Franklin Resources, Inc. (BEN) Shares Sold by Twin Capital Management Inc.
Twin Capital Management Inc. cut its holdings in Franklin Resources, Inc. (NYSE:BEN) by 65.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,250 shares of the closed-end fund’s stock after selling 34,289 shares during the quarter. Twin Capital Management Inc.’s holdings in Franklin Resources were worth $585,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Franklin Resources in the 1st quarter valued at about $441,000. DekaBank Deutsche Girozentrale increased its position in shares of Franklin Resources by 60.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 104,439 shares of the closed-end fund’s stock valued at $3,641,000 after purchasing an additional 39,172 shares during the last quarter. Mackay Shields LLC bought a new position in shares of Franklin Resources during the 1st quarter valued at about $3,443,000. American Century Companies Inc. increased its position in shares of Franklin Resources by 8.2% during the 1st quarter. American Century Companies Inc. now owns 427,168 shares of the closed-end fund’s stock valued at $14,814,000 after purchasing an additional 32,283 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Franklin Resources by 48.5% during the 1st quarter. Prudential Financial Inc. now owns 1,085,327 shares of the closed-end fund’s stock valued at $37,639,000 after purchasing an additional 354,447 shares during the last quarter. 46.84% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Craig Steven Tyle sold 11,165 shares of Franklin Resources stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total value of $350,022.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 22.20% of the company’s stock.
Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.75. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a return on equity of 15.40% and a net margin of 10.72%. The company’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.73 EPS. equities research analysts predict that Franklin Resources, Inc. will post 3.14 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Investors of record on Friday, September 28th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Thursday, September 27th. Franklin Resources’s payout ratio is currently 30.56%.
Several research firms recently issued reports on BEN. Wells Fargo & Co reduced their price target on Franklin Resources from $35.00 to $34.00 and set a “market perform” rating on the stock in a research report on Monday, July 30th. Zacks Investment Research upgraded Franklin Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, August 24th. Jefferies Financial Group reiterated a “hold” rating and issued a $33.00 price objective on shares of Franklin Resources in a report on Friday, July 13th. Deutsche Bank dropped their price objective on Franklin Resources from $33.00 to $32.00 and set a “hold” rating for the company in a report on Thursday, August 16th. Finally, Morgan Stanley dropped their price objective on Franklin Resources from $32.00 to $30.00 and set an “underweight” rating for the company in a report on Thursday, August 2nd. Six investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The company has an average rating of “Hold” and an average target price of $37.25.
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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