Seaward Management Limited Partnership cut its stake in shares of Franklin Resources Inc. (NYSE:BEN) by 7.2% during the second quarter, Holdings Channel reports. The firm owned 64,107 shares of the closed-end fund’s stock after selling 4,965 shares during the period. Seaward Management Limited Partnership’s holdings in Franklin Resources were worth $2,139,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of BEN. Norges Bank acquired a new stake in shares of Franklin Resources during the fourth quarter worth $84,215,000. Adage Capital Partners GP L.L.C. purchased a new stake in Franklin Resources during the first quarter worth approximately $24,261,000. UBS Asset Management Americas Inc. increased its stake in Franklin Resources by 50.8% in the first quarter. UBS Asset Management Americas Inc. now owns 1,587,056 shares of the closed-end fund’s stock worth $61,974,000 after buying an additional 534,484 shares during the period. JPMorgan Chase & Co. increased its stake in Franklin Resources by 26.2% in the first quarter. JPMorgan Chase & Co. now owns 2,522,149 shares of the closed-end fund’s stock worth $98,490,000 after buying an additional 524,246 shares during the period. Finally, ING Groep NV purchased a new stake in Franklin Resources during the first quarter worth approximately $18,741,000. Institutional investors own 48.39% of the company’s stock.
Shares of Franklin Resources Inc. (NYSE:BEN) traded down 0.68% during mid-day trading on Tuesday, reaching $34.99. The company’s stock had a trading volume of 2,039,652 shares. Franklin Resources Inc. has a 1-year low of $30.56 and a 1-year high of $42.23. The firm has a market capitalization of $20.16 billion, a P/E ratio of 12.94 and a beta of 1.75. The company’s 50-day moving average is $35.97 and its 200 day moving average is $36.21.
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 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 had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the business posted $0.82 EPS. The company’s revenue was down 18.3% on a year-over-year basis. On average, analysts expect that Franklin Resources Inc. will post $2.79 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.72 annualized dividend and a dividend yield of 2.06%. Franklin Resources’s dividend payout ratio (DPR) is currently 26.57%.
A number of equities research analysts recently commented on the company. Jefferies Group reaffirmed a “hold” rating on shares of Franklin Resources in a report on Monday, August 1st. Deutsche Bank AG lifted their target price on Franklin Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, September 9th. Citigroup Inc. lifted their target price on Franklin Resources from $36.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, July 29th. Barclays PLC decreased their target price 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, Keefe, Bruyette & Woods lifted their target price on Franklin Resources from $34.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, July 29th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $37.74.
In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of Franklin Resources stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total value of $180,900.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jennifer M. Johnson sold 15,892 shares of Franklin Resources stock in a transaction that occurred 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 transaction, the insider now 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 owned by company 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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