Whittier Trust Co. reduced its stake in shares of Franklin Resources Inc. (NYSE:BEN) by 1.9% during the second quarter, Holdings Channel reports. The firm owned 42,498 shares of the closed-end fund’s stock after selling 842 shares during the period. Whittier Trust Co.’s holdings in Franklin Resources were worth $1,418,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. 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 worth $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 worth $181,000 after buying an additional 1,071 shares during the last quarter. Independence Advisors LLC acquired a new stake in shares of Franklin Resources during the second quarter worth about $217,000. Williams Jones & Associates LLC acquired a new stake in shares of Franklin Resources during the first quarter worth about $220,000. Finally, Advisor Partners LLC acquired a new stake in shares of Franklin Resources during the first quarter worth about $232,000. 48.39% of the stock is currently owned by institutional investors.
Shares of Franklin Resources Inc. (NYSE:BEN) traded down 0.77% during trading on Friday, reaching $35.92. The company’s stock had a trading volume of 2,015,714 shares. Franklin Resources Inc. has a 12 month low of $30.56 and a 12 month high of $42.23. The company has a market capitalization of $20.69 billion, a P/E ratio of 13.29 and a beta of 1.66. The company’s 50-day moving average is $35.85 and its 200-day moving average is $36.01.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Thursday, July 28th. The closed-end fund reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.10. The firm earned $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. The company’s revenue for the quarter was down 18.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.82 earnings per share. On average, analysts forecast that Franklin Resources Inc. will post $2.80 EPS for the current fiscal year.
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 paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Wednesday, September 28th. Franklin Resources’s dividend payout ratio is 26.57%.
A number of analysts have recently issued reports on the company. Jefferies Group reaffirmed a “hold” rating on shares of Franklin Resources in a research report on Monday, August 1st. Deutsche Bank AG boosted their price objective on Franklin Resources from $34.00 to $35.00 and gave the company a “hold” rating in a report on Wednesday. Citigroup Inc. boosted their price objective on Franklin Resources from $36.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Barclays PLC lowered their price objective on Franklin Resources from $31.00 to $30.00 and set an “underweight” rating for the company in a report on Friday, July 29th. Finally, Zacks Investment Research lowered Franklin Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a strong buy rating to the company’s stock. Franklin Resources presently has an average rating of “Hold” and an average price target of $37.74.
In other Franklin Resources 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 transaction of $571,953.08. Following the completion of the transaction, the insider now owns 1,473,782 shares in the company, valued at $53,041,414.18. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was 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. Company insiders own 20.41% of the company’s stock.
Franklin Resources Company Profile
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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