Schaper Benz & Wise Investment Counsel Inc. WI grew its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 10.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 287,852 shares of the closed-end fund’s stock after buying an additional 27,720 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI owned approximately 0.06% of Franklin Resources worth $8,307,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the business. Sigma Planning Corp lifted its holdings in shares of Franklin Resources by 8.0% in the 2nd quarter. Sigma Planning Corp now owns 9,241 shares of the closed-end fund’s stock worth $322,000 after purchasing an additional 681 shares in the last quarter. Bingham Osborn & Scarborough LLC bought a new position in shares of Franklin Resources in the 2nd quarter worth $208,000. Aperio Group LLC lifted its holdings in shares of Franklin Resources by 1.8% in the 2nd quarter. Aperio Group LLC now owns 186,653 shares of the closed-end fund’s stock worth $6,496,000 after purchasing an additional 3,353 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Franklin Resources by 257.1% in the 2nd quarter. Janus Henderson Group PLC now owns 690,543 shares of the closed-end fund’s stock worth $24,029,000 after purchasing an additional 497,181 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Franklin Resources by 0.5% in the 2nd quarter. Northern Trust Corp now owns 4,270,065 shares of the closed-end fund’s stock worth $148,598,000 after purchasing an additional 20,983 shares in the last quarter. Hedge funds and other institutional investors own 49.87% of the company’s stock.
In other news, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $26.01, for a total transaction of $130,050.00. Following the completion of the sale, the executive vice president now directly owns 100,009 shares of the company’s stock, valued at approximately $2,601,234.09. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 22.20% of the company’s stock.
A number of equities analysts recently issued reports on BEN shares. Barclays reiterated a “sell” rating and issued a $24.00 target price on shares of Franklin Resources in a report on Wednesday, October 9th. ValuEngine upgraded Franklin Resources from a “sell” rating to a “hold” rating in a report on Friday, October 25th. BMO Capital Markets began coverage on Franklin Resources in a research report on Monday, October 7th. They issued an “underperform” rating and a $16.00 price target for the company. TheStreet lowered Franklin Resources from a “b-” rating to a “c+” rating in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. raised Franklin Resources from an “underweight” rating to a “neutral” rating and set a $32.00 price target for the company in a research report on Thursday, September 12th. Seven research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $29.35.
NYSE BEN traded down $0.46 on Friday, reaching $28.28. The company had a trading volume of 2,871,281 shares, compared to its average volume of 2,976,899. The stock has a market capitalization of $14.60 billion, a P/E ratio of 11.22, a P/E/G ratio of 1.60 and a beta of 1.23. The company’s fifty day moving average is $27.93 and its 200 day moving average is $31.15. Franklin Resources, Inc. has a 52-week low of $25.57 and a 52-week high of $35.82. The company has a quick ratio of 3.35, a current ratio of 3.35 and a debt-to-equity ratio of 0.07.
Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, October 25th. The closed-end fund reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.03). Franklin Resources had a net margin of 20.71% and a return on equity of 12.35%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the prior year, the business earned $0.96 earnings per share. The company’s revenue for the quarter was down 4.9% compared to the same quarter last year. On average, research analysts expect that Franklin Resources, Inc. will post 2.59 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend was Friday, September 27th. Franklin Resources’s dividend payout ratio is presently 41.27%.
Franklin Resources Company 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.
Further Reading: Net Income
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