Franklin Resources, Inc. (NYSE:BEN) Position Trimmed by Kentucky Retirement Systems

Kentucky Retirement Systems decreased its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 4.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,497 shares of the closed-end fund’s stock after selling 1,100 shares during the period. Kentucky Retirement Systems’ holdings in Franklin Resources were worth $433,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in BEN. MFA Wealth Advisors LLC bought a new stake in Franklin Resources during the third quarter valued at $26,000. Altshuler Shaham Ltd bought a new stake in Franklin Resources during the second quarter valued at $27,000. Matrix Trust Co bought a new stake in Franklin Resources during the third quarter valued at $29,000. Sentry Investment Management LLC bought a new stake in Franklin Resources during the second quarter valued at $30,000. Finally, Northwest Investment Counselors LLC bought a new stake in Franklin Resources during the third quarter valued at $41,000. Institutional investors own 47.56% of the company’s stock.

Insider Buying and Selling at Franklin Resources

In other Franklin Resources news, insider Franklin Resources Inc sold 7,657 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,891,341.80. This represents a 10.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Charles B. Johnson purchased 100,000 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was acquired at an average cost of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the acquisition, the insider now directly owns 89,208,192 shares in the company, valued at $1,769,890,529.28. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 231,600 shares of company stock valued at $4,537,637 and sold 24,024 shares valued at $1,051,375. 24.13% of the stock is owned by corporate insiders.

Franklin Resources Stock Performance

Shares of BEN opened at $21.48 on Wednesday. The firm has a 50-day moving average price of $20.56 and a 200 day moving average price of $21.77. The firm has a market capitalization of $11.25 billion, a PE ratio of 24.98, a P/E/G ratio of 2.33 and a beta of 1.38. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.92. Franklin Resources, Inc. has a 52-week low of $18.94 and a 52-week high of $30.32.

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). The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $1.70 billion. Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 EPS. On average, sell-side analysts anticipate that Franklin Resources, Inc. will post 2.4 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 5.77%. The ex-dividend date of this dividend was Monday, September 30th. Franklin Resources’s payout ratio is 144.19%.

Analysts Set New Price Targets

Several equities analysts have recently commented on BEN shares. UBS Group lowered their price target on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Barclays lowered their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research report on Monday, October 14th. The Goldman Sachs Group lowered their price target on shares of Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a research report on Monday, September 30th. Finally, Wells Fargo & Company upped their price target on shares of Franklin Resources from $19.00 to $19.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $20.20.

Franklin Resources Company 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.