State of New Jersey Common Pension Fund D Reduces Stock Position in Franklin Resources, Inc. (NYSE:BEN)

State of New Jersey Common Pension Fund D decreased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 37.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 94,310 shares of the closed-end fund’s stock after selling 57,471 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Franklin Resources were worth $2,108,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of BEN. Headlands Technologies LLC purchased a new stake in shares of Franklin Resources in the first quarter valued at about $32,000. Principal Securities Inc. acquired a new position in shares of Franklin Resources during the 4th quarter worth approximately $35,000. Sentry Investment Management LLC purchased a new stake in Franklin Resources in the 2nd quarter valued at approximately $30,000. Trust Co. of Vermont acquired a new stake in Franklin Resources during the 4th quarter valued at $45,000. Finally, Denali Advisors LLC purchased a new position in Franklin Resources during the first quarter worth $44,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Performance

NYSE:BEN opened at $20.81 on Friday. Franklin Resources, Inc. has a 1-year low of $18.94 and a 1-year high of $30.32. The stock has a market cap of $10.95 billion, a P/E ratio of 11.89, a PEG ratio of 2.45 and a beta of 1.39. 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 firm has a 50-day moving average of $21.47 and a two-hundred day moving average of $23.51.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data 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. The company had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.09 billion. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. On average, research analysts expect that Franklin Resources, Inc. will post 2.41 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 5.96%. The ex-dividend date is Monday, September 30th. Franklin Resources’s dividend payout ratio is currently 70.86%.

Analysts Set New Price Targets

Several analysts have recently issued reports on BEN shares. Wells Fargo & Company assumed coverage on Franklin Resources in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $20.00 price objective on the stock. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $23.00 price objective on shares of Franklin Resources in a report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a report on Monday, July 29th. BMO Capital Markets decreased their target price on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a report on Monday, July 29th. Finally, Evercore ISI decreased their price target on shares of Franklin Resources from $24.00 to $20.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Four equities 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 stock currently has an average rating of “Hold” and a consensus price target of $23.00.

Insider Transactions at Franklin Resources

In other news, major shareholder Charles B. Johnson bought 100,000 shares of Franklin Resources stock in a transaction on Wednesday, September 11th. The shares were bought at an average price of $19.08 per share, with a total value of $1,908,000.00. Following the acquisition, the insider now directly owns 89,308,192 shares in the company, valued at approximately $1,704,000,303.36. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Franklin Resources news, major shareholder Charles B. Johnson bought 100,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were bought at an average cost of $19.08 per share, with a total value of $1,908,000.00. Following the completion of the acquisition, the insider now owns 89,308,192 shares of the company’s stock, valued at $1,704,000,303.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jennifer M. Johnson purchased 12,700 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was acquired at an average cost of $19.66 per share, with a total value of $249,682.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,637,700 shares in the company, valued at approximately $51,857,182. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 231,600 shares of company stock valued at $4,537,637. Insiders own 24.13% of the company’s stock.

Franklin Resources Company 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.