Whittier Trust Co. boosted its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 20.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,560 shares of the closed-end fund’s stock after buying an additional 7,492 shares during the period. Whittier Trust Co.’s holdings in Franklin Resources were worth $2,519,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of BEN. We Are One Seven LLC bought a new position in Franklin Resources during the 4th quarter valued at approximately $113,000. Elmwood Wealth Management Inc. bought a new position in Franklin Resources during the 1st quarter valued at approximately $164,000. Vantage Financial Partners Ltd. Inc. bought a new position in Franklin Resources during the 1st quarter valued at approximately $222,000. BLB&B Advisors LLC bought a new position in Franklin Resources during the 2nd quarter valued at approximately $240,000. Finally, IBM Retirement Fund increased its position in Franklin Resources by 46.4% during the 1st quarter. IBM Retirement Fund now owns 7,273 shares of the closed-end fund’s stock valued at $252,000 after buying an additional 2,305 shares in the last quarter. 46.84% of the stock is owned by institutional investors.
BEN has been the topic of several recent analyst reports. Jefferies Financial Group reiterated a “hold” rating and set a $36.00 target price on shares of Franklin Resources in a research note on Wednesday, April 11th. Zacks Investment Research downgraded Franklin Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, April 24th. ValuEngine downgraded Franklin Resources from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Deutsche Bank cut their target price on Franklin Resources from $37.00 to $34.00 and set a “hold” rating on the stock in a research note on Friday, April 6th. Finally, Credit Suisse Group cut their target price on Franklin Resources from $57.00 to $34.00 and set an “underperform” rating on the stock in a research note on Thursday, April 5th. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $39.82.
Shares of BEN opened at $31.98 on Friday. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.10. Franklin Resources, Inc. has a 12 month low of $31.28 and a 12 month high of $47.65. The firm has a market cap of $17.28 billion, a price-to-earnings ratio of 10.15, a price-to-earnings-growth ratio of 1.46 and a beta of 1.56.
Franklin Resources (NYSE:BEN) last issued its earnings results on Thursday, April 26th. The closed-end fund reported $0.78 EPS for the quarter, beating the consensus estimate of $0.75 by $0.03. Franklin Resources had a return on equity of 14.66% and a net margin of 10.76%. The business had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the business posted $0.74 EPS. The company’s revenue was up 1.1% compared to the same quarter last year. equities research analysts expect that Franklin Resources, Inc. will post 3.17 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 13th. Shareholders of record on Friday, June 29th were paid a dividend of $0.23 per share. The ex-dividend date was Thursday, June 28th. This represents a $0.92 annualized dividend and a yield of 2.88%. Franklin Resources’s dividend payout ratio is 30.56%.
Franklin Resources declared that its board has initiated a share buyback program on Thursday, April 12th that permits the company to repurchase 80,000,000 outstanding shares. This repurchase authorization permits the closed-end fund to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
Franklin Resources Company Profile
Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.
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