Gargoyle Investment Advisor L.L.C. boosted its stake in Franklin Resources Inc. (NYSE:BEN) by 11.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,262 shares of the closed-end fund’s stock after buying an additional 3,400 shares during the period. Gargoyle Investment Advisor L.L.C.’s holdings in Franklin Resources were worth $1,110,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of BEN. Acadian Asset Management LLC raised its stake in shares of Franklin Resources by 1,520.5% in the second quarter. Acadian Asset Management LLC now owns 3,160 shares of the closed-end fund’s stock valued at $105,000 after buying an additional 2,965 shares during the period. Alpha Windward LLC raised its stake in shares of Franklin Resources by 24.5% in the second quarter. Alpha Windward LLC now owns 5,438 shares of the closed-end fund’s stock valued at $181,000 after buying an additional 1,071 shares during the period. Williams Jones & Associates LLC purchased a new stake in shares of Franklin Resources during the first quarter valued at about $220,000. Rehmann Capital Advisory Group purchased a new stake in shares of Franklin Resources during the first quarter valued at about $228,000. Finally, Advisor Partners LLC purchased a new stake in shares of Franklin Resources during the first quarter valued at about $232,000. 48.39% of the stock is owned by hedge funds and other institutional investors.
Franklin Resources Inc. (NYSE:BEN) traded down 1.41% during trading on Tuesday, reaching $35.77. The company had a trading volume of 2,729,968 shares. The stock has a market capitalization of $20.61 billion, a P/E ratio of 13.23 and a beta of 1.66. Franklin Resources Inc. has a 12-month low of $30.56 and a 12-month high of $42.23. The stock has a 50 day moving average of $35.85 and a 200-day moving average of $36.02.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.10. The business earned $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. The firm’s quarterly revenue was down 18.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 earnings per share. On average, analysts forecast that Franklin Resources Inc. will post $2.79 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Wednesday, September 28th. Franklin Resources’s payout ratio is currently 26.57%.
BEN has been the subject of a number of recent research reports. Deutsche Bank AG reissued a “hold” rating on shares of Franklin Resources in a research note on Sunday, July 10th. Jefferies Group reissued a “neutral” rating on shares of Franklin Resources in a research note on Tuesday, August 9th. Citigroup Inc. boosted their target price on Franklin Resources from $36.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, July 29th. Barclays PLC lowered their target price on Franklin Resources from $31.00 to $30.00 and set an “underweight” rating for the company in a research note on Friday, July 29th. Finally, Zacks Investment Research lowered Franklin Resources from a “hold” rating to a “sell” rating in a research note on Tuesday. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $37.74.
In other Franklin Resources news, insider Jennifer M. Johnson sold 15,892 shares of the firm’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $35.99, for a total value of $571,953.08. Following the completion of the sale, the insider now owns 1,473,782 shares of the company’s stock, valued at $53,041,414.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total transaction of $180,900.00. The disclosure for this sale can be found here. 20.41% of the stock is currently owned by company insiders.
Franklin Resources Company Profile
Franklin Resources, Inc (Franklin), is a holding company. Franklin together with its various subsidiaries (collectively, the Company), is referred to as Franklin Templeton Investments, is a global investment management organization offering investment management and related services under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.
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