West Oak Capital LLC Raises Holdings in Franklin Resources, Inc. (NYSE:BEN)

West Oak Capital LLC lifted its position in Franklin Resources, Inc. (NYSE:BENGet Rating) by 511.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,150 shares of the closed-end fund’s stock after buying an additional 17,690 shares during the period. West Oak Capital LLC’s holdings in Franklin Resources were worth $591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Franklin Resources in the 1st quarter worth $26,000. CVA Family Office LLC bought a new position in Franklin Resources in the 4th quarter worth $29,000. National Bank of Canada FI bought a new position in Franklin Resources in the 4th quarter worth $30,000. Denali Advisors LLC bought a new position in Franklin Resources in the 1st quarter worth $31,000. Finally, Capital Analysts LLC raised its holdings in Franklin Resources by 104.5% in the 4th quarter. Capital Analysts LLC now owns 1,047 shares of the closed-end fund’s stock worth $35,000 after purchasing an additional 535 shares during the period. Hedge funds and other institutional investors own 43.50% of the company’s stock.

Shares of NYSE BEN traded up $0.16 during trading hours on Thursday, hitting $23.43. 88,380 shares of the company traded hands, compared to its average volume of 3,207,986. The stock has a market capitalization of $11.71 billion, a price-to-earnings ratio of 6.26, a price-to-earnings-growth ratio of 4.29 and a beta of 1.13. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 0.70. The company’s 50 day moving average price is $25.34 and its 200 day moving average price is $28.68. Franklin Resources, Inc. has a 12 month low of $22.75 and a 12 month high of $38.27.

Franklin Resources (NYSE:BENGet Rating) last released its earnings results on Tuesday, May 3rd. The closed-end fund reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.17. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.08 billion. Franklin Resources had a return on equity of 18.34% and a net margin of 22.02%. The company’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.79 EPS. Equities analysts anticipate that Franklin Resources, Inc. will post 3.74 EPS for the current year.

The firm also recently disclosed 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 a $1.16 annualized dividend and a yield of 4.95%. The ex-dividend date of this dividend is Wednesday, June 29th. Franklin Resources’s dividend payout ratio (DPR) is presently 31.18%.

BEN has been the topic of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on Franklin Resources in a report on Tuesday. They set a “sell” rating and a $23.00 price target on the stock. Keefe, Bruyette & Woods cut Franklin Resources from a “market perform” rating to an “underperform” rating and reduced their target price for the stock from $28.00 to $22.00 in a report on Tuesday. BMO Capital Markets reduced their target price on Franklin Resources from $29.00 to $27.00 in a report on Wednesday, June 1st. Deutsche Bank Aktiengesellschaft reduced their target price on Franklin Resources from $28.00 to $25.00 in a report on Thursday, May 19th. Finally, Citigroup cut Franklin Resources from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $44.50 to $28.00 in a report on Tuesday, April 12th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $26.29.

In other Franklin Resources news, insider Franklin Resources Inc purchased 998,370 shares of the firm’s stock in a transaction on Friday, April 1st. The stock was bought at an average cost of $12.27 per share, for a total transaction of $12,249,999.90. Following the completion of the purchase, the insider now owns 14,079,687 shares in the company, valued at approximately $172,757,759.49. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mariann H. Byerwalter sold 3,135 shares of the stock in a transaction dated 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 owns 11,523 shares of the company’s stock, valued at $269,292.51. The disclosure for this sale can be found here. 23.30% of the stock is currently owned by corporate insiders.

About Franklin Resources (Get Rating)

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

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