Eaton Vance Management Sells 95,298 Shares of Franklin Resources, Inc. (BEN), Report finds

Eaton Vance Management Sells 95,298 Shares of Franklin Resources, Inc. (BEN), Report finds

Eaton Vance Management reduced its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 8.3% during the third quarter, Holdings Channel reports. The institutional investor owned 1,049,375 shares of the closed-end fund’s stock after selling 95,298 shares during the period. Eaton Vance Management owned about 0.18% of Franklin Resources worth $37,326,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in BEN. Brighton Jones LLC raised its stake in shares of Franklin Resources by 0.3% in the third quarter. Brighton Jones LLC now owns 6,437 shares of the closed-end fund’s stock worth $229,000 after buying an additional 22 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of Franklin Resources by 0.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 11,650 shares of the closed-end fund’s stock worth $414,000 after buying an additional 30 shares in the last quarter. Bingham Osborn & Scarborough LLC raised its stake in shares of Franklin Resources by 0.6% in the second quarter. Bingham Osborn & Scarborough LLC now owns 7,935 shares of the closed-end fund’s stock worth $265,000 after buying an additional 47 shares in the last quarter. Mutual of America Capital Management LLC raised its stake in shares of Franklin Resources by 0.3% in the third quarter. Mutual of America Capital Management LLC now owns 42,869 shares of the closed-end fund’s stock worth $1,525,000 after buying an additional 130 shares in the last quarter. Finally, Essex Financial Services Inc. raised its stake in shares of Franklin Resources by 1.6% in the second quarter. Essex Financial Services Inc. now owns 8,759 shares of the closed-end fund’s stock worth $292,000 after buying an additional 140 shares in the last quarter. 48.01% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources, Inc. (NYSE:BEN) traded down 0.67% during mid-day trading on Wednesday, reaching $39.74. The company had a trading volume of 1,757,825 shares. The company’s 50-day moving average is $40.32 and its 200-day moving average is $37.39. Franklin Resources, Inc. has a one year low of $30.56 and a one year high of $42.18. The stock has a market capitalization of $22.47 billion, a PE ratio of 13.39 and a beta of 1.78.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, January 27th. The closed-end fund reported $0.77 EPS for the quarter, topping the consensus estimate of $0.68 by $0.09. The firm earned $1.56 billion during the quarter. Franklin Resources had a return on equity of 13.88% and a net margin of 26.77%. The business’s revenue for the quarter was down 11.2% compared to the same quarter last year. During the same period last year, the company earned $0.74 earnings per share. Equities research analysts anticipate that Franklin Resources, Inc. will post $2.68 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, December 30th were paid a $0.20 dividend. The ex-dividend date was Wednesday, December 28th. This is an increase from Franklin Resources’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 2.01%. Franklin Resources’s dividend payout ratio is 26.94%.

A number of research firms have weighed in on BEN. Bank of America Corporation upgraded Franklin Resources from an “underperform” rating to a “neutral” rating in a research note on Wednesday, November 9th. Citigroup Inc. raised their price target on Franklin Resources from $40.00 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, January 25th. Credit Suisse Group restated an “underperform” rating on shares of Franklin Resources in a research note on Thursday, November 3rd. Deutsche Bank AG downgraded Franklin Resources from a “hold” rating to a “sell” rating and raised their price target for the company from $30.00 to $35.00 in a research note on Thursday, November 10th. They noted that the move was a valuation call. Finally, J P Morgan Chase & Co restated a “neutral” rating on shares of Franklin Resources in a research note on Thursday, January 12th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $36.85.

In other news, CFO Kenneth A. Lewis sold 1,866 shares of the stock in a transaction that occurred on Friday, December 16th. The stock was sold at an average price of $39.25, for a total value of $73,240.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 21.60% of the company’s stock.

About Franklin Resources

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.

Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).

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Eaton Vance Management Sells 95,298 Shares of Franklin Resources, Inc. (BEN)

Eaton Vance Management Sells 95,298 Shares of Franklin Resources, Inc. (BEN)

Eaton Vance Management reduced its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 8.3% during the third quarter, Holdings Channel reports. The institutional investor owned 1,049,375 shares of the closed-end fund’s stock after selling 95,298 shares during the period. Eaton Vance Management owned about 0.18% of Franklin Resources worth $37,326,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in BEN. Brighton Jones LLC raised its stake in shares of Franklin Resources by 0.3% in the third quarter. Brighton Jones LLC now owns 6,437 shares of the closed-end fund’s stock worth $229,000 after buying an additional 22 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of Franklin Resources by 0.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 11,650 shares of the closed-end fund’s stock worth $414,000 after buying an additional 30 shares in the last quarter. Bingham Osborn & Scarborough LLC raised its stake in shares of Franklin Resources by 0.6% in the second quarter. Bingham Osborn & Scarborough LLC now owns 7,935 shares of the closed-end fund’s stock worth $265,000 after buying an additional 47 shares in the last quarter. Mutual of America Capital Management LLC raised its stake in shares of Franklin Resources by 0.3% in the third quarter. Mutual of America Capital Management LLC now owns 42,869 shares of the closed-end fund’s stock worth $1,525,000 after buying an additional 130 shares in the last quarter. Finally, Essex Financial Services Inc. raised its stake in shares of Franklin Resources by 1.6% in the second quarter. Essex Financial Services Inc. now owns 8,759 shares of the closed-end fund’s stock worth $292,000 after buying an additional 140 shares in the last quarter. 48.01% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources, Inc. (NYSE:BEN) traded down 0.67% during mid-day trading on Wednesday, reaching $39.74. The company had a trading volume of 1,757,825 shares. The company’s 50-day moving average is $40.32 and its 200-day moving average is $37.39. Franklin Resources, Inc. has a one year low of $30.56 and a one year high of $42.18. The stock has a market capitalization of $22.47 billion, a PE ratio of 13.39 and a beta of 1.78.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, January 27th. The closed-end fund reported $0.77 EPS for the quarter, topping the consensus estimate of $0.68 by $0.09. The firm earned $1.56 billion during the quarter. Franklin Resources had a return on equity of 13.88% and a net margin of 26.77%. The business’s revenue for the quarter was down 11.2% compared to the same quarter last year. During the same period last year, the company earned $0.74 earnings per share. Equities research analysts anticipate that Franklin Resources, Inc. will post $2.68 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, December 30th were paid a $0.20 dividend. The ex-dividend date was Wednesday, December 28th. This is an increase from Franklin Resources’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 2.01%. Franklin Resources’s dividend payout ratio is 26.94%.

A number of research firms have weighed in on BEN. Bank of America Corporation upgraded Franklin Resources from an “underperform” rating to a “neutral” rating in a research note on Wednesday, November 9th. Citigroup Inc. raised their price target on Franklin Resources from $40.00 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, January 25th. Credit Suisse Group restated an “underperform” rating on shares of Franklin Resources in a research note on Thursday, November 3rd. Deutsche Bank AG downgraded Franklin Resources from a “hold” rating to a “sell” rating and raised their price target for the company from $30.00 to $35.00 in a research note on Thursday, November 10th. They noted that the move was a valuation call. Finally, J P Morgan Chase & Co restated a “neutral” rating on shares of Franklin Resources in a research note on Thursday, January 12th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $36.85.

In other news, CFO Kenneth A. Lewis sold 1,866 shares of the stock in a transaction that occurred on Friday, December 16th. The stock was sold at an average price of $39.25, for a total value of $73,240.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 21.60% of the company’s stock.

About Franklin Resources

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.

Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).

Related posts

Leave a Comment