State Treasurer State of Michigan Sells 35,200 Shares of Franklin Resources, Inc. (BEN)

State Treasurer State of Michigan Sells 35,200 Shares of Franklin Resources, Inc. (BEN)

State Treasurer State of Michigan cut its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 23.7% during the first quarter, Holdings Channel reports. The institutional investor owned 113,260 shares of the closed-end fund’s stock after selling 35,200 shares during the period. State Treasurer State of Michigan’s holdings in Franklin Resources were worth $4,773,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of BEN. Dimensional Fund Advisors LP boosted its position in 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 in the last quarter. APG Asset Management N.V. boosted its position in Franklin Resources by 37.0% in the third quarter. APG Asset Management N.V. now owns 1,971,073 shares of the closed-end fund’s stock valued at $70,111,000 after buying an additional 532,046 shares in the last quarter. DUPONT CAPITAL MANAGEMENT Corp boosted its position in Franklin Resources by 7.5% in the third quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 139,800 shares of the closed-end fund’s stock valued at $4,973,000 after buying an additional 9,700 shares in the last quarter. GLG Partners LP boosted its position in Franklin Resources by 3.2% in the fourth quarter. GLG Partners LP now owns 65,000 shares of the closed-end fund’s stock valued at $2,573,000 after buying an additional 2,000 shares in the last quarter. Finally, Federated Investors Inc. PA boosted its position in Franklin Resources by 0.6% in the fourth quarter. Federated Investors Inc. PA now owns 9,148 shares of the closed-end fund’s stock valued at $362,000 after buying an additional 56 shares in the last quarter. Institutional investors and hedge funds own 48.31% of the company’s stock.

Franklin Resources, Inc. (NYSE:BEN) traded up 0.73% during midday trading on Friday, hitting $42.77. The stock had a trading volume of 1,306,029 shares. The stock has a market capitalization of $24.18 billion, a price-to-earnings ratio of 14.42 and a beta of 1.78. The company’s 50 day moving average price is $41.81 and its 200-day moving average price is $40.19. Franklin Resources, Inc. has a 52 week low of $30.56 and a 52 week high of $44.35.

Franklin Resources (NYSE:BEN) last announced its quarterly 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. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a return on equity of 13.88% and a net margin of 26.77%. The company’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.61 earnings per share. Equities analysts anticipate that Franklin Resources, Inc. will post $2.88 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, April 13th. Shareholders of record on Friday, March 31st were issued a $0.20 dividend. The ex-dividend date was Wednesday, March 29th. This represents a $0.80 annualized dividend and a yield of 1.87%. Franklin Resources’s payout ratio is currently 26.94%.

A number of equities analysts have issued reports on BEN shares. Credit Suisse Group AG restated a “sell” rating and set a $32.00 target price on shares of Franklin Resources in a report on Sunday, February 5th. Morgan Stanley cut 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. Deutsche Bank AG cut Franklin Resources from a “hold” rating to a “sell” rating in a report on Tuesday, January 31st. JPMorgan Chase & Co. restated a “neutral” rating on shares of Franklin Resources in a report on Thursday, January 12th. Finally, Citigroup Inc raised their target price on Franklin Resources from $40.00 to $40.50 and gave the stock a “neutral” rating in a report on Wednesday, January 25th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $38.81.

In other Franklin Resources news, Chairman Gregory E. Johnson sold 25,000 shares of the stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $43.18, for a total value of $1,079,500.00. Following the transaction, the chairman now owns 2,162,863 shares in the company, valued at $93,392,424.34. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer M. Johnson sold 16,835 shares of the stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $43.90, for a total value of $739,056.50. Following the completion of the transaction, the insider now owns 1,521,037 shares in the company, valued at approximately $66,773,524.30. The disclosure for this sale can be found here. 21.60% of the stock is currently owned by corporate insiders.

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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