Huntington National Bank lowered its stake in shares of Franklin Resources Inc. (NYSE:BEN) by 55.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,053 shares of the closed-end fund’s stock after selling 111,889 shares during the period. Huntington National Bank’s holdings in Franklin Resources were worth $2,971,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in BEN. Acadian Asset Management LLC raised its stake in 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 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 acquired a new stake in Franklin Resources during the second quarter valued at $217,000. Williams Jones & Associates LLC acquired a new stake in Franklin Resources during the first quarter valued at $220,000. Finally, Rehmann Capital Advisory Group raised its stake in Franklin Resources by 18.8% in the second quarter. Rehmann Capital Advisory Group now owns 6,944 shares of the closed-end fund’s stock valued at $232,000 after buying an additional 1,098 shares during the last quarter. Hedge funds and other institutional investors own 48.39% of the company’s stock.
Franklin Resources Inc. (NYSE:BEN) traded down 0.90% during mid-day trading on Friday, reaching $34.09. The company’s stock had a trading volume of 2,411,301 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 cap of $19.64 billion, a price-to-earnings ratio of 12.61 and a beta of 1.66. The stock’s 50 day moving average is $35.62 and its 200 day moving average is $35.90.
Franklin Resources (NYSE:BEN) last announced its earnings results on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share 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 company earned $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company posted $0.82 earnings per share. The firm’s quarterly revenue was down 18.3% compared to the same quarter last year. Equities research analysts predict that Franklin Resources Inc. will post $2.80 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were paid a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.11%. Franklin Resources’s dividend payout ratio (DPR) is presently 26.57%.
Several analysts have weighed in on BEN shares. Deutsche Bank AG reiterated a “hold” rating on shares of Franklin Resources in a research note on Sunday, July 10th. Jefferies Group lowered their target price on shares of Franklin Resources from $38.00 to $34.00 and set a “hold” rating for the company in a research note on Monday, July 11th. Keefe, Bruyette & Woods boosted their target price on shares of Franklin Resources from $34.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, July 29th. Citigroup Inc. boosted their target price on shares of Franklin Resources from $36.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, July 29th. Finally, Zacks Investment Research downgraded shares of Franklin Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $37.88.
In other news, insider Jennifer M. Johnson sold 15,892 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $35.99, for a total value of $571,953.08. Following the completion of the sale, the insider now directly 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 is accessible through this link. Also, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total value of $180,900.00. The disclosure for this sale can be found here. 20.41% of the stock is owned by insiders.
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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