Atria Investments LLC reduced its stake in shares of Franklin Resources, Inc. (NYSE: BEN – Get Rating) by 51.2% in Q1, Holdings Channel.com reports. The fund held 52,982 shares of the closed-end fund after selling 55,585 shares during the quarter. Atria Investments LLC’s holdings in Franklin Resources were worth $1,479,000 when it last filed with the SEC.
Other hedge funds have also recently been buying and selling shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of Franklin Resources in Q1 worth approximately $26,000. National Bank of Canada FI acquired a new stake in Franklin Resources in the fourth quarter valued at approximately $30,000. Denali Advisors LLC acquired a new stake in Franklin Resources in the first quarter valued at approximately $31,000. Capital Analysts LLC increased its stake in Franklin Resources by 104.5% in the fourth quarter. Capital Analysts LLC now owns 1,047 shares of the closed-end fund worth $35,000 after acquiring 535 additional shares in the last quarter. Finally, GHP Investment Advisors Inc. acquired a new stake in shares of Franklin Resources in the first quarter worth $36,000. 43.50% of the shares are currently held by institutional investors.
Analyst upgrades and downgrades
BEN has been the subject of a number of research reports. Keefe, Bruyette & Woods downgraded shares of Franklin Resources from a ‘market performance’ rating to an ‘underperforming’ rating and reduced their price target for the company from $28.00 to 22.00 $ in a report from Tuesday, June 28. Goldman Sachs Group began covering Franklin Resources shares in a research note on Tuesday, June 28. They set a rating of “sell” and a price target of $23.00 on the stock. Citigroup downgraded Franklin Resources shares from a “buy” rating to a “neutral” rating and lowered its price target for the company from $44.50 to $28.00 in a Tuesday 12 research note. april. Deutsche Bank Aktiengesellschaft lowered its price target on Franklin Resources shares from $28.00 to $25.00 in a Thursday, May 19 research note. Finally, StockNews.com began covering Franklin Resources shares in a research note on Thursday, March 31. They issued a “holding” rating on the stock. Three analysts have rated the stock with a sell rating and five have issued a hold rating for the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $26.00.
Franklin Resources shares down 0.3%
BEN shares opened at $25.23 on Tuesday. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt ratio of 0.70. Franklin Resources, Inc. has a 1-year low of $22.61 and a 1-year high of $38.27. The company’s fifty-day moving average price is $24.97 and its two-hundred-day moving average price is $27.42. The company has a market capitalization of $12.61 billion, a P/E ratio of 6.78, a PEG ratio of 4.53 and a beta of 1.15.
Franklin Resources (NYSE:BEN – Get Rating) last released its quarterly results on Tuesday, May 3. The closed-end fund reported earnings per share (EPS) of $0.96 for the quarter, beating the consensus estimate of $0.79 by $0.17. Franklin Resources had a net margin of 22.02% and a return on equity of 18.34%. The company posted revenue of $2.08 billion for the quarter, versus analyst estimates of $2.08 billion. During the same period of the previous year, the company achieved EPS of $0.79. The company’s revenue increased by 0.2% compared to the same quarter last year. On average, stock analysts predict that Franklin Resources, Inc. will post EPS of 3.53 for the current fiscal year.
Franklin Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 15. Shareholders of record on Thursday, June 30 received a dividend of $0.29. This represents a dividend of $1.16 on an annualized basis and a dividend yield of 4.60%. The ex-dividend date was Wednesday, June 29. Franklin Resources’ dividend payout ratio (DPR) is currently 31.18%.
In other news, Director Mariann H. Byerwalter sold 3,135 shares of Franklin Resources in a trade dated Wednesday, June 15. The shares were sold at an average price of $23.37, for a total value of $73,264.95. Following completion of the transaction, the director now owns 11,523 shares of the company, valued at approximately $269,292.51. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. In other news, Director Mariann H. Byerwalter sold 3,135 shares of Franklin Resources in a trade dated Wednesday, June 15. The shares were sold at an average price of $23.37, for a total value of $73,264.95. Following completion of the transaction, the administrator now owns 11,523 shares of the company, valued at approximately $269,292.51. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. Additionally, insider Franklin Resources Inc acquired 108,467 shares of the company in a trade dated Wednesday, July 20. The shares were purchased at an average cost of $4.43 per share, with a total value of $480,508.81. Following the transaction, the insider now owns 839,861 shares of the company, valued at $3,720,584.23. Disclosure of this purchase can be found here. Insiders purchased a total of 586,940 shares of the company valued at $2,583,292 during the last quarter. Insiders of the company hold 23.30% of the shares of the company.
Franklin Resource Profile
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Franklin Resources, Inc is a public 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.
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