Victory Capital Management Inc. increased its position in Franklin Resources Inc. (NYSE:BEN) by 3.2% during the second quarter, Holdings Channel reports. The institutional investor owned 23,813 shares of the closed-end fund’s stock after buying an additional 740 shares during the period. Victory Capital Management Inc.’s holdings in Franklin Resources were worth $795,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Acadian Asset Management LLC boosted 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 worth $105,000 after buying an additional 2,965 shares in the last quarter. FTB Advisors Inc. boosted its stake in Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock worth $107,000 after buying an additional 248 shares in the last quarter. Alpha Windward LLC boosted 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 worth $181,000 after buying an additional 1,071 shares in the last quarter. Independence Advisors LLC bought a new stake in Franklin Resources during the second quarter worth about $217,000. Finally, Williams Jones & Associates LLC bought a new stake in Franklin Resources during the first quarter worth about $220,000. Institutional investors own 48.39% of the company’s stock.
Franklin Resources Inc. (NYSE:BEN) traded down 1.79% during midday trading on Monday, reaching $34.56. 949,023 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $35.99 and a 200-day moving average of $36.18. The stock has a market cap of $19.91 billion, a PE ratio of 12.79 and a beta of 1.75. Franklin Resources Inc. has a 12 month low of $30.56 and a 12 month high of $42.23.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.10. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.82 earnings per share. 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 declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Wednesday, September 28th. Franklin Resources’s payout ratio is 26.57%.
Several analysts have weighed in on the stock. Jefferies Group reiterated a “hold” rating on shares of Franklin Resources in a research note on Monday, August 1st. Deutsche Bank AG lifted their price objective on shares of Franklin Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, September 9th. Citigroup Inc. lifted their price objective on shares of Franklin Resources from $36.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, July 29th. Barclays PLC dropped their price objective on shares of Franklin Resources from $31.00 to $30.00 and set an “underweight” rating for the company in a research note on Friday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Franklin Resources from $34.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, July 29th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a strong buy rating to the stock. Franklin Resources has an average rating of “Hold” and an average price target of $37.74.
In other news, 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 value of $571,953.08. Following the sale, the insider now directly owns 1,473,782 shares of the company’s stock, valued at $53,041,414.18. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction dated 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.
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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