Ridgewood Investments LLC Continues to Hold Stake in Franklin Resources, Inc. (NYSE:BEN)
Ridgewood Investments LLC held its position in Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,090 shares of the closed-end fund’s stock at the end of the second quarter. Ridgewood Investments LLC’s holdings in Franklin Resources were worth $318,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Franklin Resources by 5.2% in the first quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock valued at $1,134,833,000 after buying an additional 1,337,903 shares during the period. BlackRock Inc. raised 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 valued at $889,973,000 after buying an additional 19,839,472 shares during the period. Kiltearn Partners LLP raised its position in Franklin Resources by 2.9% in the first quarter. Kiltearn Partners LLP now owns 6,068,600 shares of the closed-end fund’s stock valued at $255,731,000 after buying an additional 169,000 shares during the period. FMR LLC raised its position in Franklin Resources by 2.3% in the first quarter. FMR LLC now owns 5,340,482 shares of the closed-end fund’s stock valued at $225,047,000 after buying an additional 121,316 shares during the period. Finally, Geode Capital Management LLC raised its position in Franklin Resources by 3.2% in the first quarter. Geode Capital Management LLC now owns 3,529,852 shares of the closed-end fund’s stock valued at $148,544,000 after buying an additional 109,308 shares during the period. 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. The company has a 50-day moving average price of $45.10 and a 200 day moving average price of $42.93. The company has a market capitalization of $23.84 billion, a P/E ratio of 13.91 and a beta of 1.73. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $47.65.
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 Zacks’ consensus estimate of $0.73. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. Franklin Resources’s revenue was down 1.2% on a year-over-year basis. During the same period last year, the business posted $0.77 earnings per share. Equities research analysts anticipate that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Investors 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 dividend yield of 1.87%. The ex-dividend date was Wednesday, June 28th. Franklin Resources’s payout ratio is 26.14%.
Several research analysts have weighed in on BEN shares. Zacks Investment Research lowered Franklin Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. BidaskClub raised Franklin Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Wells Fargo & Company lowered Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target on the stock. in a research report on Monday, July 24th. Citigroup Inc. reaffirmed a “neutral” rating and set a $43.00 price target (up previously from $42.00) on shares of Franklin Resources in a research report on Friday, June 9th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a research report on Thursday, August 3rd. 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 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 firm’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company 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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