Commonwealth Bank of Australia reduced its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 5.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,417 shares of the closed-end fund’s stock after selling 4,312 shares during the period. Commonwealth Bank of Australia’s holdings in Franklin Resources were worth $3,466,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of BEN. IFP Advisors Inc raised its holdings in Franklin Resources by 16.1% during the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after buying an additional 372 shares in the last quarter. TrimTabs Asset Management LLC raised its holdings in Franklin Resources by 88.9% during the first quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock valued at $126,000 after buying an additional 1,408 shares in the last quarter. Acadian Asset Management LLC bought a new position in Franklin Resources during the first quarter valued at about $193,000. Global X Management Co. LLC raised its holdings in Franklin Resources by 7.9% during the first quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock valued at $193,000 after buying an additional 337 shares in the last quarter. Finally, Investment Centers of America Inc. bought a new position in Franklin Resources during the first quarter valued at about $201,000. Institutional investors own 44.97% of the company’s stock.
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In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the transaction, the chief financial officer now directly owns 124,021 shares of the company’s stock, valued at approximately $5,520,174.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 21.60% of the stock is owned by corporate insiders.
Several equities analysts have weighed in on the company. Deutsche Bank AG raised their target price on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a report on Tuesday, July 4th. Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 target price on shares of Franklin Resources in a report on Thursday, July 6th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, August 1st. BidaskClub upgraded Franklin Resources from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, UBS AG restated a “neutral” rating and set a $45.00 target price (down from $46.00) on shares of Franklin Resources in a report on Monday, July 31st. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $44.09.
Shares of Franklin Resources, Inc. (NYSE:BEN) opened at 41.04 on Monday. Franklin Resources, Inc. has a 52-week low of $33.02 and a 52-week high of $47.65. The firm has a market capitalization of $22.89 billion, a P/E ratio of 13.36 and a beta of 1.73. The company’s 50-day moving average price is $43.42 and its 200-day moving average price is $43.12.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The business’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.77 EPS. On average, equities research analysts expect that Franklin Resources, Inc. will post $2.95 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.80 annualized dividend and a yield of 1.95%. Franklin Resources’s dividend payout ratio is currently 26.14%.
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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