Forsta AP Fonden Purchases 47,600 Shares of Franklin Resources, Inc. (NYSE:BEN)

Forsta AP Fonden lifted its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 46.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,000 shares of the closed-end fund’s stock after purchasing an additional 47,600 shares during the period. Forsta AP Fonden’s holdings in Franklin Resources were worth $3,043,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Headlands Technologies LLC bought a new position in shares of Franklin Resources during the 1st quarter worth approximately $32,000. Altshuler Shaham Ltd bought a new stake in Franklin Resources during the second quarter worth $27,000. MFA Wealth Advisors LLC purchased a new position in Franklin Resources in the third quarter worth $26,000. Sentry Investment Management LLC bought a new position in Franklin Resources in the 2nd quarter valued at $30,000. Finally, Matrix Trust Co purchased a new stake in shares of Franklin Resources during the 3rd quarter valued at $29,000. 47.56% of the stock is currently 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 Franklin Resources stock in a transaction that occurred on Thursday, August 29th. The stock was bought at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the purchase, the insider now owns 89,208,192 shares in the company, valued at approximately $1,769,890,529.28. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In other news, major shareholder Charles B. Johnson purchased 100,000 shares of the business’s stock in a transaction 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 acquisition, the insider now directly owns 89,208,192 shares in the company, valued at approximately $1,769,890,529.28. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jennifer M. Johnson acquired 12,700 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was acquired at an average price of $19.66 per share, for a total transaction of $249,682.00. Following the transaction, the chief executive officer now directly owns 2,637,700 shares of the company’s stock, valued at $51,857,182. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. Insiders own 24.13% of the company’s stock.

Franklin Resources Stock Performance

NYSE:BEN opened at $20.83 on Wednesday. The business’s fifty day moving average is $20.19 and its 200 day moving average is $22.10. The firm has a market cap of $10.89 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 2.67 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. Franklin Resources, Inc. has a 52-week low of $18.94 and a 52-week high of $30.32.

Franklin Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 5.95%. The ex-dividend date was Monday, September 30th. Franklin Resources’s dividend payout ratio is presently 76.07%.

Wall Street Analyst Weigh In

BEN has been the subject of several research reports. Wells Fargo & Company reduced their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 9th. Evercore ISI decreased their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a research note on Friday, October 4th. BMO Capital Markets dropped their price objective on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th. Barclays decreased their target price on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research report on Monday, October 14th. Finally, Morgan Stanley lowered their target price on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating on the stock in a research note on Friday, October 18th. Five research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $21.43.

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.