Franklin Resources, Inc. (NYSE:BEN) Position Decreased by Wedge Capital Management L L P NC
Wedge Capital Management L L P NC reduced its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 5.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 731,815 shares of the closed-end fund’s stock after selling 43,677 shares during the period. Wedge Capital Management L L P NC’s holdings in Franklin Resources were worth $32,778,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc raised its position in Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after buying an additional 372 shares in the last quarter. TrimTabs Asset Management LLC raised its position 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 in the last quarter. Acadian Asset Management LLC purchased a new position in Franklin Resources during the first quarter worth approximately $193,000. Global X Management Co. LLC raised its position 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 in the last quarter. Finally, Investment Centers of America Inc. purchased a new position in Franklin Resources during the first quarter worth approximately $201,000. 45.80% of the stock is currently owned by institutional investors.
Shares of Franklin Resources, Inc. (NYSE BEN) opened at 42.75 on Friday. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65. The firm has a 50-day moving average of $45.10 and a 200 day moving average of $42.93. The company has a market cap of $23.84 billion, a price-to-earnings ratio of 13.91 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.73. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the firm posted $0.77 EPS. The company’s quarterly revenue was down 1.2% on a year-over-year basis. Equities research analysts anticipate that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.87%. The ex-dividend date was Wednesday, June 28th. Franklin Resources’s dividend payout ratio is 26.14%.
BEN has been the topic of a number of recent analyst reports. BidaskClub raised shares of Franklin Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, June 28th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 price target on shares of Franklin Resources in a research report on Thursday, July 6th. Deutsche Bank AG lifted their price target on shares of Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a research report on Tuesday, July 4th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $44.00 price target on shares of Franklin Resources in a research report on Friday, July 14th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the 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 transaction, the chief financial officer now owns 124,021 shares in the company, valued at approximately $5,520,174.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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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