Franklin Resources, Inc. (NYSE:BEN) Stake Lessened by Allworth Financial LP

Allworth Financial LP decreased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 48.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,452 shares of the closed-end fund’s stock after selling 3,200 shares during the period. Allworth Financial LP’s holdings in Franklin Resources were worth $70,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE lifted its holdings in shares of Franklin Resources by 2.1% in the first quarter. US Bancorp DE now owns 22,082 shares of the closed-end fund’s stock valued at $621,000 after buying an additional 444 shares during the period. Interval Partners LP boosted its position in shares of Franklin Resources by 0.4% during the 2nd quarter. Interval Partners LP now owns 108,894 shares of the closed-end fund’s stock valued at $2,434,000 after purchasing an additional 483 shares in the last quarter. Richardson Financial Services Inc. raised its holdings in shares of Franklin Resources by 14.9% in the 1st quarter. Richardson Financial Services Inc. now owns 4,020 shares of the closed-end fund’s stock worth $113,000 after purchasing an additional 520 shares in the last quarter. State of Michigan Retirement System lifted its stake in Franklin Resources by 0.7% during the second quarter. State of Michigan Retirement System now owns 88,195 shares of the closed-end fund’s stock valued at $1,971,000 after purchasing an additional 600 shares during the last quarter. Finally, Gold Investment Management Ltd. boosted its holdings in Franklin Resources by 2.5% during the second quarter. Gold Investment Management Ltd. now owns 26,032 shares of the closed-end fund’s stock worth $582,000 after buying an additional 644 shares in the last quarter. 47.56% of the stock is owned by institutional investors.

Franklin Resources Stock Down 0.5 %

Franklin Resources stock opened at $20.79 on Friday. The firm’s 50 day moving average price is $20.21 and its two-hundred day moving average price is $22.09. The firm has a market cap of $10.87 billion, a PE ratio of 12.75, a P/E/G ratio of 2.67 and a beta of 1.39. Franklin Resources, Inc. has a twelve month low of $18.94 and a twelve month high of $30.32. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $0.31 per share. The ex-dividend date was Monday, September 30th. This represents a $1.24 annualized dividend and a dividend yield of 5.97%. Franklin Resources’s dividend payout ratio is 76.07%.

Insider Buying and Selling at Franklin Resources

In other news, major shareholder Charles B. Johnson purchased 100,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was bought at an average cost of $19.08 per share, with a total value of $1,908,000.00. Following the purchase, the insider now directly owns 89,308,192 shares of the company’s stock, valued at approximately $1,704,000,303.36. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Franklin Resources Inc sold 7,657 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $43.90, for a total value of $336,142.30. Following the completion of the sale, the insider now directly owns 65,862 shares in the company, valued at approximately $2,891,341.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Charles B. Johnson bought 100,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were bought at an average price of $19.08 per share, for a total transaction of $1,908,000.00. Following the completion of the acquisition, the insider now owns 89,308,192 shares of the company’s stock, valued at approximately $1,704,000,303.36. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. Corporate insiders own 24.13% of the company’s stock.

Analyst Upgrades and Downgrades

BEN has been the topic of several research reports. BMO Capital Markets dropped their price target on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a report on Monday, July 29th. Morgan Stanley reduced their target price on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating for the company in a report on Friday, October 18th. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $23.00 price target on shares of Franklin Resources in a research note on Thursday, August 22nd. Wells Fargo & Company reduced their price objective on shares of Franklin Resources from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 9th. Finally, Evercore ISI cut their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a report on Friday, October 4th. Five investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $21.43.

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.