Midas Management Corp held its stake in Franklin Resources Inc. (NYSE:BEN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,700 shares of the closed-end fund’s stock at the end of the second quarter. Midas Management Corp’s holdings in Franklin Resources were worth $1,224,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of BEN. Acadian Asset Management LLC boosted its position 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 in the last quarter. Alpha Windward LLC boosted its position 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 in the last quarter. Independence Advisors LLC acquired a new position in shares of Franklin Resources during the second quarter worth about $217,000. Williams Jones & Associates LLC acquired a new position in shares of Franklin Resources during the first quarter worth about $220,000. Finally, Rehmann Capital Advisory Group boosted its position in shares of 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 worth $232,000 after buying an additional 1,098 shares in the last quarter. 48.32% of the stock is owned by hedge funds and other institutional investors.
Franklin Resources Inc. (NYSE:BEN) traded down 0.79% during mid-day trading on Monday, reaching $33.82. 1,845,170 shares of the company were exchanged. The stock has a market capitalization of $19.48 billion, a price-to-earnings ratio of 12.51 and a beta of 1.66. Franklin Resources Inc. has a one year low of $30.56 and a one year high of $42.23. The stock has a 50 day moving average of $35.56 and a 200-day moving average of $35.81.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.10. The business earned $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. Franklin Resources’s revenue was down 18.3% compared to the same quarter last year. During the same period last year, the business earned $0.82 EPS. On average, equities analysts expect that Franklin Resources Inc. will post $2.80 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a dividend of $0.18 per share. The ex-dividend date was Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a yield of 2.13%. Franklin Resources’s dividend payout ratio is currently 26.57%.
A number of research analysts have recently issued reports on the stock. Deutsche Bank AG reiterated a “hold” rating on shares of Franklin Resources in a report on Sunday, July 10th. Keefe, Bruyette & Woods lifted their price objective on shares of Franklin Resources from $34.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, July 29th. Barclays PLC lifted their price objective on shares of Franklin Resources from $30.00 to $31.00 and gave the company an “underweight” rating in a report on Tuesday, August 9th. Citigroup Inc. lifted their price objective on shares of Franklin Resources from $36.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Finally, Jefferies Group reiterated a “neutral” rating on shares of Franklin Resources in a report on Tuesday, August 9th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a strong buy rating to the company. Franklin Resources currently has a consensus rating of “Hold” and a consensus target price of $37.88.
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 sale, the insider now directly owns 1,473,782 shares in the company, valued at approximately $53,041,414.18. The transaction was disclosed in a document filed 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 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. Company 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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