Nationwide Fund Advisors decreased its position in shares of Franklin Resources Inc. (NYSE:BEN) by 6.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 207,276 shares of the closed-end fund’s stock after selling 14,278 shares during the period. Nationwide Fund Advisors’ holdings in Franklin Resources were worth $6,917,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in BEN. Norges Bank acquired a new position in Franklin Resources during the fourth quarter worth $84,215,000. Commonwealth Equity Services Inc increased its position in shares of Franklin Resources by 7.3% in the first quarter. Commonwealth Equity Services Inc now owns 11,183 shares of the closed-end fund’s stock valued at $437,000 after buying an additional 756 shares during the period. Aperio Group LLC increased its position in shares of Franklin Resources by 35.3% in the first quarter. Aperio Group LLC now owns 246,455 shares of the closed-end fund’s stock valued at $9,624,000 after buying an additional 64,241 shares during the period. Mn Services Vermogensbeheer B.V. purchased a new position in shares of Franklin Resources during the first quarter valued at approximately $339,000. Finally, Pacad Investment Ltd. purchased a new position in shares of Franklin Resources during the first quarter valued at approximately $770,000. Institutional investors and hedge funds own 48.39% of the company’s stock.
Shares of Franklin Resources Inc. (NYSE:BEN) traded down 2.41% during trading on Friday, hitting $35.19. 2,595,843 shares of the stock were exchanged. Franklin Resources Inc. has a 52 week low of $30.56 and a 52 week high of $42.23. The firm has a 50 day moving average price of $35.99 and a 200 day moving average price of $36.18. The firm has a market capitalization of $20.27 billion, a P/E ratio of 13.02 and a beta of 1.75.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.10. The company had revenue of $1.63 billion for 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%. The company’s revenue was down 18.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 earnings per share. Analysts forecast that Franklin Resources Inc. will post $2.79 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Wednesday, September 28th. Franklin Resources’s payout ratio is presently 26.57%.
Several research analysts recently commented on the stock. Deutsche Bank AG reiterated a “hold” rating on shares of Franklin Resources in a report on Sunday, July 10th. Jefferies Group reiterated a “neutral” rating on shares of Franklin Resources in a report on Tuesday, August 9th. Citigroup Inc. lifted their target price on shares of Franklin Resources from $36.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, July 29th. Finally, Barclays PLC dropped their target price on shares of Franklin Resources from $31.00 to $30.00 and set an “underweight” rating on the stock in a report on Friday, July 29th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $37.74.
In other news, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total value of $180,900.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer M. Johnson sold 15,892 shares of the 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 directly owns 1,473,782 shares in the company, valued at $53,041,414.18. The disclosure for this sale can be found here. 20.41% of the stock is currently owned by insiders.
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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