Franklin Resources, Inc. (NYSE:BEN) Shares Sold by PGGM Investments

PGGM Investments lessened its stake in Franklin Resources, Inc. (NYSE:BEN) by 32.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,960 shares of the closed-end fund’s stock after selling 13,157 shares during the quarter. PGGM Investments’ holdings in Franklin Resources were worth $603,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Headlands Technologies LLC acquired a new position in shares of Franklin Resources during the 1st quarter valued at $32,000. Principal Securities Inc. acquired a new position in shares of Franklin Resources during the 4th quarter valued at $35,000. Denali Advisors LLC acquired a new position in shares of Franklin Resources during the 1st quarter valued at $44,000. Trust Co. of Vermont acquired a new position in shares of Franklin Resources during the 4th quarter valued at $45,000. Finally, Montag A & Associates Inc. acquired a new position in shares of Franklin Resources during the 4th quarter valued at $51,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Up 0.7 %

Shares of BEN traded up $0.15 during midday trading on Wednesday, hitting $22.02. The company had a trading volume of 1,934,932 shares, compared to its average volume of 3,707,680. The company’s 50 day moving average price is $22.58 and its 200 day moving average price is $24.73. The stock has a market cap of $11.58 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 2.46 and a beta of 1.43. Franklin Resources, Inc. has a 52 week low of $20.92 and a 52 week high of $30.32. The company has a quick ratio of 1.82, a current ratio of 1.71 and a debt-to-equity ratio of 0.93.

Franklin Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 5.63%. The ex-dividend date of this dividend was Friday, June 28th. Franklin Resources’s payout ratio is currently 70.86%.

Insider Transactions at Franklin Resources

In related news, major shareholder Charles B. Johnson bought 200,000 shares of the company’s stock in a transaction dated Friday, June 21st. The stock was bought at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the transaction, the insider now owns 88,703,192 shares of the company’s stock, valued at $2,022,432,777.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 24.13% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. UBS Group reduced their target price on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. TD Cowen boosted their price objective on shares of Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Morgan Stanley boosted their price objective on shares of Franklin Resources from $24.00 to $25.00 and gave the stock an “underweight” rating in a report on Wednesday, April 17th. Keefe, Bruyette & Woods cut their price objective on shares of Franklin Resources from $25.00 to $23.00 and set an “underperform” rating on the stock in a report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a report on Monday, July 29th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, Franklin Resources currently has a consensus rating of “Hold” and a consensus target price of $24.90.

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.