National Bank of Canada FI Grows Stock Position in Franklin Resources, Inc. (NYSE:BEN)

National Bank of Canada FI boosted its position in Franklin Resources, Inc. (NYSE:BEN) by 22.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 86,746 shares of the closed-end fund’s stock after buying an additional 16,125 shares during the quarter. National Bank of Canada FI’s holdings in Franklin Resources were worth $1,920,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Plato Investment Management Ltd purchased a new stake in Franklin Resources in the first quarter worth $710,000. Hsbc Holdings PLC increased its position in 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 purchased a new stake in Franklin Resources in the first quarter worth $1,538,000. Norges Bank purchased a new position in shares of Franklin Resources in the fourth quarter valued at $49,547,000. Finally, SG Americas Securities LLC grew its position in shares of Franklin Resources by 583.8% in 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 purchasing an additional 170,089 shares in the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Charles B. Johnson bought 100,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was bought at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the purchase, the insider now owns 89,208,192 shares in the company, valued at approximately $1,769,890,529.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 acquisition, the insider now directly owns 88,703,192 shares in the company, valued at $2,022,432,777.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Charles B. Johnson purchased 100,000 shares of Franklin Resources stock in a transaction that occurred on Thursday, August 29th. The shares were acquired 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 disclosure for this purchase can be found here. In the last quarter, insiders purchased 331,600 shares of company stock valued at $7,189,637. Insiders own 24.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BEN. TD Cowen boosted their target price on Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $23.00 target price on shares of Franklin Resources in a research report on Thursday, August 22nd. Evercore ISI reduced their target price on Franklin Resources from $24.00 to $20.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Barclays began coverage on Franklin Resources in a research report on Tuesday, August 27th. They set an “underweight” rating and a $20.00 target price for the company. Finally, BMO Capital Markets reduced their target price on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $23.91.

Franklin Resources Trading Down 0.3 %

Shares of BEN stock opened at $19.44 on Thursday. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.93. The business has a 50-day moving average price of $21.77 and a two-hundred day moving average price of $23.82. Franklin Resources, Inc. has a 12-month low of $18.94 and a 12-month high of $30.32. The firm has a market cap of $10.23 billion, a P/E ratio of 11.11, a price-to-earnings-growth ratio of 2.41 and a beta of 1.39.

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

Franklin Resources Dividend Announcement

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

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.