Inlet Private Wealth LLC decreased its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 57.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,000 shares of the closed-end fund’s stock after selling 33,300 shares during the quarter. Inlet Private Wealth LLC’s holdings in Franklin Resources were worth $880,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of BEN. Trustcore Financial Services LLC acquired a new position in Franklin Resources in the 1st quarter worth $25,000. Knuff & Co LLC acquired a new position in Franklin Resources in the 1st quarter worth $33,000. Vigilant Capital Management LLC acquired a new position in Franklin Resources in the 1st quarter worth $39,000. Investors Research Corp acquired a new position in Franklin Resources in the 1st quarter worth $56,000. Finally, Zions Bancorporation N.A. acquired a new position in Franklin Resources in the 1st quarter worth $67,000. Institutional investors and hedge funds own 48.47% of the company’s stock.
In other news, EVP Craig Steven Tyle sold 10,924 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $32.04, for a total value of $350,004.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 22.20% of the company’s stock.
Franklin Resources (NYSE:BEN) last issued its earnings results on Tuesday, July 30th. The closed-end fund reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.15). The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.48 billion. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.75 EPS. Equities analysts expect that Franklin Resources, Inc. will post 2.59 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $0.26 dividend. The ex-dividend date was Thursday, June 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.19%. Franklin Resources’s dividend payout ratio (DPR) is presently 32.60%.
A number of equities analysts have commented on the stock. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a report on Wednesday, April 3rd. Keefe, Bruyette & Woods lowered shares of Franklin Resources from a “market perform” rating to an “underperform” rating and cut their price objective for the stock from $34.00 to $33.00 in a report on Monday, April 29th. Citigroup boosted their price objective on shares of Franklin Resources from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price objective on shares of Franklin Resources from $33.00 to $34.00 and gave the stock an “underweight” rating in a report on Friday, July 12th. Finally, TheStreet upgraded shares of Franklin Resources from a “c+” rating to a “b” rating in a report on Friday, April 26th. Seven equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. Franklin Resources currently has a consensus rating of “Hold” and an average price target of $30.85.
Franklin Resources Profile
Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.
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