Pendal Group Ltd bought a new position in shares of Franklin Resources, Inc. (NYSE:BEN – Get Rating ) in the first quarter, Holdings Channel reports. The fund purchased 9,414 shares of the closed-end fund’s stock, valued at approximately $263,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Daiwa Securities Group Inc. boosted its holdings in Franklin Resources by 2.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 17,612 shares of the closed-end fund’s stock worth $590,000 after buying an additional 405 shares in the last quarter. RK Asset Management LLC raised its stake in Franklin Resources by 0.3% in the first quarter. RK Asset Management LLC now owns 150,994 shares of the closed-end fund’s stock valued at $4,216,000 after purchasing an additional 405 shares during the last quarter. Nordea Investment Management AB raised its stake in Franklin Resources by 1.1% in the first quarter. Nordea Investment Management AB now owns 37,246 shares of the closed-end fund’s stock valued at $1,065,000 after purchasing an additional 411 shares during the last quarter. Griffin Asset Management Inc. raised its stake in Franklin Resources by 1.6% in the fourth quarter. Griffin Asset Management Inc. now owns 27,490 shares of the closed-end fund’s stock valued at $921,000 after purchasing an additional 425 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Franklin Resources by 1.0% during the fourth quarter. American Century Companies Inc. now owns 45,411 shares of the closed-end fund’s stock valued at $1,521,000 after purchasing an additional 460 shares during the last quarter. 43.50% of the shares are owned by institutional investors.
In other Franklin Resources news, insider Franklin Resources Inc bought 41,926 shares of Franklin Resources stock in a transaction on Thursday, July 7th. The stock was bought at an average price of $4.43 per share, with a total value of $185,732.18. Following the completion of the purchase, the insider now owns 177,838 shares in the company, valued at $787,822.34. The purchase was disclosed in a filing with the Securities and Exchange Commission, which can be accessed through this link. Also, Director Mariann H. Byerwalter sold 3,135 shares of the firm’s stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $23.37, for a total value of $73,264.95. Following the completion of the sale, the director now directly owns 11,523 shares of the company’s stock, valued at approximately $269,292.51. Disclosure for this sale can be found here. In the last three months, insiders purchased 135,092 shares of company stock valued at $602,497. 23.30% of the shares are owned by domestic corporations.
BEN has been the subject of a number of research reports. StockNews.com began coverage on shares of Franklin Resources in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Keefe, Bruyette & Woods downgraded shares of Franklin Resources from a “market perform” rating to an “underperform” rating and cut their target price for the stock from $28.00 to $22.00 in a research report on Tuesday , June 28. BMO Capital Markets decreased their target price on shares of Franklin Resources from $29.00 to $27.00 in a research report on Wednesday, June 1st. Goldman Sachs Group began coverage on shares of Franklin Resources in a research report on Tuesday, June 28th. They set a “sell” rating and a $23.00 target price on the stock. Finally, Citigroup cut shares of Franklin Resources from a “buy” rating to a “neutral” rating and cut their target price for the stock from $44.50 to $28.00 in a research report on Tuesday, April 12th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and an average target price of $26.29, according to MarketBeat.com.
Shares of NYSE BEN opened at $23.87 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.13, and a quick ratio of 2.13. The stock has a fifty day moving average price of $25.04 and a 200 day moving average price of $28.17. Franklin Resources, Inc. it has a 1-year low of $22.61 and a 1-year high of $38.27. The company has a market cap of $11.93 billion, a PE ratio of 6.42, a P/E/G ratio of 4.04 and a beta of 1.15.
Franklin Resources (NYSE:BEN – Get Rating ) last issued its quarterly earnings results on Tuesday, May 3rd. The closed-end fund reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.17. Franklin Resources had a return on equity of 18.34% and a net margin of 22.02%. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same period last year, the company earned $0.79 per share. The company’s revenue for the quarter was up .2% on a year-over-year basis. Analysts predict that Franklin Resources, Inc. will post 3.74 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be issued a $0.29 dividend. This represents a dividend of $1.16 on an annualized basis and a yield of 4.86%. The ex-dividend date is Wednesday, June 29th. Franklin Resources (DPR)’s dividend payout ratio is currently 31.18%.
About Franklin Resources (Get rating)
Franklin Resources, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm offers its services to individuals, institutions, pension plans, trusts and partnerships. It launches equity, fixed income, balanced and multi-asset mutual funds through its subsidiaries.
Want to see what other hedge funds BEN is holding? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Franklin Resources, Inc. (NYSE:BEN – Get Rating).
Get news and reviews for Franklin Resources Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Franklin Resources and related companies with MarketBeat.com ‘s FREE daily email newsletter.