PNC Financial Services Group Inc. cut its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 2.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 264,304 shares of the closed-end fund’s stock after selling 7,002 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Franklin Resources were worth $11,837,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of BEN. UBS Asset Management Americas Inc. boosted its position in shares of Franklin Resources by 2.3% during the first quarter. UBS Asset Management Americas Inc. now owns 1,531,221 shares of the closed-end fund’s stock worth $64,526,000 after buying an additional 34,826 shares during the period. Mutual of America Capital Management LLC boosted its position in shares of Franklin Resources by 0.3% during the first quarter. Mutual of America Capital Management LLC now owns 40,840 shares of the closed-end fund’s stock worth $1,721,000 after buying an additional 104 shares during the period. Mogy Joel R Investment Counsel Inc. acquired a new position in shares of Franklin Resources during the first quarter worth approximately $202,000. Nicholas Hoffman & Company LLC. boosted its position in shares of Franklin Resources by 0.9% during the first quarter. Nicholas Hoffman & Company LLC. now owns 13,835 shares of the closed-end fund’s stock worth $583,000 after buying an additional 130 shares during the period. Finally, GHP Investment Advisors Inc. boosted its position in shares of Franklin Resources by 4.3% during the first quarter. GHP Investment Advisors Inc. now owns 43,055 shares of the closed-end fund’s stock worth $1,814,000 after buying an additional 1,782 shares during the period. 44.96% of the stock is owned by institutional investors.

Several equities analysts have recently issued reports on the company. BidaskClub upgraded Franklin Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. Wells Fargo & Company downgraded Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price for the company. in a research report on Monday, July 24th. Jefferies Group LLC restated a “hold” rating and issued a $44.00 target price on shares of Franklin Resources in a research report on Friday, July 14th. UBS AG restated a “neutral” rating and issued a $45.00 target price (down from $46.00) on shares of Franklin Resources in a research report on Monday, July 31st. Finally, Zacks Investment Research downgraded Franklin Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $44.09.

Franklin Resources, Inc. (NYSE BEN) opened at 42.58 on Friday. The stock has a 50 day moving average of $42.65 and a 200-day moving average of $43.09. The firm has a market capitalization of $23.75 billion, a P/E ratio of 13.86 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 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.73. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same period in the previous year, the business earned $0.77 EPS. The company’s revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts anticipate that Franklin Resources, Inc. will post $2.95 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.80 annualized dividend and a yield of 1.88%. Franklin Resources’s payout ratio is currently 26.14%.

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

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