Tredje AP fonden raised its position in Franklin Resources, Inc. (NYSE:BEN) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,131 shares of the closed-end fund’s stock after buying an additional 1,408 shares during the period. Tredje AP fonden’s holdings in Franklin Resources were worth $1,318,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of BEN. Essex Financial Services Inc. raised its position in Franklin Resources by 1.6% in the second quarter. Essex Financial Services Inc. now owns 8,759 shares of the closed-end fund’s stock worth $292,000 after buying an additional 140 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in Franklin Resources by 1.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 29,005 shares of the closed-end fund’s stock worth $967,000 after buying an additional 313 shares during the last quarter. BB&T Corp acquired a new position in Franklin Resources during the second quarter worth approximately $9,845,000. Mizuho Trust & Banking Co. Ltd. raised its position in Franklin Resources by 14.3% in the second quarter. Mizuho Trust & Banking Co. Ltd. now owns 935,498 shares of the closed-end fund’s stock worth $31,218,000 after buying an additional 117,211 shares during the last quarter. Finally, SFE Investment Counsel acquired a new position in Franklin Resources during the second quarter worth approximately $685,000. Institutional investors and hedge funds own 48.31% of the company’s stock.
Franklin Resources, Inc. (NYSE:BEN) traded up 0.19% during midday trading on Friday, hitting $42.37. The stock had a trading volume of 254,380 shares. The company’s 50 day moving average is $40.57 and its 200 day moving average is $37.66. Franklin Resources, Inc. has a 1-year low of $30.56 and a 1-year high of $42.83. The company has a market cap of $23.95 billion, a price-to-earnings ratio of 14.28 and a beta of 1.78.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, January 27th. The closed-end fund reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.09. Franklin Resources had a net margin of 26.77% and a return on equity of 13.88%. The company earned $1.56 billion during the quarter. During the same quarter in the prior year, the company earned $0.74 earnings per share. The company’s quarterly revenue was down 11.2% on a year-over-year basis. On average, equities analysts anticipate that Franklin Resources, Inc. will post $2.68 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 13th. Stockholders of record on Friday, March 31st will be paid a dividend of $0.20 per share. The ex-dividend date is Wednesday, March 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.89%. Franklin Resources’s dividend payout ratio is 26.94%.
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Several equities analysts recently issued reports on the company. Bank of America Corporation upgraded Franklin Resources from an “underperform” rating to a “neutral” rating in a research note on Wednesday, November 9th. Citigroup Inc. boosted their price target on Franklin Resources from $40.00 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, January 25th. Credit Suisse Group restated an “underperform” rating on shares of Franklin Resources in a research note on Thursday, November 3rd. Deutsche Bank AG lowered Franklin Resources from a “hold” rating to a “sell” rating and boosted their price target for the company from $30.00 to $35.00 in a research note on Thursday, November 10th. They noted that the move was a valuation call. Finally, J P Morgan Chase & Co restated a “neutral” rating on shares of Franklin Resources in a research note on Thursday, January 12th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $36.85.
In other news, CFO Kenneth A. Lewis sold 1,866 shares of the stock in a transaction dated Friday, December 16th. The shares were sold at an average price of $39.25, for a total transaction of $73,240.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 21.60% of the company’s stock.
About Franklin Resources
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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