Insight 2811 Inc. Sells 1,654 Shares of Franklin Resources, Inc. (NYSE:BEN)

Insight 2811 Inc. reduced its position in Franklin Resources, Inc. (NYSE:BEN) by 8.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,500 shares of the closed-end fund’s stock after selling 1,654 shares during the quarter. Insight 2811 Inc.’s holdings in Franklin Resources were worth $580,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of BEN. Bank of America Corp DE raised its position in shares of Franklin Resources by 526.8% in the 4th quarter. Bank of America Corp DE now owns 6,705,633 shares of the closed-end fund’s stock worth $198,889,000 after buying an additional 5,635,864 shares during the period. Vanguard Group Inc raised its position in shares of Franklin Resources by 17.1% in the 3rd quarter. Vanguard Group Inc now owns 32,666,942 shares of the closed-end fund’s stock worth $993,402,000 after buying an additional 4,764,162 shares during the period. London Co. of Virginia purchased a new position in shares of Franklin Resources in the 4th quarter worth $107,975,000. Norges Bank purchased a new position in shares of Franklin Resources in the 4th quarter worth $100,182,000. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Franklin Resources by 2,525.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,046,540 shares of the closed-end fund’s stock worth $69,000 after buying an additional 1,968,602 shares during the period. 48.48% of the stock is currently owned by institutional investors and hedge funds.

In other news, EVP Craig Steven Tyle sold 10,924 shares of Franklin Resources stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $32.04, for a total value of $350,004.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 23.90% of the stock is currently owned by company insiders.

Several research firms have commented on BEN. TheStreet raised Franklin Resources from a “c+” rating to a “b” rating in a research report on Friday, April 26th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a report on Wednesday, April 3rd. Citigroup raised Franklin Resources from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $28.00 to $35.00 in a report on Monday, April 15th. Bank of America set a $32.00 target price on Franklin Resources and gave the stock a “sell” rating in a report on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods cut Franklin Resources from a “market perform” rating to an “underperform” rating and dropped their price target for the company from $34.00 to $33.00 in a report on Monday, April 29th. Seven research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $30.55.

Franklin Resources stock traded up $0.20 during trading hours on Monday, hitting $35.00. 2,279,908 shares of the stock were exchanged, compared to its average volume of 2,780,907. The company has a quick ratio of 3.54, a current ratio of 3.54 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $17.80 billion, a PE ratio of 10.97, a P/E/G ratio of 1.93 and a beta of 1.19. Franklin Resources, Inc. has a 12 month low of $27.34 and a 12 month high of $35.82. The stock has a 50-day moving average of $33.50.

Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, April 26th. The closed-end fund reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.08. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the business posted $0.78 earnings per share. The business’s revenue for the quarter was down 11.4% compared to the same quarter last year. As a group, sell-side analysts expect that Franklin Resources, Inc. will post 2.58 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend is Thursday, June 27th. Franklin Resources’s dividend payout ratio (DPR) is currently 32.60%.

About Franklin Resources

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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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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