Contrarius Investment Management Ltd Purchases 12,540 Shares of Franklin Resources, Inc. (BEN)
Contrarius Investment Management Ltd boosted its position in Franklin Resources, Inc. (NYSE:BEN) by 2.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 543,258 shares of the closed-end fund’s stock after buying an additional 12,540 shares during the period. Franklin Resources comprises 1.6% of Contrarius Investment Management Ltd’s portfolio, making the stock its 18th largest position. Contrarius Investment Management Ltd owned approximately 0.10% of Franklin Resources worth $24,333,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of BEN. Vanguard Group Inc. increased its stake in shares of Franklin Resources by 5.2% in the first quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock worth $1,134,833,000 after buying an additional 1,337,903 shares during the period. BlackRock Inc. increased its stake in shares of Franklin Resources by 1,550.0% in the first quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock worth $889,973,000 after buying an additional 19,839,472 shares during the period. Pzena Investment Management LLC increased its stake in shares of Franklin Resources by 2.4% in the second quarter. Pzena Investment Management LLC now owns 10,348,419 shares of the closed-end fund’s stock worth $463,506,000 after buying an additional 246,306 shares during the period. Kiltearn Partners LLP increased its stake in shares of Franklin Resources by 2.9% in the first quarter. Kiltearn Partners LLP now owns 6,068,600 shares of the closed-end fund’s stock worth $255,731,000 after buying an additional 169,000 shares during the period. Finally, FMR LLC increased its stake in shares of Franklin Resources by 2.3% in the first quarter. FMR LLC now owns 5,340,482 shares of the closed-end fund’s stock worth $225,047,000 after buying an additional 121,316 shares during the period. Institutional investors and hedge funds own 44.96% of the company’s stock.
Shares of Franklin Resources, Inc. (NYSE BEN) traded down 1.01% on Tuesday, reaching $42.17. 50,396 shares of the company’s stock were exchanged. The company has a market capitalization of $23.52 billion, a P/E ratio of 13.72 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. The firm’s 50 day moving average price is $44.46 and its 200-day moving average price is $43.07.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 EPS. On average, equities analysts anticipate that Franklin Resources, Inc. will post $2.95 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Thursday, September 28th. Franklin Resources’s dividend payout ratio (DPR) is 26.14%.
BEN has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. BidaskClub upgraded shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target for the company. in a report on Monday, July 24th. Citigroup Inc. reiterated a “neutral” rating and set a $43.00 price target (up from $42.00) on shares of Franklin Resources in a report on Friday, June 9th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a report on Thursday, August 3rd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $5,520,174.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.60% of the stock is owned by insiders.
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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