Financial Advocates Investment Management Has $359,000 Holdings in Franklin Resources, Inc. (NYSE:BEN)

Financial Advocates Investment Management reduced its position in Franklin Resources, Inc. (NYSE:BEN) by 4.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 16,050 shares of the closed-end fund’s stock after selling 697 shares during the period. Financial Advocates Investment Management’s holdings in Franklin Resources were worth $359,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Wright Investors Service Inc. lifted its position in Franklin Resources by 47.4% during the second quarter. Wright Investors Service Inc. now owns 92,869 shares of the closed-end fund’s stock worth $2,076,000 after acquiring an additional 29,878 shares during the last quarter. AustralianSuper Pty Ltd acquired a new position in Franklin Resources in the 2nd quarter valued at $6,522,000. Gold Investment Management Ltd. increased its position in Franklin Resources by 2.5% during the 2nd quarter. Gold Investment Management Ltd. now owns 26,032 shares of the closed-end fund’s stock worth $582,000 after buying an additional 644 shares during the period. State of Michigan Retirement System lifted its holdings in shares of Franklin Resources by 0.7% during the second quarter. State of Michigan Retirement System now owns 88,195 shares of the closed-end fund’s stock worth $1,971,000 after buying an additional 600 shares in the last quarter. Finally, Wade Financial Advisory Inc bought a new stake in shares of Franklin Resources in the second quarter valued at about $622,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BEN shares. TD Cowen lifted their price target 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. Deutsche Bank Aktiengesellschaft reduced their target price on Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a report on Monday, July 29th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $23.00 price objective on shares of Franklin Resources in a research report on Thursday, August 22nd. UBS Group cut their target price on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Finally, Barclays started coverage on Franklin Resources in a report on Tuesday. They issued an “underweight” rating and a $20.00 target price for the company. Four analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, Franklin Resources presently has an average rating of “Hold” and an average price target of $24.45.

Insiders Place Their Bets

In related news, major shareholder Charles B. Johnson acquired 200,000 shares of Franklin Resources stock in a transaction dated Friday, June 21st. The stock was bought at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the transaction, the insider now directly owns 88,703,192 shares in the company, valued at approximately $2,022,432,777.60. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Jennifer M. Johnson bought 18,900 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were bought 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Charles B. Johnson purchased 200,000 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were acquired at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the purchase, the insider now directly owns 88,703,192 shares in the company, valued at approximately $2,022,432,777.60. The disclosure for this purchase can be found here. 24.13% of the stock is currently owned by corporate insiders.

Franklin Resources Stock Up 1.8 %

Franklin Resources stock opened at $19.97 on Friday. The firm has a 50 day moving average price of $22.34 and a two-hundred day moving average price of $24.33. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.82 and a current ratio of 1.71. Franklin Resources, Inc. has a 52-week low of $19.50 and a 52-week high of $30.32. The firm has a market cap of $10.51 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 2.46 and a beta of 1.43.

Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 26th. The closed-end fund reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The business had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.09 billion. Equities analysts predict that Franklin Resources, Inc. will post 2.42 EPS for the current year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a dividend of $0.31 per share. The ex-dividend date is Monday, September 30th. This represents a $1.24 annualized dividend and a yield of 6.21%. Franklin Resources’s dividend payout ratio is currently 70.86%.

About Franklin Resources

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.