Pendal Group Ltd makes new investment in Franklin Resources, Inc. (NYSE:BEN)


Pendal Group Ltd bought a new position in shares of Franklin Resources, Inc. (NYSE:BEN – Get Rating ) in the first quarter, Holdings Channel reports. The fund purchased 9,414 shares of the closed-end fund’s stock, valued at approximately $263,000.

A number of other institutional investors and hedge funds have also bought and sold stakes in the business. Daiwa Securities Group Inc. boosted its holdings in Franklin Resources by 2.4% during the fourth quarter. Daiwa Securities Group Inc. now owns 17,612 shares of the closed-end fund’s stock valued at $590,000 after purchasing an additional 405 shares in the last quarter. RK Asset Management LLC boosted its stake in Franklin Resources by 0.3% in the first quarter. RK Asset Management LLC now owns 150,994 shares of the closed-end fund’s stock valued at $4,216,000 after buying an additional 405 shares during the last quarter. Nordea Investment Management AB boosted its stake in Franklin Resources by 1.1% in the first quarter. Nordea Investment Management AB now owns 37,246 shares of the closed-end fund’s stock valued at $1,065,000 after buying an additional 411 shares in the last quarter. Griffin Asset Management Inc. raised its stake in Franklin Resources by 1.6% in the fourth quarter. Griffin Asset Management Inc. now owns 27,490 shares of the closed-end fund’s stock valued at $921,000 after buying an additional 425 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of Franklin Resources by 1.0% during the fourth quarter. American Century Companies Inc. now owns 45,411 shares of the closed-end fund’s stock valued at $1,521,000 after acquiring an additional 460 shares during the last quarter. 43.50% of the shares are owned by institutional investors.

In other Franklin Resources news, insider Franklin Resources Inc bought 41,926 shares of Franklin Resources stock in a transaction on Thursday, July 7th. The shares were purchased at an average price of $4.43 per share, with a total value of $185,732.18. Following the completion of the acquisition, the insider now owns 177,838 shares in the company, valued at $787,822.34. The purchase was disclosed in a filing with the Securities and Exchange Commission, which can be accessed via this hyperlink. Also, Director Mariann H. Byerwalter sold 3,135 shares of the firm’s stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $23.37, for a total value of $73,264.95. Following the completion of the sale, the director now directly owns 11,523 shares of the company’s stock, valued at approximately $269,292.51. Disclosure of this sale can be found here. Over the last three months, insiders have acquired 135,092 shares of company stock valued at $602,497. 23.30% of shares are owned by corporate insiders.

BEN has been the subject of a number of research reports. StockNews.com initiated coverage on shares of Franklin Resources in a research report on Thursday, March 31st. They assign a “hold” rating to the stock. Keefe, Bruyette & Woods downgraded shares of Franklin Resources from a “market perform” rating to an “underperform” rating and cut their target price for the stock from $28.00 to $22.00 in a research report on Tuesday, June 28th. BMO Capital Markets cut their target price on shares of Franklin Resources from $29.00 to $27.00 in a research report on Wednesday, June 1st. Goldman Sachs Group initiated coverage on shares of Franklin Resources in a research report on Tuesday, June 28th. They set a “sell” rating and a $23.00 target price on the stock. Finally, Citigroup lowered shares of Franklin Resources from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $44.50 to $28.00 in a research report on Tuesday, April 12th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The company has a consensus rating of “Hold” and an average target price of $26.29, according to MarketBeat.com.

Shares of NYSE BEN opened at $23.87 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.13, and a quick ratio of 2.13. The stock has a fifty day moving average of $25.04 and a 200 day moving average of $28.17. Franklin Resources, Inc. has a 1-year low of $22.61 and a 1-year high of $38.27. The company has a market cap of $11.93 billion, a PE ratio of 6.42, a P/E/G ratio of 4.04 and a beta of 1.15.

Franklin Resources (NYSE:BEN – Get Rating ) last posted its quarterly earnings results on Tuesday, May 3rd. The closed-end fund reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.17. Franklin Resources had a return on equity of 18.34% and a net margin of 22.02%. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same period last year, the company earned $0.79 earnings per share. The company’s revenue for the quarter was up .2% on a year-over-year basis. Analysts expect that Franklin Resources, Inc. will post 3.74 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be given a $0.29 dividend. This represents an annualized dividend of $1.16 and a yield of 4.86%. The ex-dividend date is Wednesday, June 29th. Franklin Resources’ dividend payout ratio (DPR) is currently 31.18%.

About Franklin Resources (Get Rating)

Franklin Resources, Inc is a public 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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Want to see what other hedge funds hold BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN – Get Rating).

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)



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