Zurcher Kantonalbank Zurich Cantonalbank Purchases 26,735 Shares of Franklin Resources, Inc. (NYSE:BEN)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Franklin Resources, Inc. (NYSE:BEN) by 45.3% during the second quarter, HoldingsChannel.com reports. The fund owned 85,703 shares of the closed-end fund’s stock after acquiring an additional 26,735 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Franklin Resources were worth $1,915,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Whittier Trust Co. of Nevada Inc. increased its position in Franklin Resources by 13.7% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 8,300 shares of the closed-end fund’s stock worth $185,000 after purchasing an additional 1,000 shares during the last quarter. Wright Investors Service Inc. raised its position in shares of Franklin Resources by 47.4% during the 2nd quarter. Wright Investors Service Inc. now owns 92,869 shares of the closed-end fund’s stock valued at $2,076,000 after buying an additional 29,878 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in shares of Franklin Resources in the 2nd quarter valued at about $6,522,000. Gold Investment Management Ltd. grew its position in Franklin Resources by 2.5% in the second quarter. Gold Investment Management Ltd. now owns 26,032 shares of the closed-end fund’s stock worth $582,000 after acquiring an additional 644 shares in the last quarter. Finally, State of Michigan Retirement System increased its stake in 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 acquiring an additional 600 shares during the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Franklin Resources

In other news, major shareholder Charles B. Johnson acquired 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was purchased at an average cost of $19.84 per share, for a total transaction of $1,984,000.00. Following the completion of the acquisition, the insider now directly owns 89,208,192 shares of the company’s stock, valued at approximately $1,769,890,529.28. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Franklin Resources news, major shareholder Charles B. Johnson acquired 100,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were bought at an average cost of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the acquisition, the insider now directly owns 89,208,192 shares in the company, valued at approximately $1,769,890,529.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jennifer M. Johnson bought 18,900 shares of the stock in a transaction on Friday, August 23rd. The shares were bought at an average price of $20.95 per share, with a total value of $395,955.00. Following the acquisition, 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. In the last 90 days, insiders have bought 331,600 shares of company stock valued at $7,189,637. 24.13% of the stock is currently owned by corporate insiders.

Franklin Resources Trading Up 1.4 %

Shares of BEN opened at $20.24 on Monday. 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 market capitalization of $10.59 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 2.55 and a beta of 1.43. The company has a 50-day moving average of $22.24 and a 200 day moving average of $24.22. Franklin Resources, Inc. has a 1-year low of $19.50 and a 1-year high of $30.32.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, July 26th. The closed-end fund reported $0.60 earnings per share 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 firm had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.09 billion. On average, research analysts expect that Franklin Resources, Inc. will post 2.41 EPS for the current year.

Franklin Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders 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 6.13%. The ex-dividend date is Monday, September 30th. Franklin Resources’s dividend payout ratio is 70.86%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on BEN shares. Barclays began coverage on Franklin Resources in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $20.00 price objective for the company. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $23.00 price objective on shares of Franklin Resources in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of 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 price target on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, BMO Capital Markets decreased their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research note on Monday, July 29th. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat, Franklin Resources has an average rating of “Hold” and a consensus target price of $24.45.

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.