Indiana Trust & Investment Management CO decreased its holdings in Franklin Resources, Inc. (NYSE:BEN) by 10.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,941 shares of the closed-end fund’s stock after selling 2,000 shares during the quarter. Indiana Trust & Investment Management CO’s holdings in Franklin Resources were worth $518,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Sigma Planning Corp raised its position in shares of Franklin Resources by 8.0% during the second quarter. Sigma Planning Corp now owns 9,241 shares of the closed-end fund’s stock worth $322,000 after acquiring an additional 681 shares during the last quarter. Bingham Osborn & Scarborough LLC bought a new stake in shares of Franklin Resources during the second quarter worth $208,000. Aperio Group LLC raised its position in shares of Franklin Resources by 1.8% during the second quarter. Aperio Group LLC now owns 186,653 shares of the closed-end fund’s stock worth $6,496,000 after acquiring an additional 3,353 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Franklin Resources by 257.1% during the second quarter. Janus Henderson Group PLC now owns 690,543 shares of the closed-end fund’s stock worth $24,029,000 after acquiring an additional 497,181 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Franklin Resources by 0.5% during the second quarter. Northern Trust Corp now owns 4,270,065 shares of the closed-end fund’s stock worth $148,598,000 after acquiring an additional 20,983 shares during the last quarter. Hedge funds and other institutional investors own 50.46% of the company’s stock.
In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was 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 $2,601,234.09. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 22.20% of the company’s stock.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Tuesday, July 30th. The closed-end fund reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.15). The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.48 billion. Franklin Resources had a net margin of 23.80% and a return on equity of 13.43%. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.75 EPS. As a group, analysts forecast that Franklin Resources, Inc. will post 2.58 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a $0.26 dividend. The ex-dividend date is Friday, September 27th. This represents a $1.04 dividend on an annualized basis and a yield of 3.86%. Franklin Resources’s dividend payout ratio is presently 32.60%.
A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. upgraded Franklin Resources from an “underweight” rating to a “neutral” rating and set a $32.00 target price for the company in a research report on Thursday, September 12th. Citigroup boosted their target price on Franklin Resources from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. ValuEngine downgraded Franklin Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. TheStreet downgraded Franklin Resources from a “b-” rating to a “c+” rating in a research report on Friday, August 9th. Finally, Barclays set a $27.00 price objective on Franklin Resources and gave the company a “sell” rating in a report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price 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.
Read More: What is a dead cat bounce?
Receive News & Ratings 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.