Canada Pension Plan Investment Board Raises Holdings in Franklin Resources, Inc. (BEN)
Canada Pension Plan Investment Board boosted its position in Franklin Resources, Inc. (NYSE:BEN) by 373.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,387 shares of the closed-end fund’s stock after buying an additional 271,606 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.06% of Franklin Resources worth $15,329,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of BEN. APG Asset Management N.V. boosted its stake in Franklin Resources by 57.3% in the third quarter. APG Asset Management N.V. now owns 3,906,627 shares of the closed-end fund’s stock worth $173,884,000 after buying an additional 1,422,900 shares in the last quarter. Nordea Investment Management AB lifted its position in Franklin Resources by 70.2% in the second quarter. Nordea Investment Management AB now owns 1,689,754 shares of the closed-end fund’s stock valued at $75,684,000 after purchasing an additional 696,730 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Franklin Resources by 92.8% in the second quarter. Ameriprise Financial Inc. now owns 1,412,702 shares of the closed-end fund’s stock valued at $63,289,000 after purchasing an additional 680,059 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Franklin Resources by 1,908.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 492,000 shares of the closed-end fund’s stock valued at $22,037,000 after purchasing an additional 467,500 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Franklin Resources by 81.7% in the second quarter. Principal Financial Group Inc. now owns 884,495 shares of the closed-end fund’s stock valued at $39,617,000 after purchasing an additional 397,794 shares during the last quarter. 45.43% of the stock is owned by institutional investors and hedge funds.
Franklin Resources, Inc. (NYSE BEN) opened at $41.89 on Thursday. Franklin Resources, Inc. has a 1-year low of $33.87 and a 1-year high of $47.65. The company has a debt-to-equity ratio of 0.11, a current ratio of 9.20 and a quick ratio of 9.20. The firm has a market capitalization of $23,183.72, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.43 and a beta of 1.75.
Franklin Resources (NYSE:BEN) last posted its earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. Franklin Resources had a return on equity of 13.60% and a net margin of 26.54%. The company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the prior year, the company earned $0.82 earnings per share. Franklin Resources’s revenue was up .3% on a year-over-year basis. equities research analysts forecast that Franklin Resources, Inc. will post 2.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend was Thursday, September 28th. Franklin Resources’s dividend payout ratio (DPR) is currently 26.67%.
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A number of equities analysts recently commented on BEN shares. Zacks Investment Research downgraded Franklin Resources from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. 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 report on Monday, July 24th. Jefferies Group LLC restated a “hold” rating and set a $44.00 target price on shares of Franklin Resources in a report on Friday, July 14th. BidaskClub upgraded Franklin Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 target price on shares of Franklin Resources in a report on Thursday, October 12th. 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. The stock currently has an average rating of “Hold” and an average price target of $44.45.
In other news, Chairman Gregory E. Johnson sold 56,825 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $42.83, for a total value of $2,433,814.75. Following the transaction, the chairman now owns 2,047,273 shares of the company’s stock, valued at $87,684,702.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 21.60% of the stock is owned by company insiders.
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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