Lesa Sroufe & Co cut its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 1.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 92,388 shares of the closed-end fund’s stock after selling 1,352 shares during the period. Franklin Resources makes up approximately 2.8% of Lesa Sroufe & Co’s investment portfolio, making the stock its 14th largest holding. Lesa Sroufe & Co’s holdings in Franklin Resources were worth $3,215,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Trustcore Financial Services LLC bought a new position in Franklin Resources during the first quarter worth about $25,000. Knuff & Co LLC bought a new stake in shares of Franklin Resources in the first quarter valued at about $33,000. Vigilant Capital Management LLC bought a new stake in shares of Franklin Resources in the first quarter valued at about $39,000. Investors Research Corp bought a new stake in shares of Franklin Resources in the first quarter valued at about $56,000. Finally, Zions Bancorporation N.A. bought a new stake in shares of Franklin Resources in the first quarter valued at about $67,000. Hedge funds and other institutional investors own 48.50% of the company’s stock.
A number of analysts have recently commented on BEN shares. Bank of America set a $32.00 price target on Franklin Resources and gave the company a “sell” rating in a report on Tuesday, April 9th. Keefe, Bruyette & Woods downgraded Franklin Resources from a “market perform” rating to an “underperform” rating and lowered their target price for the company from $34.00 to $33.00 in a research report on Monday, April 29th. Barclays set a $27.00 target price on Franklin Resources and gave the company a “sell” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their target price on Franklin Resources from $33.00 to $34.00 and gave the company an “underweight” rating in a research report on Friday, July 12th. Finally, Citigroup lifted their target price on Franklin Resources from $35.00 to $37.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Seven equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $31.18.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Tuesday, July 30th. The closed-end fund reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.15). The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.48 billion. Franklin Resources had a net margin of 23.80% and a return on equity of 13.43%. The company’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.75 earnings per share. On average, analysts forecast that Franklin Resources, Inc. will post 2.59 earnings per share for the current year.
The business 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. This represents a $1.04 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend was Thursday, June 27th. Franklin Resources’s dividend payout ratio (DPR) is currently 32.60%.
In other Franklin Resources news, EVP Craig Steven Tyle sold 10,924 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was 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 Securities & Exchange Commission, which is available through this hyperlink. 23.90% of the stock is owned by corporate insiders.
Franklin Resources 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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