Mizuho Trust & Banking Co. Ltd. increased its position in shares of Franklin Resources Inc. (NYSE:BEN) by 14.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 935,498 shares of the closed-end fund’s stock after buying an additional 117,211 shares during the period. Mizuho Trust & Banking Co. Ltd.’s holdings in Franklin Resources were worth $31,218,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Acadian Asset Management LLC boosted 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 during the last quarter. FTB Advisors Inc. boosted its position in Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock worth $107,000 after buying an additional 248 shares in the last quarter. Alpha Windward LLC boosted its position 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 worth $181,000 after buying an additional 1,071 shares in the last quarter. Independence Advisors LLC acquired a new position in Franklin Resources during the second quarter worth about $217,000. Finally, Williams Jones & Associates LLC acquired a new position in Franklin Resources during the first quarter worth about $220,000. 48.32% of the stock is owned by institutional investors.
Franklin Resources Inc. (NYSE:BEN) traded down 0.70% during midday trading on Friday, reaching $34.19. The company’s stock had a trading volume of 3,469,439 shares. The firm has a market cap of $19.50 billion, a P/E ratio of 11.63 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. The firm has a 50 day moving average of $35.15 and a 200 day moving average of $35.62.
Franklin Resources (NYSE:BEN) last posted its earnings results on Wednesday, October 26th. The closed-end fund reported $0.82 EPS for the quarter, beating the consensus estimate of $0.69 by $0.13. The firm earned $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Franklin Resources had a return on equity of 13.93% and a net margin of 26.09%. The business’s quarterly revenue was down 14.0% on a year-over-year basis. During the same period last year, the company earned $0.59 earnings per share. Analysts anticipate that Franklin Resources Inc. will post $2.69 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were given a $0.18 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $0.72 annualized dividend and a yield of 2.11%. Franklin Resources’s dividend payout ratio is presently 24.49%.
A number of research firms recently issued reports on BEN. Deutsche Bank AG lifted their price target on Franklin Resources from $34.00 to $35.00 and gave the company a “hold” rating in a report on Friday, September 9th. Jefferies Group reaffirmed a “neutral” rating on shares of Franklin Resources in a report on Tuesday, August 9th. Barclays PLC lifted their price target on Franklin Resources from $30.00 to $31.00 and gave the company an “underweight” rating in a report on Tuesday, August 9th. Zacks Investment Research cut Franklin Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Finally, Citigroup Inc. cut their price target on Franklin Resources from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Tuesday, September 20th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $37.88.
In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $36.18, for a total value of $180,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer M. Johnson sold 15,892 shares of the 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 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 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.