Biechele Royce Advisors decreased its position in shares of Franklin Resources, Inc. (NYSE:BEN – Free Report) by 4.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 379,423 shares of the closed-end fund’s stock after selling 17,716 shares during the quarter. Franklin Resources makes up about 3.5% of Biechele Royce Advisors’ holdings, making the stock its 14th largest position. Biechele Royce Advisors owned 0.07% of Franklin Resources worth $10,666,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. Capital Research Global Investors grew its holdings in shares of Franklin Resources by 17.9% during the fourth quarter. Capital Research Global Investors now owns 26,652,644 shares of the closed-end fund’s stock worth $793,983,000 after purchasing an additional 4,043,808 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Franklin Resources by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,067,780 shares of the closed-end fund’s stock worth $91,398,000 after purchasing an additional 154,850 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Franklin Resources by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,878,337 shares of the closed-end fund’s stock worth $55,956,000 after purchasing an additional 37,474 shares during the last quarter. Norges Bank purchased a new position in shares of Franklin Resources during the fourth quarter worth about $49,547,000. Finally, Wedge Capital Management L L P NC grew its holdings in shares of Franklin Resources by 10.8% during the fourth quarter. Wedge Capital Management L L P NC now owns 1,491,598 shares of the closed-end fund’s stock worth $44,435,000 after purchasing an additional 144,843 shares during the last quarter. Hedge funds and other institutional investors own 47.56% of the company’s stock.
Insider Transactions at Franklin Resources
In other news, major shareholder Charles B. Johnson purchased 200,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were acquired at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the purchase, the insider now directly owns 88,703,192 shares of the company’s stock, valued at $2,022,432,777.60. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 24.13% of the company’s stock.
Franklin Resources Stock Performance
Franklin Resources (NYSE:BEN – Get Free Report) last announced its quarterly earnings data on Monday, April 29th. The closed-end fund reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The business had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Franklin Resources had a net margin of 11.09% and a return on equity of 10.82%. Franklin Resources’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.61 EPS. On average, equities analysts forecast that Franklin Resources, Inc. will post 2.45 earnings per share for the current fiscal year.
Franklin Resources Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 5.37%. The ex-dividend date of this dividend is Friday, June 28th. Franklin Resources’s dividend payout ratio (DPR) is 70.86%.
Analyst Ratings Changes
Several equities analysts have issued reports on BEN shares. Morgan Stanley raised their price objective on Franklin Resources from $24.00 to $25.00 and gave the stock an “underweight” rating in a report on Wednesday, April 17th. TD Cowen lowered their price target on Franklin Resources from $25.50 to $23.00 and set a “hold” rating on the stock in a report on Monday. BMO Capital Markets lowered their price target on Franklin Resources from $30.00 to $27.00 and set a “market perform” rating on the stock in a report on Tuesday, April 30th. Evercore ISI lowered their price target on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a report on Tuesday, April 30th. Finally, UBS Group lowered their price target on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a report on Wednesday. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $25.15.
View Our Latest Stock Report on Franklin Resources
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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