Ensign Peak Advisors Inc Sells 2,270 Shares of Franklin Resources, Inc. (NYSE:BEN)

Ensign Peak Advisors Inc decreased its stake in Franklin Resources, Inc. (NYSE:BEN) by 1.8% during the second quarter, Holdings Channel.com reports. The institutional investor owned 121,607 shares of the closed-end fund’s stock after selling 2,270 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Franklin Resources were worth $2,718,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in BEN. Summit Trail Advisors LLC increased its stake in Franklin Resources by 12.2% in the second quarter. Summit Trail Advisors LLC now owns 11,586 shares of the closed-end fund’s stock valued at $262,000 after acquiring an additional 1,256 shares during the last quarter. Sei Investments Co. increased its position in shares of Franklin Resources by 19.9% during the 2nd quarter. Sei Investments Co. now owns 14,098 shares of the closed-end fund’s stock valued at $315,000 after purchasing an additional 2,340 shares during the last quarter. AE Wealth Management LLC raised its holdings in shares of Franklin Resources by 15.5% during the 2nd quarter. AE Wealth Management LLC now owns 541,485 shares of the closed-end fund’s stock valued at $12,102,000 after buying an additional 72,564 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in Franklin Resources by 1.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 85,536 shares of the closed-end fund’s stock worth $1,912,000 after buying an additional 1,120 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in Franklin Resources by 37.7% in the second quarter. Intech Investment Management LLC now owns 35,765 shares of the closed-end fund’s stock worth $799,000 after buying an additional 9,801 shares in the last quarter. Hedge funds and other institutional investors own 47.56% of the company’s stock.

Franklin Resources Stock Performance

BEN stock opened at $20.80 on Friday. The stock’s 50 day simple moving average is $21.24 and its 200 day simple moving average is $23.31. 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, Inc. has a 12-month low of $18.94 and a 12-month high of $30.32. The stock has a market capitalization of $10.94 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 2.62 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, beating 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 company had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.09 billion. As a group, research analysts forecast 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. Investors of record on Monday, September 30th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 5.96%. The ex-dividend date is Monday, September 30th. Franklin Resources’s payout ratio is currently 70.86%.

Analysts Set New Price Targets

Several research firms have commented on BEN. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $23.00 price target on shares of Franklin Resources in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft reduced their price objective on Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a research note on Monday, July 29th. UBS Group dropped their target price on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Barclays assumed coverage on Franklin Resources in a research report on Tuesday, August 27th. They set an “underweight” rating and a $20.00 price target on the stock. Finally, TD Cowen upped their price target on shares of Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a report on Monday, July 29th. Four analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $23.00.

Insider Activity

In other Franklin Resources news, CEO Jennifer M. Johnson acquired 12,700 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were bought at an average price of $19.66 per share, with a total value of $249,682.00. Following the completion of the acquisition, the chief executive officer now owns 2,637,700 shares in the company, valued at approximately $51,857,182. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Jennifer M. Johnson bought 12,700 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were bought at an average cost of $19.66 per share, with a total value of $249,682.00. Following the acquisition, the chief executive officer now owns 2,637,700 shares in the company, valued at $51,857,182. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jennifer M. Johnson purchased 18,900 shares of Franklin Resources stock in a transaction on Friday, August 23rd. The stock was bought at an average price of $20.95 per share, with a total value of $395,955.00. Following the transaction, the chief executive officer now owns 216,900 shares of the company’s stock, valued at $4,544,055. The disclosure for this purchase can be found here. Insiders acquired 231,600 shares of company stock valued at $4,537,637 in the last quarter. 24.13% of the stock is currently owned by insiders.

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.