Franklin Resources, Inc. (NYSE:BEN) Shares Purchased by LGT Group Foundation

LGT Group Foundation increased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 84.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,250 shares of the closed-end fund’s stock after acquiring an additional 6,990 shares during the quarter. LGT Group Foundation’s holdings in Franklin Resources were worth $341,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Plato Investment Management Ltd purchased a new stake in Franklin Resources in the 1st quarter valued at about $710,000. Hsbc Holdings PLC raised its holdings in Franklin Resources by 26.3% in the 4th quarter. Hsbc Holdings PLC now owns 708,050 shares of the closed-end fund’s stock valued at $21,093,000 after buying an additional 147,497 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in Franklin Resources in the 1st quarter valued at about $1,538,000. Norges Bank purchased a new stake in Franklin Resources in the 4th quarter valued at about $49,547,000. Finally, SG Americas Securities LLC raised its holdings in Franklin Resources by 583.8% in the 1st quarter. SG Americas Securities LLC now owns 199,225 shares of the closed-end fund’s stock valued at $5,600,000 after buying an additional 170,089 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Performance

Shares of Franklin Resources stock opened at $19.49 on Wednesday. Franklin Resources, Inc. has a one year low of $19.05 and a one year high of $30.32. The company has a market cap of $10.25 billion, a PE ratio of 11.14, a P/E/G ratio of 2.41 and a beta of 1.39. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.71 and a current ratio of 1.71. The business has a 50-day simple moving average of $21.83 and a 200-day simple moving average of $23.85.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.09 billion. On average, equities research analysts forecast that Franklin Resources, Inc. will post 2.41 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.36%. The ex-dividend date of this dividend is Monday, September 30th. Franklin Resources’s dividend payout ratio is presently 70.86%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $23.00 price objective on shares of Franklin Resources in a report on Thursday, August 22nd. BMO Capital Markets reduced their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft cut their price target 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. TD Cowen boosted their price target on shares of Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Barclays began coverage on shares of Franklin Resources in a research note on Tuesday, August 27th. They set an “underweight” rating and a $20.00 price target on the stock. Four investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, Franklin Resources currently has an average rating of “Hold” and a consensus target price of $23.91.

Insider Transactions at Franklin Resources

In other Franklin Resources news, CEO Jennifer M. Johnson purchased 18,900 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the acquisition, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Franklin Resources news, major shareholder Charles B. Johnson purchased 100,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was purchased 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 of the company’s stock, valued at approximately $1,769,890,529.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jennifer M. Johnson purchased 18,900 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the acquisition, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at $4,544,055. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 331,600 shares of company stock valued at $7,189,637. 24.13% of the stock is currently owned by corporate insiders.

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.