Chatham Capital Group Inc. decreased its position in shares of Franklin Resources Inc. (NYSE:BEN) by 4.0% during the second quarter, Holdings Channel reports. The firm owned 256,087 shares of the closed-end fund’s stock after selling 10,800 shares during the period. Franklin Resources makes up 2.6% of Chatham Capital Group Inc.’s holdings, making the stock its 8th largest position. Chatham Capital Group Inc.’s holdings in Franklin Resources were worth $8,546,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Acadian Asset Management LLC raised its stake in shares of Franklin Resources by 1,520.5% in the second quarter. Acadian Asset Management LLC now owns 3,160 shares of the closed-end fund’s stock valued at $105,000 after buying an additional 2,965 shares during the last quarter. Alpha Windward LLC raised its stake in shares of Franklin Resources by 24.5% in the second quarter. Alpha Windward LLC now owns 5,438 shares of the closed-end fund’s stock valued at $181,000 after buying an additional 1,071 shares during the last quarter. Independence Advisors LLC purchased a new stake in shares of Franklin Resources during the second quarter valued at approximately $217,000. Williams Jones & Associates LLC purchased a new stake in shares of Franklin Resources during the first quarter valued at approximately $220,000. Finally, Advisor Partners LLC purchased a new stake in shares of Franklin Resources during the first quarter valued at approximately $232,000. 48.39% of the stock is owned by institutional investors.
Shares of Franklin Resources Inc. (NYSE:BEN) traded down 0.61% during midday trading on Friday, reaching $34.19. The company’s stock had a trading volume of 1,681,867 shares. The stock has a market capitalization of $19.70 billion, a PE ratio of 12.65 and a beta of 1.66. The company has a 50 day moving average price of $35.68 and a 200-day moving average price of $35.93. Franklin Resources Inc. has a 52 week low of $30.56 and a 52 week high of $42.23.
Franklin Resources (NYSE:BEN) last posted its earnings results on Thursday, July 28th. The closed-end fund reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.10. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the firm earned $0.82 EPS. The company’s quarterly revenue was down 18.3% on a year-over-year basis. On average, equities research analysts expect that Franklin Resources Inc. will post $2.80 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Wednesday, September 28th. Franklin Resources’s dividend payout ratio (DPR) is presently 26.57%.
Several brokerages recently commented on BEN. Barclays PLC reaffirmed a “sell” rating and issued a $31.00 price objective on shares of Franklin Resources in a report on Tuesday. Jefferies Group lifted their target price on Franklin Resources from $34.00 to $36.00 and gave the company a “hold” rating in a research report on Tuesday. Deutsche Bank AG lifted their target price on Franklin Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Wednesday, October 5th. Zacks Investment Research downgraded Franklin Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 4th. Finally, Citigroup Inc. lowered their target price on Franklin Resources from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 20th. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $37.88.
In related news, insider Jennifer M. Johnson sold 15,892 shares of the firm’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $35.99, for a total value of $571,953.08. Following the transaction, the insider now directly owns 1,473,782 shares of the company’s stock, valued at approximately $53,041,414.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total transaction of $180,900.00. The disclosure for this sale can be found here. Insiders own 20.41% of the company’s stock.
About Franklin Resources
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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