Retirement Systems of Alabama Increases Stake in Franklin Resources, Inc. (NYSE:BEN)

Retirement Systems of Alabama grew its position in Franklin Resources, Inc. (NYSE:BEN) by 2.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 67,444 shares of the closed-end fund’s stock after buying an additional 1,297 shares during the period. Retirement Systems of Alabama’s holdings in Franklin Resources were worth $1,359,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. MFA Wealth Advisors LLC bought a new stake in shares of Franklin Resources during the third quarter valued at approximately $26,000. Altshuler Shaham Ltd bought a new stake in shares of Franklin Resources in the 2nd quarter worth $27,000. Matrix Trust Co purchased a new position in shares of Franklin Resources in the third quarter worth $29,000. Sentry Investment Management LLC bought a new position in shares of Franklin Resources during the second quarter valued at $30,000. Finally, Larson Financial Group LLC boosted its position in shares of Franklin Resources by 254.4% during the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after buying an additional 1,277 shares during the last quarter. Institutional investors own 47.56% of the company’s stock.

Insider Activity at Franklin Resources

In related news, insider Franklin Resources Inc sold 7,657 shares of the 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 completion of the sale, the insider now owns 65,862 shares in the company, valued at approximately $2,891,341.80. This trade represents a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 24,024 shares of company stock worth $1,051,375. 24.13% of the stock is owned by corporate insiders.

Franklin Resources Stock Performance

NYSE:BEN opened at $20.49 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63. The stock has a 50-day simple moving average of $21.40 and a two-hundred day simple moving average of $21.53. The firm has a market capitalization of $10.73 billion, a PE ratio of 23.83, a P/E/G ratio of 2.43 and a beta of 1.39. 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 quarterly earnings data 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). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the firm posted $0.84 earnings per share. The company’s revenue was up 11.3% compared to the same quarter last year. Analysts forecast that Franklin Resources, Inc. will post 2.39 EPS for the current year.

Franklin Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Monday, December 30th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 6.25%. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Monday, December 30th. Franklin Resources’s dividend payout ratio (DPR) is presently 148.84%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their target price on Franklin Resources from $20.00 to $19.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. UBS Group lowered their price objective on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. TD Cowen cut their target price on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Wells Fargo & Company increased their price target on Franklin Resources from $19.50 to $22.50 and gave the company an “equal weight” rating in a report on Thursday, December 12th. Finally, Morgan Stanley lifted their price objective on Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Friday. 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, the stock has an average rating of “Hold” and a consensus target price of $20.66.

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.