CNA Financial Corp held its stake in shares of Franklin Resources, Inc. (NYSE:BEN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,450 shares of the closed-end fund’s stock at the end of the first quarter. CNA Financial Corp’s holdings in Franklin Resources were worth $2,674,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in shares of Franklin Resources by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,210,421 shares of the closed-end fund’s stock valued at $47,908,000 after buying an additional 4,464 shares during the period. Korea Investment CORP boosted its stake in shares of Franklin Resources by 12.0% in the first quarter. Korea Investment CORP now owns 204,537 shares of the closed-end fund’s stock valued at $8,619,000 after buying an additional 21,995 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Franklin Resources by 996.3% in the first quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock valued at $30,203,000 after buying an additional 651,346 shares during the period. Gulf International Bank UK Ltd boosted its stake in shares of Franklin Resources by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 119,694 shares of the closed-end fund’s stock valued at $5,043,000 after buying an additional 1,550 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in shares of Franklin Resources by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 732,643 shares of the closed-end fund’s stock valued at $30,884,000 after buying an additional 8,546 shares during the period. Institutional investors and hedge funds own 45.54% of the company’s stock.
Shares of Franklin Resources, Inc. (NYSE:BEN) traded up 0.50% on Monday, hitting $44.20. 482,652 shares of the stock were exchanged. The company has a market cap of $24.81 billion, a price-to-earnings ratio of 14.24 and a beta of 1.73. The company has a 50 day moving average of $42.92 and a 200 day moving average of $41.69. Franklin Resources, Inc. has a 52-week low of $30.56 and a 52-week high of $45.21.
Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, April 28th. The closed-end fund reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.07. Franklin Resources had a net margin of 27.77% and a return on equity of 14.34%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter last year, the business earned $0.61 earnings per share. The business’s revenue was down .8% on a year-over-year basis. Equities research analysts forecast that Franklin Resources, Inc. will post $2.89 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Wednesday, June 28th. Franklin Resources’s dividend payout ratio is 25.81%.
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Several equities analysts have commented on the stock. Morgan Stanley lowered shares of Franklin Resources from an “overweight” rating to an “equal weight” rating and set a $38.00 target price on the stock. in a report on Thursday, March 16th. Credit Suisse Group set a $33.00 target price on shares of Franklin Resources and gave the company a “sell” rating in a report on Monday, March 27th. Deutsche Bank AG raised their target price on shares of Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a report on Thursday, April 6th. Bank of America Corporation raised shares of Franklin Resources from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Thursday, March 16th. Finally, TheStreet raised shares of Franklin Resources from a “c” rating to a “b-” rating in a report on Friday, March 3rd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Franklin Resources presently has a consensus rating of “Hold” and a consensus price target of $40.33.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the transaction, the chief financial officer now owns 124,021 shares in the company, valued at $5,520,174.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.60% of the stock is currently owned by company insiders.
Franklin Resources Company Profile
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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