Blue Trust Inc. Buys 1,148 Shares of Franklin Resources, Inc. (NYSE:BEN)

Blue Trust Inc. boosted its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 124.8% in the third quarter, HoldingsChannel reports. The firm owned 2,068 shares of the closed-end fund’s stock after purchasing an additional 1,148 shares during the quarter. Blue Trust Inc.’s holdings in Franklin Resources were worth $46,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Transactions at Franklin Resources

In other news, CEO Jennifer M. Johnson purchased 12,700 shares of Franklin Resources stock in a transaction dated 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 completion of the acquisition, the chief executive officer now owns 2,637,700 shares in the company, valued at approximately $51,857,182. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Franklin Resources Inc sold 7,657 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $43.90, for a total transaction of $336,142.30. Following the sale, the insider now directly owns 65,862 shares in the company, valued at approximately $2,891,341.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jennifer M. Johnson purchased 12,700 shares of Franklin Resources stock in a transaction dated Wednesday, August 28th. The shares were purchased at an average price of $19.66 per share, for a total transaction of $249,682.00. Following the completion of the acquisition, the chief executive officer now owns 2,637,700 shares of the company’s stock, valued at approximately $51,857,182. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. Company insiders own 24.13% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on BEN. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $23.00 price target on shares of Franklin Resources in a research note on Thursday, August 22nd. TD Cowen boosted 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. Barclays dropped their price target on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research note on Monday, October 14th. Wells Fargo & Company dropped their price target on 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, Morgan Stanley dropped their price target on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating for the company in a research note on Friday, October 18th. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.43.

Franklin Resources Stock Performance

Franklin Resources stock opened at $20.84 on Friday. Franklin Resources, Inc. has a 12-month low of $18.94 and a 12-month high of $30.32. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.93. The business’s 50-day moving average price is $20.21 and its two-hundred day moving average price is $22.06. The stock has a market cap of $10.90 billion, a PE ratio of 12.79, a P/E/G ratio of 2.81 and a beta of 1.39.

Franklin Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued 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 of this dividend was Monday, September 30th. Franklin Resources’s dividend payout ratio (DPR) is currently 76.07%.

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.