Franklin Resources, Inc. (NYSE:BEN) Short Interest Update

Franklin Resources, Inc. (NYSE:BEN) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 26,460,000 shares, a growth of 12.7% from the August 15th total of 23,480,000 shares. Currently, 9.4% of the company’s shares are sold short. Based on an average trading volume of 4,400,000 shares, the days-to-cover ratio is currently 6.0 days.

Analyst Ratings Changes

BEN has been the topic of a number of analyst reports. Wells Fargo & Company initiated coverage on shares of Franklin Resources in a research note on Thursday. They set an “equal weight” rating and a $20.00 price objective on the stock. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $23.00 price objective on shares of Franklin Resources in a report on Thursday, August 22nd. TD Cowen lifted their price objective on Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Evercore ISI decreased their target price on Franklin Resources from $24.00 to $20.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a research report on Monday, July 29th. Four research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, Franklin Resources currently has an average rating of “Hold” and a consensus price target of $23.00.

Insider Activity at Franklin Resources

In related news, CEO Jennifer M. Johnson purchased 18,900 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were purchased at an average cost of $20.95 per share, with a total value of $395,955.00. Following the transaction, the chief executive officer now directly owns 216,900 shares in the company, valued at approximately $4,544,055. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Jennifer M. Johnson acquired 18,900 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were purchased at an average cost of $20.95 per share, for a total transaction of $395,955.00. Following the transaction, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at $4,544,055. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Jennifer M. Johnson bought 12,700 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were bought at an average cost of $19.66 per share, with a total value of $249,682.00. Following the completion of the purchase, the chief executive officer now directly owns 2,637,700 shares of the company’s stock, valued at approximately $51,857,182. The disclosure for this purchase can be found here. Insiders have purchased a total of 431,600 shares of company stock worth $9,097,637 over the last quarter. Corporate insiders own 24.13% of the company’s stock.

Hedge Funds Weigh In On Franklin Resources

Large investors have recently added to or reduced their stakes in the company. Altshuler Shaham Ltd bought a new stake in shares of Franklin Resources during the 2nd quarter worth about $27,000. Sentry Investment Management LLC acquired a new stake in shares of Franklin Resources during the second quarter valued at about $30,000. Headlands Technologies LLC bought a new position in shares of Franklin Resources during the first quarter valued at $32,000. Principal Securities Inc. bought a new stake in Franklin Resources in the fourth quarter valued at approximately $35,000. Finally, Denali Advisors LLC acquired a new position in Franklin Resources in the first quarter valued at $44,000. Institutional investors own 47.56% of the company’s stock.

Franklin Resources Price Performance

Shares of Franklin Resources stock traded up $0.12 on Monday, hitting $20.02. The company had a trading volume of 1,598,587 shares, compared to its average volume of 3,946,719. The company has a market cap of $10.53 billion, a PE ratio of 11.37, a PEG ratio of 2.45 and a beta of 1.39. Franklin Resources has a 52 week low of $18.94 and a 52 week high of $30.32. The business has a 50-day simple moving average of $21.68 and a 200-day simple moving average of $23.70. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.09 billion. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. Research analysts expect that Franklin Resources will post 2.41 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 6.19%. The ex-dividend date of this dividend is Monday, September 30th. Franklin Resources’s dividend payout ratio (DPR) is currently 70.86%.

About Franklin Resources

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.