Teachers Retirement System of The State of Kentucky lowered its position in Franklin Resources, Inc. (NYSE:BEN) by 7.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,000 shares of the closed-end fund’s stock after selling 3,300 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Franklin Resources were worth $1,643,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of BEN. TrimTabs Asset Management LLC raised its stake in Franklin Resources by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock worth $126,000 after buying an additional 1,408 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in Franklin Resources during the first quarter worth $193,000. Global X Management Co. LLC raised its stake in Franklin Resources by 7.9% in the first quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock worth $193,000 after buying an additional 337 shares during the last quarter. Investment Centers of America Inc. acquired a new stake in Franklin Resources during the first quarter worth $201,000. Finally, Mogy Joel R Investment Counsel Inc. acquired a new stake in Franklin Resources during the first quarter worth $202,000. 45.56% of the stock is currently owned by hedge funds and other institutional investors.
Franklin Resources, Inc. (NYSE BEN) opened at 45.42 on Monday. The firm has a market cap of $25.49 billion, a P/E ratio of 14.63 and a beta of 1.73. Franklin Resources, Inc. has a 12-month low of $32.94 and a 12-month high of $45.65. The firm’s 50-day moving average is $43.20 and its 200 day moving average is $41.87.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, April 28th. The closed-end fund reported $0.74 EPS for the quarter, beating the consensus estimate of $0.67 by $0.07. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a return on equity of 14.34% and a net margin of 27.77%. The company’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter last year, the firm posted $0.61 earnings per share. Equities analysts forecast that Franklin Resources, Inc. will post $2.90 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.76%. The ex-dividend date is Wednesday, June 28th. Franklin Resources’s dividend payout ratio is currently 25.81%.
A number of research firms have weighed in on BEN. Credit Suisse Group set a $33.00 target price on shares of Franklin Resources and gave the stock a “sell” rating in a report on Monday, March 27th. Deutsche Bank AG boosted their price target on shares of Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research report on Tuesday, July 4th. Bank of America Corporation upgraded shares of Franklin Resources from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Thursday, March 16th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 price target on shares of Franklin Resources in a research report on Thursday. Finally, BidaskClub upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $41.44.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total transaction of $762,945.91. Following the completion of the transaction, the chief financial officer now owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 21.60% of the company’s stock.
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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