Folger Nolan Fleming Douglas Capital Management Inc. decreased its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 11.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,719 shares of the closed-end fund’s stock after selling 3,300 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Franklin Resources were worth $1,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of BEN. BlackRock Inc. grew its position in shares of Franklin Resources by 1,550.0% during the 1st quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock valued at $889,973,000 after acquiring an additional 19,839,472 shares during the period. Vanguard Group Inc. grew its position in shares of Franklin Resources by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock valued at $1,134,833,000 after acquiring an additional 1,337,903 shares during the period. Ameriprise Financial Inc. grew its position in shares of Franklin Resources by 92.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,412,702 shares of the closed-end fund’s stock valued at $63,289,000 after acquiring an additional 680,059 shares during the period. JPMorgan Chase & Co. grew its position in shares of Franklin Resources by 996.3% during the 1st quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock valued at $30,203,000 after acquiring an additional 651,346 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of Franklin Resources by 64.7% during the 1st quarter. AQR Capital Management LLC now owns 1,058,071 shares of the closed-end fund’s stock valued at $44,587,000 after acquiring an additional 415,733 shares during the period. 44.97% of the stock is owned by hedge funds and other institutional investors.

Shares of Franklin Resources, Inc. (NYSE BEN) traded up 0.85% on Friday, reaching $42.51. 678,092 shares of the company traded hands. The stock has a market capitalization of $23.71 billion, a price-to-earnings ratio of 13.83 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. The company has a 50-day moving average of $42.86 and a 200-day moving average of $43.10.

Franklin Resources (NYSE:BEN) last released 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 company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the business earned $0.77 earnings per share. Analysts anticipate that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.80 annualized dividend and a yield of 1.90%. Franklin Resources’s dividend payout ratio is presently 26.14%.

BEN has been the subject of a number of recent research reports. BidaskClub raised shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price objective for the company. in a research report on Monday, July 24th. Deutsche Bank AG boosted their price objective on shares of Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a research report on Tuesday, July 4th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and issued a $43.00 target price (up previously from $42.00) on shares of Franklin Resources in a report on Friday, June 9th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $44.09.

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In other news, CFO Kenneth A. Lewis sold 17,141 shares of Franklin Resources stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the sale, the chief financial officer now owns 124,021 shares in the company, valued at $5,520,174.71. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 21.60% of the stock is 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.

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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