Squar Milner Financial Services LLC lessened its stake in Franklin Resources, Inc. (NYSE:BEN) by 20.5% during the second quarter, HoldingsChannel.com reports. The firm owned 3,300 shares of the closed-end fund’s stock after selling 850 shares during the period. Squar Milner Financial Services LLC’s holdings in Franklin Resources were worth $115,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Trustcore Financial Services LLC acquired a new stake in shares of Franklin Resources in the 1st quarter valued at about $25,000. Knuff & Co LLC acquired a new stake in shares of Franklin Resources in the 1st quarter valued at about $33,000. Vigilant Capital Management LLC acquired a new stake in shares of Franklin Resources in the 1st quarter valued at about $39,000. Investors Research Corp acquired a new stake in shares of Franklin Resources in the 1st quarter valued at about $56,000. Finally, Zions Bancorporation N.A. acquired a new stake in shares of Franklin Resources in the 1st quarter valued at about $67,000. Institutional investors and hedge funds own 48.50% of the company’s stock.
In other Franklin Resources news, EVP Craig Steven Tyle sold 10,924 shares of the company’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 23.90% of the stock is owned by corporate insiders.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Tuesday, July 30th. The closed-end fund reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.15). The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.48 billion. Franklin Resources had a return on equity of 13.43% and a net margin of 23.80%. Franklin Resources’s revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 EPS. On average, equities analysts expect that Franklin Resources, Inc. will post 2.59 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a dividend of $0.26 per share. The ex-dividend date was Thursday, June 27th. This represents a $1.04 annualized dividend and a yield of 3.46%. Franklin Resources’s dividend payout ratio (DPR) is 32.60%.
BEN has been the topic of a number of recent analyst reports. Bank of America set a $32.00 target price on shares of Franklin Resources and gave the company a “sell” rating in a research note on Tuesday, April 9th. TheStreet upgraded shares of Franklin Resources from a “c+” rating to a “b” rating in a research note on Friday, April 26th. Keefe, Bruyette & Woods lowered shares of Franklin Resources from a “market perform” rating to an “underperform” rating and cut their target price for the company from $34.00 to $33.00 in a research note on Monday, April 29th. Barclays set a $27.00 price objective on shares of Franklin Resources and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Finally, Citigroup increased their price objective on shares of Franklin Resources from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Seven 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 stock. The company currently has a consensus rating of “Hold” and an average price target of $31.18.
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.
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