Daiwa Securities Group Inc. Boosts Position in Franklin Resources, Inc. (NYSE:BEN)

Daiwa Securities Group Inc. raised its stake in Franklin Resources, Inc. (NYSE:BEN) by 9.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 31,931 shares of the closed-end fund’s stock after acquiring an additional 2,679 shares during the period. Daiwa Securities Group Inc.’s holdings in Franklin Resources were worth $714,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BEN. Royal London Asset Management Ltd. grew its position in shares of Franklin Resources by 10.0% in the 2nd quarter. Royal London Asset Management Ltd. now owns 110,984 shares of the closed-end fund’s stock valued at $2,480,000 after buying an additional 10,047 shares during the last quarter. Global X Japan Co. Ltd. grew its holdings in shares of Franklin Resources by 8.9% during the second quarter. Global X Japan Co. Ltd. now owns 16,750 shares of the closed-end fund’s stock worth $374,000 after purchasing an additional 1,369 shares during the last quarter. LGT Group Foundation increased its position in shares of Franklin Resources by 84.6% during the second quarter. LGT Group Foundation now owns 15,250 shares of the closed-end fund’s stock worth $341,000 after purchasing an additional 6,990 shares in the last quarter. PFG Investments LLC lifted its holdings in shares of Franklin Resources by 8.6% in the 2nd quarter. PFG Investments LLC now owns 11,058 shares of the closed-end fund’s stock valued at $247,000 after purchasing an additional 874 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Franklin Resources by 1,019.6% in the 2nd quarter. Acadian Asset Management LLC now owns 81,459 shares of the closed-end fund’s stock valued at $1,819,000 after purchasing an additional 74,183 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Price Performance

Shares of BEN opened at $19.90 on Monday. The firm has a market capitalization of $10.47 billion, a PE ratio of 11.37, a P/E/G ratio of 2.45 and a beta of 1.39. The stock’s 50 day moving average is $21.68 and its two-hundred day moving average is $23.70. Franklin Resources, Inc. has a twelve month low of $18.94 and a twelve month high of $30.32. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93.

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

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 6.23%. The ex-dividend date of this dividend is Monday, September 30th. Franklin Resources’s dividend payout ratio (DPR) is 70.86%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Evercore ISI reduced 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. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $23.00 price target on shares of Franklin Resources in a research note on Thursday, August 22nd. UBS Group dropped their price objective on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. BMO Capital Markets decreased 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 research note on Monday, July 29th. Finally, TD Cowen boosted their price target on Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $23.00.

Insider Buying and Selling

In related news, major shareholder Charles B. Johnson bought 200,000 shares of the company’s stock in a transaction on Friday, June 21st. The stock was bought at an average cost of $22.80 per share, with a total value of $4,560,000.00. Following the completion of the acquisition, the insider now owns 88,703,192 shares in the company, valued at approximately $2,022,432,777.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Charles B. Johnson purchased 200,000 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were acquired 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 approximately $2,022,432,777.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jennifer M. Johnson acquired 18,900 shares of Franklin Resources stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the acquisition, the chief executive officer now owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 431,600 shares of company stock valued at $9,097,637. Corporate insiders own 24.13% of the company’s stock.

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.