Franklin Resources, Inc. (NYSE:BEN) Shares Bought by Saratoga Research & Investment Management

Saratoga Research & Investment Management boosted its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 1.8% in the second quarter, HoldingsChannel.com reports. The fund owned 19,265 shares of the closed-end fund’s stock after acquiring an additional 340 shares during the quarter. Saratoga Research & Investment Management’s holdings in Franklin Resources were worth $670,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of BEN. Norges Bank acquired a new stake in Franklin Resources during the 4th quarter worth about $100,182,000. O Shaughnessy Asset Management LLC raised its stake in shares of Franklin Resources by 93.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,420,367 shares of the closed-end fund’s stock valued at $46,994,000 after buying an additional 686,589 shares during the last quarter. Investec Asset Management LTD purchased a new position in shares of Franklin Resources during the 1st quarter valued at about $17,112,000. CWM LLC raised its stake in shares of Franklin Resources by 25,571.5% during the 1st quarter. CWM LLC now owns 454,899 shares of the closed-end fund’s stock valued at $15,075,000 after buying an additional 453,127 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Franklin Resources by 60.6% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,110,327 shares of the closed-end fund’s stock valued at $38,639,000 after buying an additional 418,762 shares during the last quarter. 48.47% of the stock is owned by institutional investors.

Shares of NYSE BEN traded down $0.07 during trading on Friday, reaching $31.44. 4,484,939 shares of the company traded hands, compared to its average volume of 2,705,082. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.54 and a current ratio of 3.35. Franklin Resources, Inc. has a 12-month low of $27.34 and a 12-month high of $35.82. The company has a fifty day moving average price of $34.50. The firm has a market cap of $15.84 billion, a PE ratio of 9.86, a P/E/G ratio of 1.80 and a beta of 1.17.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Tuesday, July 30th. The closed-end fund reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.15). Franklin Resources had a net margin of 23.80% and a return on equity of 13.43%. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the firm earned $0.75 EPS. Franklin Resources’s revenue for the quarter was down 5.3% on a year-over-year basis. As a group, equities analysts expect that Franklin Resources, Inc. will post 2.59 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a $0.26 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $1.04 annualized dividend and a dividend yield of 3.31%. Franklin Resources’s dividend payout ratio is presently 32.60%.

In related news, EVP Craig Steven Tyle sold 10,924 shares of Franklin Resources stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $32.04, for a total value of $350,004.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 22.20% of the stock is owned by insiders.

A number of research firms have weighed in on BEN. Barclays set a $27.00 price objective on Franklin Resources and gave the company a “sell” rating in a research note on Wednesday. JPMorgan Chase & Co. lifted their price objective on Franklin Resources from $33.00 to $34.00 and gave the company an “underweight” rating in a research note on Friday, July 12th. Keefe, Bruyette & Woods lowered Franklin Resources from a “market perform” rating to an “underperform” rating and reduced their price objective for the company from $34.00 to $33.00 in a research note on Monday, April 29th. TheStreet upgraded Franklin Resources from a “c+” rating to a “b” rating in a research note on Friday, April 26th. Finally, Bank of America set a $32.00 price objective on Franklin Resources and gave the company a “sell” rating in a research note on Tuesday, April 9th. Seven equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $31.18.

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.

Featured Story: Are 12b-1 Fees Affecting Your Mutual Fund Performance?

Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).

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

Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.