Herndon Capital Management LLC Buys 31,408 Shares of Franklin Resources Inc. (BEN)
Herndon Capital Management LLC increased its position in shares of Franklin Resources Inc. (NYSE:BEN) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,175,335 shares of the closed-end fund’s stock after buying an additional 31,408 shares during the period. Franklin Resources accounts for about 2.8% of Herndon Capital Management LLC’s holdings, making the stock its 10th largest position. Herndon Capital Management LLC owned about 0.38% of Franklin Resources worth $72,591,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of BEN. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of Franklin Resources during the first quarter worth about $577,000. Credit Agricole S A raised its stake in shares of Franklin Resources by 31.3% in the first quarter. Credit Agricole S A now owns 185,146 shares of the closed-end fund’s stock worth $7,231,000 after buying an additional 44,169 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Franklin Resources by 13.2% in the first quarter. Canada Pension Plan Investment Board now owns 197,710 shares of the closed-end fund’s stock worth $7,721,000 after buying an additional 23,100 shares during the last quarter. 1832 Asset Management L.P. raised its stake in shares of Franklin Resources by 36.2% in the first quarter. 1832 Asset Management L.P. now owns 6,320 shares of the closed-end fund’s stock worth $381,000 after buying an additional 1,680 shares during the last quarter. Finally, BB&T Securities LLC raised its stake in shares of Franklin Resources by 8.5% in the first quarter. BB&T Securities LLC now owns 9,490 shares of the closed-end fund’s stock worth $370,000 after buying an additional 741 shares during the last quarter. 48.32% of the stock is currently owned by institutional investors and hedge funds.
Shares of Franklin Resources Inc. (NYSE:BEN) traded up 1.21% during midday trading on Tuesday, hitting $34.23. The stock had a trading volume of 2,235,639 shares. The firm has a 50-day moving average of $35.56 and a 200 day moving average of $35.81. The firm has a market cap of $19.72 billion, a PE ratio of 12.66 and a beta of 1.66. Franklin Resources Inc. has a 12-month low of $30.56 and a 12-month high of $42.23.
Franklin Resources (NYSE:BEN) last issued its earnings results on Thursday, July 28th. The closed-end fund reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.10. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company posted $0.82 earnings per share. The business’s quarterly revenue was down 18.3% compared to the same quarter last year. On average, analysts expect that Franklin Resources Inc. will post $2.80 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.72 dividend on an annualized basis and a yield of 2.10%. Franklin Resources’s dividend payout ratio (DPR) is currently 26.57%.
A number of analysts have issued reports on BEN shares. Deutsche Bank AG reissued a “hold” rating on shares of Franklin Resources in a research note on Sunday, July 10th. Barclays PLC reissued an “underweight” rating and issued a $31.00 price target on shares of Franklin Resources in a research note on Friday, July 15th. Citigroup Inc. decreased their price target on Franklin Resources from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 20th. Keefe, Bruyette & Woods raised their price target on Franklin Resources from $34.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, July 29th. Finally, Jefferies Group raised their price target on Franklin Resources from $34.00 to $36.00 and gave the stock a “hold” rating in a research note on Tuesday, October 11th. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $37.88.
In other news, EVP Craig Steven Tyle sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total transaction of $180,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer M. Johnson sold 15,892 shares of the company’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $35.99, for a total value of $571,953.08. Following the sale, the insider now owns 1,473,782 shares of the company’s stock, valued at approximately $53,041,414.18. The disclosure for this sale can be found here. 20.41% of the stock is owned by company insiders.
Franklin Resources Company Profile
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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