Toronto Dominion Bank lessened its holdings in Franklin Resources, Inc. (NYSE:BEN) by 10.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 174,782 shares of the closed-end fund’s stock after selling 19,913 shares during the period. Toronto Dominion Bank’s holdings in Franklin Resources were worth $6,081,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of BEN. O Shaughnessy Asset Management LLC raised its stake in shares of Franklin Resources by 93.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,420,367 shares of the closed-end fund’s stock valued at $46,994,000 after acquiring an additional 686,589 shares during the period. First Trust Advisors LP increased its stake in Franklin Resources by 54.0% during the 2nd quarter. First Trust Advisors LP now owns 1,807,240 shares of the closed-end fund’s stock worth $62,892,000 after buying an additional 634,062 shares during the period. Janus Henderson Group PLC increased its stake in Franklin Resources by 257.1% during the 2nd quarter. Janus Henderson Group PLC now owns 690,543 shares of the closed-end fund’s stock worth $24,029,000 after buying an additional 497,181 shares during the period. Schroder Investment Management Group increased its stake in Franklin Resources by 17.6% during the 2nd quarter. Schroder Investment Management Group now owns 3,003,248 shares of the closed-end fund’s stock worth $104,513,000 after buying an additional 450,309 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its stake in Franklin Resources by 60.6% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,110,327 shares of the closed-end fund’s stock worth $38,639,000 after buying an additional 418,762 shares during the period. 50.47% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Craig Steven Tyle sold 5,000 shares of Franklin Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $26.01, for a total value of $130,050.00. Following the completion of the transaction, the executive vice president now directly owns 100,009 shares of the company’s stock, valued at approximately $2,601,234.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 23.90% of the company’s stock.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Tuesday, July 30th. The closed-end fund reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.15). The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.48 billion. Franklin Resources had a return on equity of 13.43% and a net margin of 23.80%. Franklin Resources’s revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.75 earnings per share. As a group, sell-side analysts anticipate that Franklin Resources, Inc. will post 2.58 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Friday, September 27th. Franklin Resources’s dividend payout ratio (DPR) is presently 32.60%.
BEN has been the topic of several analyst reports. Barclays set a $27.00 price target on shares of Franklin Resources and gave the stock a “sell” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised shares of Franklin Resources from an “underweight” rating to a “neutral” rating and set a $32.00 price target on the stock in a research note on Thursday. ValuEngine lowered shares of Franklin Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. TheStreet lowered shares of Franklin Resources from a “b-” rating to a “c+” rating in a report on Friday, August 9th. Finally, Citigroup raised their price objective on shares of Franklin Resources from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Seven analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $31.02.
Franklin Resources 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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