Karp Capital Management Corp Invests $7.49 Million in Franklin Resources, Inc. (BEN)

Karp Capital Management Corp purchased a new position in shares of Franklin Resources, Inc. (NYSE:BEN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 177,665 shares of the closed-end fund’s stock, valued at approximately $7,487,000.

A number of other large investors have also added to or reduced their stakes in the stock. HBK Sorce Advisory LLC acquired a new stake in Franklin Resources during the third quarter worth about $103,000. Virtus Investment Advisers Inc. acquired a new stake in Franklin Resources during the third quarter worth about $104,000. Itau Unibanco Holding S.A. acquired a new stake in Franklin Resources during the third quarter worth about $128,000. SRB Corp increased its stake in Franklin Resources by 8.0% in the third quarter. SRB Corp now owns 4,302 shares of the closed-end fund’s stock worth $153,000 after buying an additional 317 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in Franklin Resources by 1.1% in the fourth quarter. Van ECK Associates Corp now owns 4,571 shares of the closed-end fund’s stock worth $181,000 after buying an additional 48 shares during the last quarter. 45.55% of the stock is currently owned by institutional investors.

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

Franklin Resources, Inc. (BEN) traded down 0.83% on Friday, reaching $44.13. 2,976,222 shares of the company traded hands. The stock has a market capitalization of $24.77 billion, a price-to-earnings ratio of 14.22 and a beta of 1.73. Franklin Resources, Inc. has a 1-year low of $30.56 and a 1-year high of $44.70. The stock has a 50 day moving average of $42.82 and a 200-day moving average of $41.58.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, April 28th. The closed-end fund reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.07. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a net margin of 27.77% and a return on equity of 14.34%. Franklin Resources’s revenue was down .8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.61 EPS. On average, equities analysts anticipate that Franklin Resources, Inc. will post $2.89 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be issued a $0.20 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $0.80 annualized dividend and a yield of 1.81%. Franklin Resources’s dividend payout ratio (DPR) is currently 25.81%.

ILLEGAL ACTIVITY NOTICE: This report was first published by Markets Daily and is the property of of Markets Daily. If you are viewing this report on another domain, it was illegally copied and reposted in violation of United States & international copyright legislation. The legal version of this report can be viewed at https://www.themarketsdaily.com/2017/06/16/177665-shares-in-franklin-resources-inc-ben-acquired-by-karp-capital-management-corp-updated-updated-updated.html.

Several brokerages have recently weighed in on BEN. Deutsche Bank AG raised shares of Franklin Resources from a “sell” rating to a “hold” rating and increased their target price for the company from $37.00 to $41.00 in a research note on Friday, February 24th. They noted that the move was a valuation call. Credit Suisse Group set a $33.00 target price on shares of Franklin Resources and gave the company a “sell” rating in a research note on Monday, March 27th. Bank of America Corporation raised shares of Franklin Resources from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Thursday, March 16th. BidaskClub raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, TheStreet raised shares of Franklin Resources from a “c” rating to a “b-” rating in a research note on Friday, March 3rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $40.33.

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.

Receive News & Ratings for Franklin Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply