Public Sector Pension Investment Board Has $1.09 Million Position in Franklin Resources, Inc. (NYSE:BEN)

Public Sector Pension Investment Board lifted its position in Franklin Resources, Inc. (NYSE:BEN) by 6.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,951 shares of the closed-end fund’s stock after acquiring an additional 3,400 shares during the period. Public Sector Pension Investment Board’s holdings in Franklin Resources were worth $1,087,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Franklin Resources by 52.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,424 shares of the closed-end fund’s stock worth $2,628,000 after acquiring an additional 44,721 shares in the last quarter. FORA Capital LLC bought a new position in shares of Franklin Resources during the 3rd quarter valued at about $1,857,000. CreativeOne Wealth LLC grew its position in shares of Franklin Resources by 54.7% in the 3rd quarter. CreativeOne Wealth LLC now owns 45,228 shares of the closed-end fund’s stock valued at $911,000 after purchasing an additional 15,989 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Franklin Resources by 105.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 209,600 shares of the closed-end fund’s stock worth $4,223,000 after purchasing an additional 107,600 shares in the last quarter. Finally, Blueshift Asset Management LLC raised its holdings in Franklin Resources by 41.4% during the 3rd quarter. Blueshift Asset Management LLC now owns 16,614 shares of the closed-end fund’s stock worth $335,000 after buying an additional 4,861 shares during the period. Institutional investors own 47.56% of the company’s stock.

Franklin Resources Price Performance

NYSE:BEN opened at $21.92 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92. The firm has a fifty day simple moving average of $21.06 and a 200 day simple moving average of $21.64. Franklin Resources, Inc. has a 1-year low of $18.94 and a 1-year high of $30.32. The stock has a market capitalization of $11.48 billion, a PE ratio of 25.49, a P/E/G ratio of 2.46 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the firm earned $0.84 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, research analysts expect that Franklin Resources, Inc. will post 2.39 EPS for the current fiscal year.

Franklin Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Monday, December 30th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.84%. This is a boost from Franklin Resources’s previous quarterly dividend of $0.31. The ex-dividend date is Monday, December 30th. Franklin Resources’s dividend payout ratio (DPR) is presently 144.19%.

Insider Transactions at Franklin Resources

In other Franklin Resources news, insider Franklin Resources Inc sold 7,657 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $43.90, for a total transaction of $336,142.30. Following the completion of the sale, the insider now directly owns 65,862 shares in the company, valued at $2,891,341.80. This trade represents a 10.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Charles B. Johnson bought 100,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was purchased at an average cost of $19.08 per share, for a total transaction of $1,908,000.00. Following the transaction, the insider now directly owns 89,308,192 shares of the company’s stock, valued at $1,704,000,303.36. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 24,024 shares of company stock worth $1,051,375. 24.13% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BEN shares. Evercore ISI reduced their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a report on Friday, October 4th. Barclays lowered their target price on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a report on Monday, October 14th. TD Cowen cut their price target on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $19.00 price objective (down from $20.00) on shares of Franklin Resources in a report on Tuesday, November 5th. Finally, UBS Group cut their target price on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, Franklin Resources presently has an average rating of “Hold” and a consensus price target of $20.20.

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.