Park National Corp OH purchased a new position in shares of Franklin Resources, Inc. (NYSE:BEN) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,213 shares of the closed-end fund’s stock, valued at approximately $806,000.
Other institutional investors also recently made changes to their positions in the company. Global Trust Asset Management LLC bought a new stake in Franklin Resources during the fourth quarter worth $27,000. Perigon Wealth Management LLC bought a new position in Franklin Resources in the 4th quarter valued at $27,000. Childress Capital Advisors LLC bought a new position in Franklin Resources in the 4th quarter valued at $27,000. Regent Peak Wealth Advisors LLC bought a new position in Franklin Resources in the 4th quarter valued at $31,000. Finally, International Assets Investment Management LLC bought a new position in Franklin Resources in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 45.74% of the company’s stock.
A number of brokerages have issued reports on BEN. The Goldman Sachs Group downgraded Franklin Resources from a “neutral” rating to a “sell” rating and set a $24.00 price objective for the company. in a research note on Tuesday, January 5th. Credit Suisse Group upped their price objective on Franklin Resources from $24.00 to $25.00 and gave the company an “underperform” rating in a research note on Wednesday, February 3rd. Barclays upped their price objective on Franklin Resources from $21.00 to $24.00 and gave the company an “underweight” rating in a research note on Monday, January 25th. Deutsche Bank Aktiengesellschaft upped their price target on Franklin Resources from $21.00 to $25.00 and gave the company a “hold” rating in a research report on Friday, December 18th. Finally, Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research report on Tuesday, December 29th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $24.37.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Monday, February 1st. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.96 billion. Franklin Resources had a return on equity of 12.15% and a net margin of 14.15%. The firm’s quarterly revenue was up 43.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.67 EPS. On average, research analysts forecast that Franklin Resources, Inc. will post 3.01 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 15th. Investors of record on Wednesday, March 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Tuesday, March 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.69%. Franklin Resources’s dividend payout ratio (DPR) is 42.91%.
In other Franklin Resources news, CAO Gwen L. Shaneyfelt sold 5,000 shares of the company’s stock in a transaction dated Thursday, March 18th. The stock was sold at an average price of $30.32, for a total value of $151,600.00. Following the transaction, the chief accounting officer now directly owns 68,749 shares in the company, valued at approximately $2,084,469.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jed A. Plafker sold 20,782 shares of the company’s stock in a transaction dated Wednesday, March 24th. The stock was sold at an average price of $28.67, for a total value of $595,819.94. The disclosure for this sale can be found here. Insiders have sold a total of 75,672 shares of company stock worth $2,104,440 in the last three months. 23.10% of the stock is currently owned by insiders.
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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