Franklin Resources, Inc. (BEN) Chairman Gregory E. Johnson Sells 56,825 Shares
Franklin Resources, Inc. (NYSE:BEN) Chairman Gregory E. Johnson sold 56,825 shares of the stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $42.83, for a total value of $2,433,814.75. Following the transaction, the chairman now owns 2,047,273 shares of the company’s stock, valued at $87,684,702.59. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Shares of Franklin Resources, Inc. (NYSE:BEN) traded down 0.66% during trading on Tuesday, reaching $42.26. The company’s stock had a trading volume of 890,560 shares. The firm’s 50-day moving average is $43.88 and its 200 day moving average is $43.58. Franklin Resources, Inc. has a 52-week low of $33.02 and a 52-week high of $47.65. The company has a market cap of $23.57 billion, a PE ratio of 13.75 and a beta of 1.72.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Thursday, October 26th. The closed-end fund reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.04. Franklin Resources had a return on equity of 13.60% and a net margin of 26.54%. The company had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period in the prior year, the company earned $0.82 EPS. Franklin Resources’s revenue was up .3% compared to the same quarter last year. On average, equities research analysts predict that Franklin Resources, Inc. will post $2.91 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.88%. The ex-dividend date was Thursday, September 28th. Franklin Resources’s dividend payout ratio is currently 26.67%.
Large investors have recently made changes to their positions in the stock. IFP Advisors Inc raised its position in shares of Franklin Resources by 16.1% in the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after acquiring an additional 372 shares in the last quarter. Mountain Capital Investment Advisors Inc bought a new position in shares of Franklin Resources in the 2nd quarter worth about $123,000. Benjamin F. Edwards & Company Inc. bought a new position in shares of Franklin Resources in the 3rd quarter worth about $127,000. First Midwest Bank Trust Division bought a new position in shares of Franklin Resources in the 2nd quarter worth about $204,000. Finally, NBT Bank N A NY bought a new position in shares of Franklin Resources in the 2nd quarter worth about $206,000. 45.15% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on the company. Zacks Investment Research lowered Franklin Resources from a “buy” rating to a “hold” rating in a research report on Monday. UBS AG raised their price target on Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a report on Friday. Citigroup Inc. lowered their price target on Franklin Resources from $45.00 to $44.00 and set a “neutral” rating on the stock in a report on Friday. Wells Fargo & Company decreased their target price on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating for the company in a research note on Friday. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 target price on shares of Franklin Resources in a research note on Thursday, October 12th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $44.55.
About Franklin Resources
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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