Franklin Resources, Inc. (NYSE:BEN) Shares Acquired by AustralianSuper Pty Ltd

AustralianSuper Pty Ltd lifted its holdings in Franklin Resources, Inc. (NYSE:BEN) by 119.9% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 641,629 shares of the closed-end fund’s stock after purchasing an additional 349,820 shares during the period. AustralianSuper Pty Ltd’s holdings in Franklin Resources were worth $12,929,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BEN. MFA Wealth Advisors LLC acquired a new position in shares of Franklin Resources in the third quarter worth $26,000. Altshuler Shaham Ltd purchased a new position in Franklin Resources in the second quarter valued at $27,000. Matrix Trust Co acquired a new position in Franklin Resources during the 3rd quarter worth $29,000. Sentry Investment Management LLC purchased a new stake in Franklin Resources during the 2nd quarter worth about $30,000. Finally, Headlands Technologies LLC acquired a new stake in Franklin Resources in the 1st quarter valued at about $32,000. 47.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on BEN shares. 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 report on Monday, October 14th. Deutsche Bank Aktiengesellschaft dropped their target price on Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $23.00 price target on shares of Franklin Resources in a report on Thursday, August 22nd. The Goldman Sachs Group dropped their price objective on Franklin Resources from $23.75 to $21.25 and set a “sell” rating on the stock in a report on Monday, September 30th. Finally, Evercore ISI decreased their target price on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a research note on Friday, October 4th. Five analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat.com, Franklin Resources presently has a consensus rating of “Hold” and a consensus price target of $21.43.

Franklin Resources Stock Performance

NYSE:BEN traded down $0.37 during mid-day trading on Thursday, reaching $20.52. 629,757 shares of the stock were exchanged, compared to its average volume of 3,952,354. The stock has a market capitalization of $10.73 billion, a P/E ratio of 12.76, a P/E/G ratio of 2.67 and a beta of 1.39. Franklin Resources, Inc. has a 1 year low of $18.94 and a 1 year high of $30.32. The company has a 50 day simple moving average of $20.21 and a 200-day simple moving average of $22.10. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.93.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $0.31 per share. The ex-dividend date was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.04%. Franklin Resources’s dividend payout ratio (DPR) is presently 76.07%.

Insider Activity

In other Franklin Resources news, major shareholder Charles B. Johnson purchased 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was purchased at an average price of $19.08 per share, for a total transaction of $1,908,000.00. Following the purchase, the insider now directly owns 89,308,192 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Charles B. Johnson acquired 100,000 shares of Franklin Resources stock in a transaction on Wednesday, September 11th. The stock was purchased 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 in the company, valued at approximately $1,704,000,303.36. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Franklin Resources Inc sold 7,900 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $43.71, for a total value of $345,309.00. Following the sale, the insider now directly owns 36,519 shares of the company’s stock, valued at $1,596,245.49. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. Corporate insiders own 24.13% of the company’s stock.

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.