Crossmark Global Holdings Inc. purchased a new stake in shares of Franklin Resources, Inc. (NYSE:BEN) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 34,150 shares of the closed-end fund’s stock, valued at approximately $1,520,000.
Several other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Franklin Resources by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 27,248,491 shares of the closed-end fund’s stock valued at $1,220,459,000 after acquiring an additional 318,449 shares during the last quarter. BlackRock Inc. boosted its position in shares of Franklin Resources by 1.2% during the 2nd quarter. BlackRock Inc. now owns 21,369,185 shares of the closed-end fund’s stock valued at $957,127,000 after acquiring an additional 249,766 shares during the last quarter. Pzena Investment Management LLC boosted its position in shares of Franklin Resources by 2.4% during the 2nd quarter. Pzena Investment Management LLC now owns 10,348,419 shares of the closed-end fund’s stock valued at $463,506,000 after acquiring an additional 246,306 shares during the last quarter. Kiltearn Partners LLP boosted its position in shares of Franklin Resources by 0.8% during the 2nd quarter. Kiltearn Partners LLP now owns 6,118,700 shares of the closed-end fund’s stock valued at $274,057,000 after acquiring an additional 50,100 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of Franklin Resources by 3.7% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 3,919,555 shares of the closed-end fund’s stock valued at $174,459,000 after acquiring an additional 138,472 shares during the last quarter. Hedge funds and other institutional investors own 45.43% of the company’s stock.
In other Franklin Resources news, Chairman Gregory E. Johnson sold 56,825 shares of Franklin Resources stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $42.83, for a total value of $2,433,814.75. Following the transaction, the chairman now directly owns 2,047,273 shares of the company’s stock, valued at approximately $87,684,702.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.60% of the stock is owned by insiders.
A number of analysts have recently issued reports on BEN shares. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $47.00 price target on shares of Franklin Resources in a research report on Thursday, October 12th. Wells Fargo & Company dropped their price target on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating for the company in a research report on Friday, October 27th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, October 3rd. Citigroup Inc. dropped their target price on Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a research report on Friday, October 27th. Finally, BidaskClub downgraded Franklin Resources from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $44.45.
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Franklin Resources, Inc. (NYSE:BEN) opened at $41.89 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 9.20 and a quick ratio of 9.20. The company has a market capitalization of $23,183.72, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 1.43 and a beta of 1.75. Franklin Resources, Inc. has a 12 month low of $33.87 and a 12 month high of $47.65.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Thursday, October 26th. The closed-end fund reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.04. The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.64 billion. Franklin Resources had a return on equity of 13.60% and a net margin of 26.54%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.82 EPS. equities analysts predict that Franklin Resources, Inc. will post 2.92 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 13th. Shareholders 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 dividend on an annualized basis and a yield of 1.91%. Franklin Resources’s dividend payout ratio (DPR) is currently 26.67%.
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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