Foundation Resource Management Inc. lifted its position in Franklin Resources, Inc. (NYSE:BEN – Get Rating) by 2.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 517,092 shares of the closed-end fund’s stock after purchasing an additional 12,526 shares during the quarter. Franklin Resources accounts for about 2.1% of Foundation Resource Management Inc.’s holdings, making the stock its 18th largest holding. Foundation Resource Management Inc. owned approximately 0.10% of Franklin Resources worth $12,053,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Prospera Financial Services Inc purchased a new stake in Franklin Resources during the 1st quarter valued at about $25,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Franklin Resources during the 1st quarter valued at approximately $26,000. Denali Advisors LLC bought a new position in Franklin Resources during the 1st quarter valued at approximately $31,000. GHP Investment Advisors Inc. bought a new position in Franklin Resources during the 1st quarter valued at approximately $36,000. Finally, Tompkins Financial Corp bought a new position in Franklin Resources during the 1st quarter valued at approximately $56,000. 45.57% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on BEN shares. Deutsche Bank Aktiengesellschaft increased their target price on Franklin Resources from $26.00 to $29.00 and gave the stock a “hold” rating in a research report on Friday, August 12th. BMO Capital Markets reduced their price objective on Franklin Resources from $29.00 to $27.00 in a research report on Wednesday, June 1st. The Goldman Sachs Group started coverage on Franklin Resources in a research note on Tuesday, June 28th. They set a “sell” rating and a $23.00 target price on the stock. Keefe, Bruyette & Woods downgraded Franklin Resources from a “market perform” rating to an “underperform” rating and dropped their price target for the stock from $28.00 to $22.00 in a research note on Tuesday, June 28th. Finally, UBS Group raised their target price on Franklin Resources from $24.00 to $27.00 and gave the stock a “neutral” rating in a report on Monday, August 1st. Four equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $25.25.
Franklin Resources Stock Down 2.4 %
Franklin Resources (NYSE:BEN – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.09. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.75 billion. Franklin Resources had a net margin of 20.25% and a return on equity of 17.37%. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.96 earnings per share. Analysts predict that Franklin Resources, Inc. will post 3.62 earnings per share for the current fiscal year.
Franklin Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 5.01%. The ex-dividend date is Thursday, September 29th. Franklin Resources’s payout ratio is 34.52%.
Insider Buying and Selling at Franklin Resources
In other news, CEO Jennifer M. Johnson sold 55,201 shares of the stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $28.75, for a total transaction of $1,587,028.75. Following the sale, the chief executive officer now directly owns 1,870,068 shares of the company’s stock, valued at approximately $53,764,455. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Franklin Resources Inc purchased 56,123 shares of Franklin Resources stock in a transaction that occurred on Monday, July 11th. The stock was purchased at an average price of $4.32 per share, for a total transaction of $242,451.36. Following the transaction, the insider now directly owns 271,124 shares in the company, valued at $1,171,255.68. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jennifer M. Johnson sold 55,201 shares of the stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $28.75, for a total transaction of $1,587,028.75. Following the completion of the sale, the chief executive officer now owns 1,870,068 shares of the company’s stock, valued at approximately $53,764,455. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 6,018,007 shares of company stock valued at $59,856,759. 23.30% of the stock is owned by insiders.
About Franklin Resources
Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.
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