Huntington National Bank Cuts Stake in Franklin Resources, Inc. (NYSE:BEN)
Huntington National Bank lowered its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 2.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,737 shares of the closed-end fund’s stock after selling 634 shares during the period. Huntington National Bank’s holdings in Franklin Resources were worth $930,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Trustcore Financial Services LLC purchased a new stake in shares of Franklin Resources during the first quarter worth about $25,000. Knuff & Co LLC purchased a new stake in Franklin Resources during the 1st quarter valued at about $33,000. Vigilant Capital Management LLC purchased a new stake in Franklin Resources during the 1st quarter valued at about $39,000. Investors Research Corp purchased a new stake in Franklin Resources during the 1st quarter valued at about $56,000. Finally, Zions Bancorporation N.A. purchased a new stake in Franklin Resources during the 1st quarter valued at about $67,000. 48.47% of the stock is owned by institutional investors and hedge funds.
In other Franklin Resources news, EVP Craig Steven Tyle sold 10,924 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $32.04, for a total transaction of $350,004.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 23.90% of the stock is owned by corporate insiders.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, April 26th. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.08. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. The firm’s quarterly revenue was down 11.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.78 EPS. Equities research analysts forecast that Franklin Resources, Inc. will post 2.59 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a dividend of $0.26 per share. The ex-dividend date was Thursday, June 27th. This represents a $1.04 dividend on an annualized basis and a yield of 3.08%. Franklin Resources’s dividend payout ratio (DPR) is presently 32.60%.
BEN has been the subject of several research reports. Keefe, Bruyette & Woods cut shares of Franklin Resources from a “market perform” rating to an “underperform” rating and dropped their price objective for the company from $34.00 to $33.00 in a research note on Monday, April 29th. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $69.00 price objective on shares of Daimler in a research note on Friday, July 12th. Citigroup cut shares of Apergy from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $41.00 to $34.00 in a research note on Tuesday, July 9th. Bank of America set a $180.00 price objective on shares of CME Group and gave the company a “hold” rating in a research note on Tuesday, April 9th. Finally, Zacks Investment Research upgraded shares of IMI PLC/S from a “sell” rating to a “hold” rating in a report on Wednesday, April 3rd. Seven research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $31.09.
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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