Advisor Group Inc. boosted its holdings in Franklin Resources, Inc. (NYSE:BEN) by 35.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 54,721 shares of the closed-end fund’s stock after purchasing an additional 14,356 shares during the period. Advisor Group Inc.’s holdings in Franklin Resources were worth $1,815,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc lifted its holdings in shares of Franklin Resources by 17.1% in the 3rd quarter. Vanguard Group Inc now owns 32,666,942 shares of the closed-end fund’s stock worth $993,402,000 after purchasing an additional 4,764,162 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Franklin Resources by 2.9% during the 4th quarter. BlackRock Inc. now owns 23,139,023 shares of the closed-end fund’s stock worth $686,304,000 after buying an additional 646,242 shares during the last quarter. Pzena Investment Management LLC boosted its stake in shares of Franklin Resources by 4.8% during the 4th quarter. Pzena Investment Management LLC now owns 9,396,639 shares of the closed-end fund’s stock worth $278,704,000 after buying an additional 434,347 shares during the last quarter. Kiltearn Partners LLP boosted its stake in shares of Franklin Resources by 4.6% during the 4th quarter. Kiltearn Partners LLP now owns 8,460,294 shares of the closed-end fund’s stock worth $250,932,000 after buying an additional 370,500 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Franklin Resources by 526.8% during the 4th quarter. Bank of America Corp DE now owns 6,705,633 shares of the closed-end fund’s stock worth $198,889,000 after buying an additional 5,635,864 shares during the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.
Shares of BEN traded up $0.20 during trading hours on Monday, reaching $35.00. 2,279,908 shares of the company traded hands, compared to its average volume of 2,780,907. The stock has a market capitalization of $17.80 billion, a price-to-earnings ratio of 10.97, a price-to-earnings-growth ratio of 1.93 and a beta of 1.19. Franklin Resources, Inc. has a 12-month low of $27.34 and a 12-month high of $35.82. The company has a current ratio of 3.54, a quick ratio of 3.54 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average of $33.46.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.97%. Franklin Resources’s dividend payout ratio (DPR) is 32.60%.
BEN has been the topic of a number of research analyst reports. TheStreet upgraded shares of Franklin Resources from a “c+” rating to a “b” rating in a research report on Friday, April 26th. Keefe, Bruyette & Woods lowered shares of Franklin Resources from a “market perform” rating to an “underperform” rating and reduced their price objective for the company from $34.00 to $33.00 in a research note on Monday, April 29th. Citigroup raised their price objective on shares of Franklin Resources from $25.00 to $28.00 and gave the company a “sell” rating in a research note on Thursday, March 14th. Bank of America set a $32.00 price objective on shares of Franklin Resources and gave the company a “sell” rating in a research note on Tuesday, April 9th. Finally, Zacks Investment Research upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Seven investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Franklin Resources currently has a consensus rating of “Hold” and an average target price of $30.55.
In other news, EVP Craig Steven Tyle sold 10,924 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $32.04, for a total transaction of $350,004.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 23.90% of the company’s stock.
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.
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