Andra AP fonden Reduces Stock Position in Franklin Resources, Inc. (NYSE:BEN)

Andra AP fonden cut its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 26.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 168,600 shares of the closed-end fund’s stock after selling 60,700 shares during the period. Andra AP fonden’s holdings in Franklin Resources were worth $3,768,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of BEN. Plato Investment Management Ltd bought a new position in Franklin Resources in the first quarter valued at about $710,000. Hsbc Holdings PLC boosted its holdings in shares of Franklin Resources by 26.3% in the fourth quarter. Hsbc Holdings PLC now owns 708,050 shares of the closed-end fund’s stock worth $21,093,000 after buying an additional 147,497 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new stake in Franklin Resources during the first quarter valued at approximately $1,538,000. Norges Bank bought a new stake in Franklin Resources during the fourth quarter valued at approximately $49,547,000. Finally, SG Americas Securities LLC increased its holdings in Franklin Resources by 583.8% during the first quarter. SG Americas Securities LLC now owns 199,225 shares of the closed-end fund’s stock valued at $5,600,000 after buying an additional 170,089 shares during the last quarter. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Trading Down 0.3 %

Franklin Resources stock opened at $19.44 on Thursday. Franklin Resources, Inc. has a 1 year low of $18.94 and a 1 year high of $30.32. The firm’s 50 day moving average price is $21.77 and its 200-day moving average price is $23.82. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71. The stock has a market cap of $10.23 billion, a P/E ratio of 11.11, a PEG ratio of 2.41 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The business had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.09 billion. On average, equities analysts predict that Franklin Resources, Inc. will post 2.41 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.24 annualized dividend and a dividend yield of 6.38%. Franklin Resources’s dividend payout ratio (DPR) is 70.86%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on BEN shares. UBS Group cut their price objective on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. TD Cowen boosted their price target on Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $23.00 price objective on shares of Franklin Resources in a research note on Thursday, August 22nd. Evercore ISI cut their price objective on Franklin Resources from $24.00 to $20.00 and set an “underperform” rating for the company in a research note on Thursday, September 5th. Finally, BMO Capital Markets reduced their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a report on Monday, July 29th. Four research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.91.

Insider Activity

In other Franklin Resources news, major shareholder Charles B. Johnson purchased 200,000 shares of Franklin Resources stock in a transaction that occurred on Friday, June 21st. The shares were bought at an average price of $22.80 per share, for a total transaction of $4,560,000.00. Following the completion of the transaction, the insider now owns 88,703,192 shares of the company’s stock, valued at approximately $2,022,432,777.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Charles B. Johnson bought 100,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was purchased at an average price of $19.84 per share, for a total transaction of $1,984,000.00. Following the acquisition, the insider now owns 89,208,192 shares in the company, valued at $1,769,890,529.28. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Charles B. Johnson bought 200,000 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were bought at an average cost of $22.80 per share, for a total transaction of $4,560,000.00. Following the transaction, the insider now owns 88,703,192 shares in the company, valued at approximately $2,022,432,777.60. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 331,600 shares of company stock worth $7,189,637. 24.13% of the stock is currently owned by insiders.

Franklin Resources 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.