APG Asset Management N.V. Sells 93,000 Shares of Franklin Resources, Inc. (NYSE:BEN)

APG Asset Management N.V. lessened its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 69.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 40,715 shares of the closed-end fund’s stock after selling 93,000 shares during the quarter. APG Asset Management N.V.’s holdings in Franklin Resources were worth $849,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Power Corp of Canada grew its position in Franklin Resources by 18,266.0% during the 1st quarter. Power Corp of Canada now owns 31,557,117 shares of the closed-end fund’s stock worth $887,071,000 after acquiring an additional 31,385,293 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of Franklin Resources by 17.9% during the fourth quarter. Capital Research Global Investors now owns 26,652,644 shares of the closed-end fund’s stock worth $793,983,000 after purchasing an additional 4,043,808 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Franklin Resources by 11.1% in the first quarter. Vanguard Group Inc. now owns 35,889,477 shares of the closed-end fund’s stock valued at $1,008,853,000 after buying an additional 3,592,943 shares during the period. AQR Capital Management LLC raised its holdings in Franklin Resources by 250.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,450,190 shares of the closed-end fund’s stock valued at $54,664,000 after buying an additional 1,751,587 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Franklin Resources by 517.5% during the 2nd quarter. Marshall Wace LLP now owns 1,406,324 shares of the closed-end fund’s stock worth $31,431,000 after buying an additional 1,178,594 shares during the period. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Franklin Resources

In other Franklin Resources news, CEO Jennifer M. Johnson acquired 12,700 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were purchased at an average cost of $19.66 per share, with a total value of $249,682.00. Following the completion of the purchase, the chief executive officer now owns 2,637,700 shares of the company’s stock, valued at $51,857,182. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, 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 transaction, the chief executive officer now owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jennifer M. Johnson acquired 12,700 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were purchased at an average cost of $19.66 per share, for a total transaction of $249,682.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,637,700 shares in the company, valued at $51,857,182. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 231,600 shares of company stock valued at $4,537,637. 24.13% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Evercore ISI dropped their price target on shares of Franklin Resources from $24.00 to $20.00 and set an “underperform” rating for the company in a research note on Thursday, September 5th. Barclays started coverage on Franklin Resources in a report on Tuesday, August 27th. They set an “underweight” rating and a $20.00 target price on the stock. TD Cowen increased their price target on Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $23.00 price objective on shares of Franklin Resources in a research note on Thursday, August 22nd. Finally, 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. Five research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $22.85.

Franklin Resources Trading Down 1.6 %

NYSE:BEN opened at $20.15 on Tuesday. Franklin Resources, Inc. has a 12 month low of $18.94 and a 12 month high of $30.32. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $10.60 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 2.62 and a beta of 1.39. The firm has a fifty day simple moving average of $21.12 and a two-hundred day simple moving average of $23.14.

Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, beating 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 analyst estimates of $2.09 billion. Analysts expect that Franklin Resources, Inc. will post 2.41 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.15%. The ex-dividend date of this dividend is Monday, September 30th. Franklin Resources’s dividend payout ratio is currently 70.86%.

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.