Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd lowered its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 3.2% in the third quarter, HoldingsChannel.com reports. The fund owned 24,073 shares of the closed-end fund’s stock after selling 784 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Franklin Resources were worth $485,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Franklin Resources by 15.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 63,473 shares of the closed-end fund’s stock worth $1,734,000 after buying an additional 8,712 shares during the period. Mutual of America Capital Management LLC raised its holdings in shares of Franklin Resources by 4.3% during the first quarter. Mutual of America Capital Management LLC now owns 39,351 shares of the closed-end fund’s stock worth $1,106,000 after purchasing an additional 1,633 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in Franklin Resources by 10.3% during the first quarter. Texas Permanent School Fund Corp now owns 68,766 shares of the closed-end fund’s stock valued at $1,933,000 after purchasing an additional 6,420 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new stake in Franklin Resources in the first quarter valued at $305,000. Finally, SG Americas Securities LLC grew its position in Franklin Resources by 583.8% during the 1st quarter. SG Americas Securities LLC now owns 199,225 shares of the closed-end fund’s stock worth $5,600,000 after purchasing an additional 170,089 shares during the period. 47.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BEN has been the topic of a number of recent research reports. The Goldman Sachs Group lowered their target price on Franklin Resources from $23.75 to $21.25 and set a “sell” rating on the stock in a research note on Monday, September 30th. BMO Capital Markets cut their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a report on Monday, July 29th. StockNews.com cut shares of Franklin Resources from a “hold” rating to a “sell” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Finally, Barclays lowered their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a research note on Monday, October 14th. Six investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.20.

Insider Activity at Franklin Resources

In other Franklin Resources news, CEO Jennifer M. Johnson bought 12,700 shares of Franklin Resources stock in a transaction on Wednesday, August 28th. The shares were bought at an average cost of $19.66 per share, for a total transaction of $249,682.00. Following the acquisition, the chief executive officer now directly owns 2,637,700 shares in the company, valued at $51,857,182. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, major shareholder Charles B. Johnson purchased 100,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were bought at an average price of $19.84 per share, for a total transaction of $1,984,000.00. Following the acquisition, the insider now directly owns 89,208,192 shares in the company, valued at $1,769,890,529.28. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jennifer M. Johnson purchased 12,700 shares of Franklin Resources stock in a transaction on Wednesday, August 28th. The stock was bought at an average cost 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 in the company, valued at $51,857,182. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 231,600 shares of company stock worth $4,537,637 and sold 24,024 shares worth $1,051,375. Company insiders own 24.13% of the company’s stock.

Franklin Resources Price Performance

Franklin Resources stock opened at $21.04 on Friday. The company’s 50 day simple moving average is $20.29 and its 200-day simple moving average is $21.92. 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 1 year low of $18.94 and a 1 year high of $30.32. The company has a market capitalization of $11.00 billion, a price-to-earnings ratio of 24.47, a price-to-earnings-growth ratio of 2.27 and a beta of 1.38.

Franklin Resources (NYSE:BEN) last announced its earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.61%. The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the previous year, the firm earned $0.84 EPS. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities research analysts expect that Franklin Resources, Inc. will post 2.45 earnings per share for the current year.

Franklin Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 5.89%. The ex-dividend date of this dividend was Monday, September 30th. Franklin Resources’s payout ratio is 144.19%.

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.