Credit Suisse AG Has $71.96 Million Stake in Franklin Resources, Inc. (BEN)
Credit Suisse AG increased its stake in Franklin Resources, Inc. (NYSE:BEN) by 7.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,707,620 shares of the closed-end fund’s stock after buying an additional 120,006 shares during the period. Credit Suisse AG owned 0.30% of Franklin Resources worth $71,960,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its stake in shares of Franklin Resources by 68.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 75,911 shares of the closed-end fund’s stock valued at $3,005,000 after buying an additional 30,730 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in shares of Franklin Resources during the fourth quarter valued at approximately $624,000. AQR Capital Management LLC raised its stake in shares of Franklin Resources by 5.6% in the fourth quarter. AQR Capital Management LLC now owns 642,338 shares of the closed-end fund’s stock valued at $25,423,000 after buying an additional 34,155 shares during the last quarter. Guggenheim Capital LLC raised its stake in shares of Franklin Resources by 20.3% in the fourth quarter. Guggenheim Capital LLC now owns 862,111 shares of the closed-end fund’s stock valued at $34,122,000 after buying an additional 145,567 shares during the last quarter. Finally, Seven Eight Capital LP acquired a new stake in shares of Franklin Resources during the fourth quarter valued at approximately $257,000. 45.54% of the stock is currently owned by hedge funds and other institutional investors.
Franklin Resources, Inc. (NYSE:BEN) traded up 0.50% during trading on Monday, hitting $44.20. The stock had a trading volume of 482,394 shares. The firm has a market cap of $24.81 billion, a P/E ratio of 14.24 and a beta of 1.73. The stock’s 50 day moving average price is $42.92 and its 200 day moving average price is $41.69. Franklin Resources, Inc. has a 12-month low of $30.56 and a 12-month high of $45.21.
Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, April 28th. The closed-end fund reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.07. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate 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 was down .8% on a year-over-year basis. During the same period last year, the firm earned $0.61 earnings per share. On average, analysts anticipate that Franklin Resources, Inc. will post $2.89 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.80 annualized dividend and a dividend yield of 1.82%. Franklin Resources’s dividend payout ratio is presently 25.81%.
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Several analysts have commented on BEN shares. Morgan Stanley lowered Franklin Resources from an “overweight” rating to an “equal weight” rating and set a $38.00 price objective on the stock. in a report on Thursday, March 16th. BidaskClub raised Franklin Resources from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Citigroup Inc. reissued a “neutral” rating and issued a $43.00 price objective (up from $42.00) on shares of Franklin Resources in a report on Friday, June 9th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 price objective on the stock in a report on Wednesday, May 17th. Finally, Credit Suisse Group reissued a “sell” rating and issued a $37.00 price objective on shares of Franklin Resources in a report on Friday, April 7th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Franklin Resources has a consensus rating of “Hold” and a consensus price target of $40.33.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 124,021 shares in the company, valued at $5,520,174.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 21.60% of the stock is owned by company insiders.
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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