Franklin Resources, Inc. (BEN) Position Reduced by Comerica Bank
Comerica Bank decreased its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 0.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,832 shares of the closed-end fund’s stock after selling 496 shares during the period. Comerica Bank’s holdings in Franklin Resources were worth $4,238,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Advisor Partners LLC increased its stake in shares of Franklin Resources by 20.8% in the first quarter. Advisor Partners LLC now owns 7,966 shares of the closed-end fund’s stock valued at $336,000 after buying an additional 1,372 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Franklin Resources by 54.5% in the first quarter. Canada Pension Plan Investment Board now owns 145,181 shares of the closed-end fund’s stock valued at $6,118,000 after buying an additional 51,239 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Franklin Resources by 8.4% in the first quarter. Wells Fargo & Company MN now owns 1,183,761 shares of the closed-end fund’s stock valued at $49,883,000 after buying an additional 92,169 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Franklin Resources by 11.9% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 31,445 shares of the closed-end fund’s stock valued at $1,325,000 after buying an additional 3,352 shares during the last quarter. Finally, Palisade Asset Management LLC acquired a new stake in shares of Franklin Resources during the first quarter valued at $223,000. Hedge funds and other institutional investors own 44.96% of the company’s stock.
Franklin Resources, Inc. (NYSE:BEN) opened at 42.67 on Monday. The firm has a 50-day moving average price of $44.46 and a 200 day moving average price of $43.07. The firm has a market cap of $23.80 billion, a PE ratio of 13.89 and a beta of 1.73. Franklin Resources, Inc. has a 12-month low of $33.02 and a 12-month high of $47.65.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, hitting the consensus estimate of $0.73. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the previous year, the firm posted $0.77 earnings per share. Franklin Resources’s quarterly revenue was down 1.2% on a year-over-year basis. Equities research analysts forecast that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, September 28th. Franklin Resources’s payout ratio is currently 26.14%.
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Several brokerages recently weighed in on BEN. Zacks Investment Research downgraded Franklin Resources from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Wells Fargo & Company downgraded Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price for the company. in a research note on Monday, July 24th. Jefferies Group LLC restated a “hold” rating and set a $44.00 target price on shares of Franklin Resources in a research note on Friday, July 14th. Morgan Stanley restated an “underweight” rating and set a $40.00 target price (up previously from $39.00) on shares of Franklin Resources in a research note on Monday, July 10th. Finally, BidaskClub upgraded Franklin Resources from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 12th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $43.18.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the sale, the chief financial officer now owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 21.60% of the company’s stock.
About Franklin Resources
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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