Loews Corp held its position in shares of Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,486 shares of the closed-end fund’s stock at the close of the second quarter. Loews Corp’s holdings in Franklin Resources were worth $291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. lifted 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 in the last quarter. BlackRock Inc. lifted its stake in shares of Franklin Resources by 1.2% in the second quarter. BlackRock Inc. now owns 21,369,185 shares of the closed-end fund’s stock worth $957,127,000 after buying an additional 249,766 shares in the last quarter. Pzena Investment Management LLC lifted 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 in the last quarter. Kiltearn Partners LLP lifted its stake in shares of Franklin Resources by 0.8% in the second quarter. Kiltearn Partners LLP now owns 6,118,700 shares of the closed-end fund’s stock worth $274,057,000 after buying an additional 50,100 shares in the last quarter. Finally, FMR LLC lifted 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 in the last quarter. 44.97% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the transaction, the chief financial officer now owns 124,021 shares in the company, valued at $5,520,174.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 21.60% of the company’s stock.

Several equities analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price on the stock. in a research note on Monday, July 24th. Jefferies Group LLC reaffirmed 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 reaffirmed an “underweight” rating and set a $40.00 target price (up from $39.00) on shares of Franklin Resources in a research note on Monday, July 10th. Finally, BidaskClub raised shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 12th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. Franklin Resources currently has an average rating of “Hold” and an average price target of $44.09.

Shares of Franklin Resources, Inc. (BEN) traded up 0.78% on Friday, hitting $42.48. 4,613,989 shares of the company were exchanged. The company has a 50-day moving average price of $42.76 and a 200 day moving average price of $43.09. The firm has a market cap of $23.69 billion, a P/E ratio of 13.82 and a beta of 1.73. Franklin Resources, Inc. has a 52-week low of $33.02 and a 52-week high of $47.65.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the firm posted $0.77 earnings per share. Franklin Resources’s revenue for the quarter was down 1.2% compared to the same quarter last year. Analysts predict that Franklin Resources, Inc. will post $2.95 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors 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 annualized dividend and a yield of 1.88%. Franklin Resources’s payout ratio is 26.14%.

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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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