Franklin Resources, Inc. (NYSE:BEN) Shares Purchased by New York State Teachers Retirement System

New York State Teachers Retirement System boosted its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 0.3% in the third quarter, HoldingsChannel.com reports. The fund owned 322,860 shares of the closed-end fund’s stock after purchasing an additional 843 shares during the period. New York State Teachers Retirement System’s holdings in Franklin Resources were worth $6,506,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Pallas Capital Advisors LLC increased its stake in Franklin Resources by 18.1% during the 3rd quarter. Pallas Capital Advisors LLC now owns 19,426 shares of the closed-end fund’s stock worth $393,000 after buying an additional 2,976 shares during the period. State of Alaska Department of Revenue raised its position in Franklin Resources by 7.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 34,997 shares of the closed-end fund’s stock valued at $705,000 after purchasing an additional 2,430 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Franklin Resources by 27.7% during the third quarter. DekaBank Deutsche Girozentrale now owns 72,275 shares of the closed-end fund’s stock worth $1,467,000 after buying an additional 15,688 shares in the last quarter. Forsta AP Fonden increased its stake in shares of Franklin Resources by 46.0% during the third quarter. Forsta AP Fonden now owns 151,000 shares of the closed-end fund’s stock worth $3,043,000 after buying an additional 47,600 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Franklin Resources by 46.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,632 shares of the closed-end fund’s stock valued at $1,073,000 after acquiring an additional 16,283 shares in the last quarter. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Franklin Resources

In other news, CEO Jennifer M. Johnson bought 12,700 shares of Franklin Resources stock in a transaction dated Wednesday, August 28th. The stock was bought at an average price of $19.66 per share, for a total transaction of $249,682.00. Following the purchase, the chief executive officer now owns 2,637,700 shares of the company’s stock, valued at approximately $51,857,182. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Jennifer M. Johnson purchased 12,700 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was purchased 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 of the company’s stock, valued at approximately $51,857,182. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jennifer M. Johnson acquired 18,900 shares of the stock in a transaction on Friday, August 23rd. The stock was acquired at an average cost of $20.95 per share, for a total transaction of $395,955.00. Following the acquisition, the chief executive officer now directly owns 216,900 shares in the company, valued at $4,544,055. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. 24.13% of the stock is currently owned by corporate insiders.

Franklin Resources Stock Down 3.3 %

BEN opened at $20.16 on Tuesday. Franklin Resources, Inc. has a 52 week low of $18.94 and a 52 week high of $30.32. The business has a 50 day moving average price of $20.20 and a two-hundred day moving average price of $21.99. 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 company has a market cap of $10.54 billion, a PE ratio of 12.37, a P/E/G ratio of 2.80 and a beta of 1.38.

Franklin Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a $0.31 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a yield of 6.15%. Franklin Resources’s dividend payout ratio (DPR) is 76.07%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BEN shares. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a report on Monday, July 29th. Barclays cut their price target on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a research note on Monday, October 14th. Wells Fargo & Company lowered their price objective on Franklin Resources from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 9th. UBS Group reduced their price objective on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Finally, TD Cowen increased their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Five analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $21.43.

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.