Schaper Benz & Wise Investment Counsel Inc. WI grew its position in Franklin Resources, Inc. (NYSE:BEN) by 1.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 269,632 shares of the closed-end fund’s stock after buying an additional 4,660 shares during the quarter. Schaper Benz & Wise Investment Counsel Inc. WI owned 0.05% of Franklin Resources worth $8,200,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Wesbanco Bank Inc. increased its position in shares of Franklin Resources by 9.7% in the first quarter. Wesbanco Bank Inc. now owns 17,566 shares of the closed-end fund’s stock valued at $609,000 after buying an additional 1,554 shares in the last quarter. Dupont Capital Management Corp increased its position in shares of Franklin Resources by 61.2% in the second quarter. Dupont Capital Management Corp now owns 4,168 shares of the closed-end fund’s stock valued at $134,000 after buying an additional 1,582 shares in the last quarter. World Asset Management Inc increased its position in shares of Franklin Resources by 6.7% in the second quarter. World Asset Management Inc now owns 26,689 shares of the closed-end fund’s stock valued at $855,000 after buying an additional 1,672 shares in the last quarter. IFG Advisory LLC increased its position in shares of Franklin Resources by 9.8% in the second quarter. IFG Advisory LLC now owns 18,830 shares of the closed-end fund’s stock valued at $603,000 after buying an additional 1,676 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Franklin Resources by 28.1% in the second quarter. Tower Research Capital LLC TRC now owns 7,683 shares of the closed-end fund’s stock valued at $246,000 after buying an additional 1,683 shares in the last quarter. Institutional investors and hedge funds own 46.89% of the company’s stock.
Shares of BEN traded up $0.60 during trading hours on Friday, reaching $29.76. 214,986 shares of the company traded hands, compared to its average volume of 3,963,031. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 0.07. The firm has a market cap of $15.75 billion, a P/E ratio of 9.81, a PEG ratio of 1.62 and a beta of 1.49. Franklin Resources, Inc. has a fifty-two week low of $28.12 and a fifty-two week high of $45.96.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, meeting analysts’ consensus estimates of $0.75. The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a return on equity of 15.40% and a net margin of 10.72%. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.73 earnings per share. As a group, equities analysts expect that Franklin Resources, Inc. will post 3.14 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 28th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Thursday, September 27th. Franklin Resources’s payout ratio is currently 30.56%.
In other Franklin Resources news, insider Jed A. Plafker sold 4,820 shares of the firm’s stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $32.85, for a total value of $158,337.00. Following the sale, the insider now directly owns 56,369 shares of the company’s stock, valued at approximately $1,851,721.65. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total value of $350,022.75. The disclosure for this sale can be found here. 22.20% of the stock is owned by company insiders.
A number of brokerages have recently weighed in on BEN. Wells Fargo & Co dropped their price target on Franklin Resources from $35.00 to $34.00 and set a “market perform” rating for the company in a research report on Monday, July 30th. Zacks Investment Research upgraded Franklin Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, August 24th. Jefferies Financial Group restated a “hold” rating and issued a $33.00 price target on shares of Franklin Resources in a research report on Friday, July 13th. Deutsche Bank decreased their price objective on Franklin Resources from $33.00 to $32.00 and set a “hold” rating on the stock in a research note on Thursday, August 16th. Finally, Morgan Stanley decreased their price objective on Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a research note on Thursday, August 2nd. Five research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Franklin Resources currently has an average rating of “Hold” and an average target price of $35.75.
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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