note on Tuesday, July 4th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a research note on Thursday, July 6th. Four investment 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 currently 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 firm’s 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 of the company’s stock, valued at $5,520,174.71. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 21.60% of the stock is currently owned by company 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.
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).
Receive News & Ratings for Franklin Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.