Franklin Resources, Inc. (NYSE:BEN) Stake Lowered by Capital Investment Counsel Inc

Capital Investment Counsel Inc reduced its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 6.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 36,014 shares of the closed-end fund’s stock after selling 2,350 shares during the period. Capital Investment Counsel Inc’s holdings in Franklin Resources were worth $1,253,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of BEN. Northern Trust Corp raised its position in Franklin Resources by 0.6% in the first quarter. Northern Trust Corp now owns 4,249,082 shares of the closed-end fund’s stock worth $140,815,000 after purchasing an additional 24,064 shares in the last quarter. Geode Capital Management LLC raised its position in Franklin Resources by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 4,151,160 shares of the closed-end fund’s stock worth $122,917,000 after purchasing an additional 122,024 shares in the last quarter. FMR LLC raised its position in Franklin Resources by 15.5% in the first quarter. FMR LLC now owns 2,523,862 shares of the closed-end fund’s stock worth $83,640,000 after purchasing an additional 339,568 shares in the last quarter. Equity Investment Corp raised its position in Franklin Resources by 0.9% in the first quarter. Equity Investment Corp now owns 1,451,524 shares of the closed-end fund’s stock worth $48,104,000 after purchasing an additional 13,396 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in Franklin Resources by 93.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 1,420,367 shares of the closed-end fund’s stock worth $46,994,000 after purchasing an additional 686,589 shares in the last quarter. Institutional investors and hedge funds own 48.50% of the company’s stock.

In other news, EVP Craig Steven Tyle sold 10,924 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $32.04, for a total transaction of $350,004.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 23.90% of the stock is owned by corporate insiders.

Shares of Franklin Resources stock opened at $30.15 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.35 and a quick ratio of 3.35. The company has a market capitalization of $15.84 billion, a PE ratio of 9.45, a price-to-earnings-growth ratio of 1.74 and a beta of 1.17. Franklin Resources, Inc. has a 1-year low of $27.34 and a 1-year high of $35.82. The business’s 50-day moving average price is $34.33.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Tuesday, July 30th. The closed-end fund reported $0.48 EPS 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 company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the company earned $0.75 earnings per share. Franklin Resources’s revenue for the quarter was down 5.3% compared to the same quarter last year. As a group, equities analysts expect that Franklin Resources, Inc. will post 2.59 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders 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 dividend yield of 3.45%. Franklin Resources’s dividend payout ratio (DPR) is currently 32.60%.

BEN has been the topic of several research analyst reports. Citigroup upped 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. 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. TheStreet raised shares of Franklin Resources from a “c+” rating to a “b” rating in a research note on Friday, April 26th. Bank of America set a $32.00 price objective on shares of Franklin Resources and gave the stock a “sell” rating in a research note on Tuesday, April 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Franklin Resources from $33.00 to $34.00 and gave the stock an “underweight” rating in a research note on Friday, July 12th. Seven 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. Franklin Resources 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.

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

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