Franklin Resources (NYSE:BEN) Stock Price Down 7.1% – Here’s What Happened

Franklin Resources, Inc. (NYSE:BEN) traded down 7.1% during trading on Monday . The company traded as low as $19.35 and last traded at $19.35. 4,673,631 shares were traded during mid-day trading, an increase of 17% from the average session volume of 4,011,318 shares. The stock had previously closed at $20.84.

Analyst Ratings Changes

BEN has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft dropped their target price 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. BMO Capital Markets lowered their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a report on Monday, July 29th. TD Cowen upped their target price 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. Evercore ISI decreased their price objective on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a report on Friday, October 4th. Finally, UBS Group decreased their price target on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Five analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $21.43.

Franklin Resources Stock Down 2.5 %

The firm has a market cap of $10.63 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 2.80 and a beta of 1.38. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93. The stock has a fifty day simple moving average of $20.21 and a two-hundred day simple moving average of $22.02.

Franklin Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $0.31 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.24 annualized dividend and a dividend yield of 6.10%. Franklin Resources’s payout ratio is currently 76.07%.

Insider Activity at Franklin Resources

In other news, major shareholder Charles B. Johnson purchased 100,000 shares of the stock in a transaction on Thursday, August 29th. The shares were acquired at an average price of $19.84 per share, for a total transaction of $1,984,000.00. Following the completion of the transaction, the insider now directly owns 89,208,192 shares of the company’s stock, valued at approximately $1,769,890,529.28. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Jennifer M. Johnson acquired 18,900 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was purchased at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the acquisition, 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Charles B. Johnson purchased 100,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were purchased at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the purchase, the insider now owns 89,208,192 shares in the company, valued at approximately $1,769,890,529.28. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 231,600 shares of company stock valued at $4,537,637 and sold 24,024 shares valued at $1,051,375. 24.13% of the stock is owned by corporate insiders.

Institutional Trading of Franklin Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in Franklin Resources by 11.1% in the first quarter. Vanguard Group Inc. now owns 35,889,477 shares of the closed-end fund’s stock worth $1,008,853,000 after acquiring an additional 3,592,943 shares in the last quarter. Power Corp of Canada raised its stake in Franklin Resources by 18,266.0% in the first quarter. Power Corp of Canada now owns 31,557,117 shares of the closed-end fund’s stock worth $887,071,000 after buying an additional 31,385,293 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Franklin Resources by 10.5% during the second quarter. ProShare Advisors LLC now owns 7,095,390 shares of the closed-end fund’s stock valued at $158,582,000 after buying an additional 676,760 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Franklin Resources by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,183,950 shares of the closed-end fund’s stock worth $71,171,000 after purchasing an additional 54,063 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Franklin Resources by 250.7% during the second quarter. AQR Capital Management LLC now owns 2,450,190 shares of the closed-end fund’s stock worth $54,664,000 after acquiring an additional 1,751,587 shares during the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

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.