Franklin Resources, Inc. (BEN) CFO Sells $762,945.91 in Stock
Franklin Resources, Inc. (NYSE:BEN) CFO Kenneth A. Lewis sold 17,141 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the completion of the transaction, the chief financial officer now directly owns 124,021 shares in the company, valued at approximately $5,520,174.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of Franklin Resources, Inc. (NYSE BEN) traded up 0.18% during mid-day trading on Thursday, reaching $44.34. 1,642,357 shares of the company traded hands. The firm’s 50 day moving average price is $42.92 and its 200-day moving average price is $41.69. The company has a market capitalization of $24.89 billion, a P/E ratio of 14.28 and a beta of 1.73. Franklin Resources, Inc. has a 52-week low of $30.56 and a 52-week high of $45.21.
Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, April 28th. The closed-end fund reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.07. Franklin Resources had a return on equity of 14.34% and a net margin of 27.77%. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter in the previous year, the business earned $0.61 EPS. The company’s revenue for the quarter was down .8% on a year-over-year basis. Equities analysts predict that Franklin Resources, Inc. will post $2.89 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Wednesday, June 28th. Franklin Resources’s payout ratio is currently 25.81%.
A number of research firms have commented on BEN. Deutsche Bank AG raised shares of Franklin Resources from a “sell” rating to a “hold” rating and upped their target price for the company from $37.00 to $41.00 in a research report on Friday, February 24th. They noted that the move was a valuation call. Credit Suisse Group set a $33.00 price target on shares of Franklin Resources and gave the stock a “sell” rating in a research report on Monday, March 27th. Bank of America Corporation raised shares of Franklin Resources from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Thursday, March 16th. BidaskClub raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, TheStreet raised shares of Franklin Resources from a “c” rating to a “b-” rating in a research report on Friday, March 3rd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $40.33.
Hedge funds have recently modified their holdings of the company. Achmea Investment Management B.V. purchased a new stake in shares of Franklin Resources during the first quarter worth about $4,844,000. Bank of Nova Scotia raised its position in Franklin Resources by 891.6% in the first quarter. Bank of Nova Scotia now owns 78,940 shares of the closed-end fund’s stock valued at $3,327,000 after buying an additional 70,979 shares during the period. Brighton Jones LLC bought a new position in Franklin Resources during the first quarter valued at approximately $238,000. FNY Partners Fund LP bought a new position in Franklin Resources during the first quarter valued at approximately $294,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. raised its position in Franklin Resources by 21.5% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 19,200 shares of the closed-end fund’s stock valued at $809,000 after buying an additional 3,400 shares during the period. Institutional investors and hedge funds own 45.54% of the company’s stock.
Franklin Resources Company Profile
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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