Herndon Capital Management LLC increased its stake in Franklin Resources Inc. (NYSE:BEN) by 1.5% during the second quarter, Holdings Channel reports. The firm owned 2,175,335 shares of the closed-end fund’s stock after buying an additional 31,408 shares during the period. Franklin Resources makes up approximately 2.8% of Herndon Capital Management LLC’s holdings, making the stock its 10th largest position. Herndon Capital Management LLC’s holdings in Franklin Resources were worth $72,591,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased its stake in 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 increased its stake in 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. Independence Advisors LLC bought a new stake in Franklin Resources during the second quarter valued at about $217,000. Williams Jones & Associates LLC bought a new stake in Franklin Resources during the first quarter valued at about $220,000. Finally, Rehmann Capital Advisory Group increased its stake in Franklin Resources by 18.8% in the second quarter. Rehmann Capital Advisory Group now owns 6,944 shares of the closed-end fund’s stock valued at $232,000 after buying an additional 1,098 shares during the period. Institutional investors own 48.32% of the company’s stock.
Franklin Resources Inc. (NYSE:BEN) traded up 1.21% during midday trading on Tuesday, reaching $34.23. The company had a trading volume of 2,235,639 shares. The stock’s 50 day moving average is $35.56 and its 200 day moving average is $35.81. The company has a market capitalization of $19.72 billion, a PE ratio of 12.66 and a beta of 1.66. Franklin Resources Inc. has a one year low of $30.56 and a one year high of $42.23.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.10. Franklin Resources had a return on equity of 12.98% and a net margin of 23.44%. The company earned $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company posted $0.82 earnings per share. The business’s revenue was down 18.3% on a year-over-year basis. Equities research analysts forecast that Franklin Resources Inc. will post $2.80 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date was Wednesday, September 28th. Franklin Resources’s dividend payout ratio is presently 26.57%.
Several brokerages recently weighed in on BEN. Barclays PLC restated a “sell” rating and set a $31.00 target price on shares of Franklin Resources in a research note on Tuesday, October 11th. Jefferies Group increased their target price on Franklin Resources from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Tuesday, October 11th. Deutsche Bank AG increased their target price on Franklin Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Wednesday, October 5th. Zacks Investment Research downgraded Franklin Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Finally, Citigroup Inc. decreased their target price on Franklin Resources from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Tuesday, September 20th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a strong buy rating to the stock. Franklin Resources presently has a consensus rating of “Hold” and a consensus target price of $37.88.
In other news, EVP Craig Steven Tyle sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total transaction of $180,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer M. Johnson sold 15,892 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $35.99, for a total value of $571,953.08. Following the sale, the insider now owns 1,473,782 shares of the company’s stock, valued at approximately $53,041,414.18. The disclosure for this sale can be found here. Insiders own 20.41% of the company’s stock.
About Franklin Resources
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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