Public Employees Retirement System of Ohio decreased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 3.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 241,563 shares of the closed-end fund’s stock after selling 7,432 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Franklin Resources were worth $10,820,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Colony Group LLC bought a new position in Franklin Resources during the 2nd quarter worth approximately $212,000. Verition Fund Management LLC bought a new position in Franklin Resources during the 2nd quarter worth approximately $351,000. Polaris Capital Management LLC raised its holdings in Franklin Resources by 1.1% during the 2nd quarter. Polaris Capital Management LLC now owns 733,792 shares of the closed-end fund’s stock worth $32,867,000 after purchasing an additional 8,100 shares during the last quarter. Piedmont Investment Advisors LLC raised its holdings in Franklin Resources by 192.0% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 223,134 shares of the closed-end fund’s stock worth $9,994,000 after purchasing an additional 146,712 shares during the last quarter. Finally, Sterling Capital Management LLC bought a new position in Franklin Resources during the 2nd quarter worth approximately $3,686,000. Hedge funds and other institutional investors own 44.95% of the company’s stock.
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Shares of Franklin Resources, Inc. (NYSE:BEN) opened at 44.5254 on Thursday. The firm has a market cap of $24.83 billion, a P/E ratio of 14.4892 and a beta of 1.72. The company has a 50-day moving average of $43.47 and a 200 day moving average of $43.41. Franklin Resources, Inc. has a 52-week low of $33.02 and a 52-week high of $47.65.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.77 earnings per share. On average, equities analysts expect that Franklin Resources, Inc. will post $2.96 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.80 annualized dividend and a yield of 1.79%. Franklin Resources’s payout ratio is 26.14%.
Several research analysts have issued reports on BEN shares. Deutsche Bank AG raised their price target on shares of Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a report on Tuesday, July 4th. Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 price target on shares of Franklin Resources in a report on Thursday, July 6th. Morgan Stanley restated an “underweight” rating and set a $40.00 price target (up previously from $39.00) on shares of Franklin Resources in a report on Monday, July 10th. BidaskClub upgraded shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $44.00 price objective on shares of Franklin Resources in a research report on Friday, July 14th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. Franklin Resources presently has an average rating of “Hold” and a consensus target price of $44.36.
Franklin Resources Company Profile
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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