Riverhead Capital Management LLC lifted its stake in Franklin Resources, Inc. (NYSE:BEN) by 80.7% during the 1st quarter, Holdings Channel reports. The fund owned 123,993 shares of the closed-end fund’s stock after purchasing an additional 55,380 shares during the quarter. Riverhead Capital Management LLC’s holdings in Franklin Resources were worth $4,109,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of BEN. Bank of America Corp DE lifted its holdings in shares of Franklin Resources by 526.8% in the 4th quarter. Bank of America Corp DE now owns 6,705,633 shares of the closed-end fund’s stock worth $198,889,000 after acquiring an additional 5,635,864 shares during the last quarter. Vanguard Group Inc lifted its holdings in shares of Franklin Resources by 17.1% in the 3rd quarter. Vanguard Group Inc now owns 32,666,942 shares of the closed-end fund’s stock worth $993,402,000 after acquiring an additional 4,764,162 shares during the last quarter. London Co. of Virginia acquired a new position in shares of Franklin Resources in the 4th quarter worth approximately $107,975,000. Norges Bank acquired a new position in shares of Franklin Resources in the 4th quarter worth approximately $100,182,000. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of Franklin Resources by 2,525.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,046,540 shares of the closed-end fund’s stock worth $69,000 after acquiring an additional 1,968,602 shares during the last quarter. Hedge funds and other institutional investors own 48.49% of the company’s stock.
Franklin Resources stock traded down $0.13 during mid-day trading on Friday, reaching $33.24. 229,670 shares of the company’s stock were exchanged, compared to its average volume of 2,372,201. The firm has a market cap of $16.86 billion, a PE ratio of 10.42, a price-to-earnings-growth ratio of 1.85 and a beta of 1.16. Franklin Resources, Inc. has a twelve month low of $27.34 and a twelve month high of $35.82. The company has a quick ratio of 3.54, a current ratio of 3.54 and a debt-to-equity ratio of 0.07.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, April 26th. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.08. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the business earned $0.78 EPS. The firm’s quarterly revenue was down 11.4% on a year-over-year basis. On average, equities research analysts anticipate that Franklin Resources, Inc. will post 2.57 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend is Thursday, June 27th. Franklin Resources’s dividend payout ratio is presently 32.60%.
Several equities analysts have recently commented on BEN shares. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a report on Wednesday, April 3rd. Bank of America set a $32.00 price objective on shares of Franklin Resources and gave the stock a “sell” rating in a report on Tuesday, April 9th. Keefe, Bruyette & Woods lowered shares of Franklin Resources from a “market perform” rating to an “underperform” rating and decreased their price objective for the stock from $34.00 to $33.00 in a report on Monday, April 29th. Citigroup upped their price objective on shares of Franklin Resources from $25.00 to $28.00 and gave the stock a “sell” rating in a report on Thursday, March 14th. Finally, TheStreet upgraded shares of Franklin Resources from a “c+” rating to a “b” rating in a report on Friday, April 26th. Seven analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $30.55.
In other Franklin Resources 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 value of $350,004.96. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 22.20% of the company’s stock.
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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