Sumitomo Mitsui Trust Holdings Inc. decreased its position in Franklin Resources Inc. (NYSE:BEN) by 1.1% during the second quarter, Holdings Channel reports. The institutional investor owned 1,100,756 shares of the closed-end fund’s stock after selling 12,771 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Franklin Resources were worth $36,732,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the company. Acadian Asset Management LLC increased its position 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 worth $105,000 after buying an additional 2,965 shares in the last quarter. Alpha Windward LLC increased its position 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 worth $181,000 after buying an additional 1,071 shares in the last quarter. Independence Advisors LLC purchased a new position in shares of Franklin Resources during the second quarter worth $217,000. Williams Jones & Associates LLC purchased a new position in shares of Franklin Resources during the first quarter worth $220,000. Finally, Rehmann Capital Advisory Group increased its position in shares of 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 worth $232,000 after buying an additional 1,098 shares in the last quarter. 48.32% of the stock is owned by institutional investors and hedge funds.
Franklin Resources Inc. (NYSE:BEN) traded up 1.78% on Wednesday, reaching $34.84. 2,632,755 shares of the company’s stock were exchanged. The firm’s 50 day moving average price is $35.50 and its 200 day moving average price is $35.78. The company has a market cap of $20.07 billion, a PE ratio of 12.89 and a beta of 1.66. Franklin Resources Inc. has a 52-week low of $30.56 and a 52-week 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 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.10. Franklin Resources had a net margin of 23.44% and a return on equity of 12.98%. The business earned $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the business earned $0.82 EPS. The company’s revenue for the quarter was down 18.3% on a year-over-year basis. On average, analysts expect that Franklin Resources Inc. will post $2.80 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.72 annualized dividend and a yield of 2.07%. Franklin Resources’s dividend payout ratio (DPR) is presently 26.57%.
A number of equities analysts recently weighed in on BEN shares. Deutsche Bank AG reissued a “hold” rating on shares of Franklin Resources in a research note on Sunday, July 10th. Jefferies Group decreased their price target on shares of Franklin Resources from $38.00 to $34.00 and set a “hold” rating for the company in a research note on Monday, July 11th. Keefe, Bruyette & Woods lifted their price target on shares of Franklin Resources from $34.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, July 29th. Citigroup Inc. lifted their price target on shares of Franklin Resources from $36.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, July 29th. Finally, Zacks Investment Research downgraded shares of Franklin Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $37.88.
In related news, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $36.18, for a total value of $180,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer M. Johnson sold 15,892 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $35.99, for a total transaction of $571,953.08. Following the completion of the transaction, the insider now owns 1,473,782 shares of the company’s stock, valued at $53,041,414.18. The disclosure for this sale can be found here. 20.41% of the stock is currently owned by company insiders.
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.
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources Inc. (NYSE:BEN).
Receive News & Ratings for Franklin Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.