Franklin Resources, Inc. $BEN Position Lowered by Donald L. Hagan LLC

Key Points

• Donald L. Hagan LLC has significantly reduced its stake in Franklin Resources, Inc. by 78.7%, now holding 9,389 shares valued at approximately $224,000.
• Franklin Resources reported a quarterly earnings per share (EPS) of $0.49, surpassing the consensus estimate by $0.03, but its revenue fell 2.2% year-over-year to $2.06 billion.
• The company declared a quarterly dividend of $0.32 per share, translating to an annualized dividend yield of 5.5%, with a dividend payout ratio (DPR) of 250.98%.

Donald L. Hagan LLC decreased its stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 78.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,389 shares of the closed-end fund's stock after selling 34,617 shares during the period. Donald L. Hagan LLC's holdings in Franklin Resources were worth $224,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Janney Montgomery Scott LLC lifted its position in shares of Franklin Resources by 1.9% during the second quarter. Janney Montgomery Scott LLC now owns 610,923 shares of the closed-end fund's stock worth $14,571,000 after purchasing an additional 11,411 shares during the last quarter. Sound Income Strategies LLC lifted its position in shares of Franklin Resources by 5.2% during the second quarter. Sound Income Strategies LLC now owns 583,016 shares of the closed-end fund's stock worth $13,905,000 after purchasing an additional 28,931 shares during the last quarter. San Luis Wealth Advisors LLC bought a new position in shares of Franklin Resources during the second quarter worth about $789,000. ORG Wealth Partners LLC lifted its position in shares of Franklin Resources by 195.2% during the second quarter. ORG Wealth Partners LLC now owns 22,783 shares of the closed-end fund's stock worth $554,000 after purchasing an additional 15,065 shares during the last quarter. Finally, Twelve Points Wealth Management LLC lifted its position in shares of Franklin Resources by 0.9% during the second quarter. Twelve Points Wealth Management LLC now owns 178,885 shares of the closed-end fund's stock worth $4,266,000 after purchasing an additional 1,676 shares during the last quarter. Institutional investors own 47.56% of the company's stock.

Franklin Resources Price Performance

Shares of NYSE:BEN opened at $23.13 on Wednesday. The firm's 50 day moving average is $24.77 and its two-hundred day moving average is $22.40. Franklin Resources, Inc. has a 52 week low of $16.25 and a 52 week high of $26.08. The firm has a market capitalization of $12.01 billion, a P/E ratio of 45.35, a PEG ratio of 1.35 and a beta of 1.51. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.94.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The closed-end fund reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the business earned $0.60 earnings per share. Franklin Resources's revenue was down 2.2% compared to the same quarter last year. Analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.32 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.28 annualized dividend and a dividend yield of 5.5%. Franklin Resources's dividend payout ratio (DPR) is presently 250.98%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Barclays reaffirmed an "underweight" rating and set a $23.00 price target (up previously from $20.00) on shares of Franklin Resources in a research report on Monday, August 4th. The Goldman Sachs Group upgraded shares of Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 price objective on the stock in a research note on Friday, June 27th. Evercore ISI increased their price objective on shares of Franklin Resources from $24.00 to $25.00 and gave the stock an "underperform" rating in a research note on Monday, August 4th. JPMorgan Chase & Co. increased their price objective on shares of Franklin Resources from $22.00 to $29.00 and gave the stock a "neutral" rating in a research note on Monday, August 4th. Finally, Cowen reiterated a "buy" rating on shares of Franklin Resources in a research note on Monday, June 16th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $23.58.

Franklin Resources Company Profile

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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