Eaton Vance Management reduced its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 20.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 942,809 shares of the closed-end fund’s stock after selling 238,159 shares during the quarter. Eaton Vance Management owned about 0.17% of Franklin Resources worth $42,228,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. increased its stake in shares of Franklin Resources by 22.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 17,002 shares of the closed-end fund’s stock valued at $716,000 after acquiring an additional 3,161 shares during the last quarter. BlackRock Inc. increased its stake in shares of Franklin Resources by 1,550.0% in the 1st quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock valued at $889,973,000 after acquiring an additional 19,839,472 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Franklin Resources by 996.3% in the 1st quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock valued at $30,203,000 after acquiring an additional 651,346 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Franklin Resources by 1.2% in the 1st quarter. Ameriprise Financial Inc. now owns 732,643 shares of the closed-end fund’s stock valued at $30,884,000 after acquiring an additional 8,546 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its stake in shares of Franklin Resources by 3.2% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 50,382 shares of the closed-end fund’s stock valued at $2,123,000 after acquiring an additional 1,572 shares during the last quarter. 44.97% of the stock is owned by hedge funds and other institutional investors.

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BEN has been the subject of a number of recent analyst reports. BidaskClub raised Franklin Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Wednesday, June 28th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price target on shares of Franklin Resources in a research note on Thursday, July 6th. Deutsche Bank AG upped their price target on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a research note on Tuesday, July 4th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $44.00 price target on shares of Franklin Resources in a research note on Friday, July 14th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $44.09.

Shares of Franklin Resources, Inc. (BEN) opened at 41.04 on Friday. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $47.65. The company has a market capitalization of $22.89 billion, a PE ratio of 13.36 and a beta of 1.73. The company’s 50-day moving average price is $43.42 and its 200-day moving average price is $43.12.

Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.73. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 earnings per share. On average, equities analysts expect that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.80 dividend on an annualized basis and a yield of 1.95%. Franklin Resources’s payout ratio is currently 26.14%.

In other 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 completion of the sale, the chief financial officer now owns 124,021 shares in the company, valued at $5,520,174.71. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 21.60% of the company’s stock.

Franklin Resources 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.

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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