Trust Department MB Financial Bank N A cut its stake in Franklin Resources, Inc. (NYSE:BEN) by 8.8% in the fourth quarter, Holdings Channel reports. The fund owned 129,549 shares of the closed-end fund’s stock after selling 12,449 shares during the quarter. Trust Department MB Financial Bank N A’s holdings in Franklin Resources were worth $5,613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Franklin Resources by 1.2% in the second quarter. Vanguard Group Inc. now owns 27,248,491 shares of the closed-end fund’s stock valued at $1,220,459,000 after buying an additional 318,449 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Franklin Resources by 1.2% in the second quarter. BlackRock Inc. now owns 21,369,185 shares of the closed-end fund’s stock valued at $957,127,000 after buying an additional 249,766 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Franklin Resources by 35.9% in the third quarter. Bank of New York Mellon Corp now owns 4,874,451 shares of the closed-end fund’s stock valued at $216,961,000 after buying an additional 1,288,818 shares during the last quarter. Diamond Hill Capital Management Inc. raised its holdings in shares of Franklin Resources by 3.7% in the third quarter. Diamond Hill Capital Management Inc. now owns 3,919,555 shares of the closed-end fund’s stock valued at $174,459,000 after buying an additional 138,472 shares during the last quarter. Finally, APG Asset Management N.V. raised its holdings in shares of Franklin Resources by 57.3% in the third quarter. APG Asset Management N.V. now owns 3,906,627 shares of the closed-end fund’s stock valued at $173,884,000 after buying an additional 1,422,900 shares during the last quarter. 44.80% of the stock is owned by hedge funds and other institutional investors.
In other news, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $42.95, for a total transaction of $17,180,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Gregory E. Johnson sold 56,825 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the transaction, the chairman now owns 2,047,273 shares in the company, valued at $87,684,702.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 514,603 shares of company stock worth $22,134,429. Company insiders own 22.20% of the company’s stock.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. Franklin Resources had a net margin of 26.54% and a return on equity of 13.48%. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period in the previous year, the business posted $0.82 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. equities analysts forecast that Franklin Resources, Inc. will post 3.15 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 10th. Stockholders of record on Tuesday, December 26th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.07%. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Friday, December 22nd. Franklin Resources’s payout ratio is 30.56%.
BEN has been the subject of a number of research reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $46.00 target price on shares of Franklin Resources in a report on Wednesday, November 1st. ValuEngine raised shares of Franklin Resources from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Citigroup reduced their target price on shares of Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a report on Friday, October 27th. Zacks Investment Research cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Finally, UBS Group upped their target price on shares of Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, October 27th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. Franklin Resources presently has a consensus rating of “Hold” and an average price target of $44.45.
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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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