PGGM Investments increased its stake in Franklin Resources Inc. (NYSE:BEN) by 27.4% during the second quarter, Holdings Channel reports. The institutional investor owned 816,441 shares of the closed-end fund’s stock after buying an additional 175,618 shares during the period. PGGM Investments’ holdings in Franklin Resources were worth $27,245,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Acadian Asset Management LLC increased 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 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 valued at $181,000 after buying an additional 1,071 shares during the last quarter. Independence Advisors LLC acquired a new position in shares of Franklin Resources during the second quarter valued at approximately $217,000. Williams Jones & Associates LLC acquired a new position in shares of Franklin Resources during the first quarter valued at approximately $220,000. Finally, Morris Capital Advisors LLC acquired a new position in shares of Franklin Resources during the first quarter valued at approximately $225,000. 48.39% of the stock is owned by institutional investors.
Franklin Resources Inc. (NYSE:BEN) traded down 0.57% during trading on Thursday, reaching $34.74. 2,993,400 shares of the company were exchanged. Franklin Resources Inc. has a one year low of $30.56 and a one year high of $42.23. The stock has a market capitalization of $20.01 billion, a price-to-earnings ratio of 12.85 and a beta of 1.75. The firm’s 50 day moving average price is $35.84 and its 200-day moving average price is $36.10.
Franklin Resources (NYSE:BEN) last posted its earnings results on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.10. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. The firm earned $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business posted $0.82 EPS. The business’s revenue was down 18.3% compared to the same quarter last year. On average, equities research analysts predict that Franklin Resources Inc. will post $2.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.18 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.72 annualized dividend and a dividend yield of 2.07%. Franklin Resources’s payout ratio is 26.57%.
Several brokerages recently commented on BEN. Deutsche Bank AG restated a “hold” rating on shares of Franklin Resources in a report on Sunday, July 10th. Keefe, Bruyette & Woods increased their target price on shares of Franklin Resources from $34.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, July 29th. Barclays PLC increased their target price on shares of Franklin Resources from $30.00 to $31.00 and gave the stock an “underweight” rating in a report on Tuesday, August 9th. Citigroup Inc. increased their target price on shares of Franklin Resources from $37.50 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, June 9th. Finally, Jefferies Group restated a “neutral” rating on shares of Franklin Resources in a report on Tuesday, August 9th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has issued a strong buy rating to the company’s stock. Franklin Resources has an average rating of “Hold” and an average target price of $37.74.
In other news, insider Jennifer M. Johnson sold 15,892 shares of the company’s stock in a transaction on Thursday, August 25th. The shares were 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 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 is accessible through this hyperlink. Also, EVP Craig Steven Tyle sold 5,000 shares of the company’s stock in a transaction on 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. 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.
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources Inc. (NYSE:BEN).
Receive News & Ratings for Franklin Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.