AustralianSuper Pty Ltd Grows Position in Franklin Resources, Inc. (NYSE:BEN)

AustralianSuper Pty Ltd grew its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 119.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 641,629 shares of the closed-end fund’s stock after purchasing an additional 349,820 shares during the quarter. AustralianSuper Pty Ltd owned approximately 0.12% of Franklin Resources worth $12,929,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in shares of Franklin Resources by 220.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 59,616 shares of the closed-end fund’s stock worth $1,676,000 after acquiring an additional 41,024 shares during the period. State of Michigan Retirement System boosted its position in Franklin Resources by 6.2% during the first quarter. State of Michigan Retirement System now owns 87,595 shares of the closed-end fund’s stock worth $2,462,000 after purchasing an additional 5,100 shares in the last quarter. Denali Advisors LLC acquired a new stake in Franklin Resources in the first quarter valued at approximately $44,000. State of Alaska Department of Revenue increased its position in shares of Franklin Resources by 7.0% in the first quarter. State of Alaska Department of Revenue now owns 32,567 shares of the closed-end fund’s stock valued at $915,000 after buying an additional 2,125 shares in the last quarter. Finally, Norden Group LLC acquired a new position in shares of Franklin Resources during the 1st quarter worth approximately $990,000. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Price Performance

Shares of BEN stock traded down $0.37 during trading hours on Thursday, reaching $20.52. The company had a trading volume of 629,757 shares, compared to its average volume of 3,952,354. Franklin Resources, Inc. has a 12-month low of $18.94 and a 12-month high of $30.32. The company has a market capitalization of $10.73 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 2.67 and a beta of 1.39. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.71 and a current ratio of 1.71. The stock has a fifty day moving average of $20.21 and a 200-day moving average of $22.10.

Franklin Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 annualized dividend and a dividend yield of 6.04%. Franklin Resources’s dividend payout ratio is presently 76.07%.

Wall Street Analyst Weigh In

BEN has been the topic of a number of research analyst reports. Barclays dropped their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a research note on Monday, October 14th. The Goldman Sachs Group cut their target price on shares of Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a research note on Monday, September 30th. Evercore ISI decreased their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a research note on Friday, October 4th. Deutsche Bank Aktiengesellschaft cut their price objective on Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a research note on Monday, July 29th. Finally, Morgan Stanley decreased their target price on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating on the stock in a research report on Friday, October 18th. Five research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat, Franklin Resources currently has an average rating of “Hold” and an average target price of $21.43.

Insider Activity

In other news, CEO Jennifer M. Johnson bought 18,900 shares of Franklin Resources stock in a transaction on Friday, August 23rd. The shares were bought at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the purchase, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. This trade represents 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 available at this link. In other news, insider Franklin Resources Inc sold 7,657 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $43.90, for a total value of $336,142.30. Following the transaction, the insider now owns 65,862 shares of the company’s stock, valued at $2,891,341.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jennifer M. Johnson purchased 18,900 shares of the stock in a transaction dated Friday, August 23rd. The shares were acquired at an average price of $20.95 per share, with a total value of $395,955.00. Following the completion of the acquisition, the chief executive officer now owns 216,900 shares in the company, valued at approximately $4,544,055. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 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.

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.