Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Rockland Trust Co.

Rockland Trust Co. decreased its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 6.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,826 shares of the closed-end fund’s stock after selling 1,219 shares during the period. Rockland Trust Co.’s holdings in Franklin Resources were worth $379,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of BEN. Vanguard Group Inc. grew its holdings 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 valued at $1,008,853,000 after purchasing an additional 3,592,943 shares during the last quarter. Power Corp of Canada raised its holdings in shares of 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 acquiring an additional 31,385,293 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Franklin Resources by 10.5% in 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 acquiring an additional 676,760 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake 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 valued at $71,171,000 after acquiring an additional 54,063 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Franklin Resources by 250.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,450,190 shares of the closed-end fund’s stock worth $54,664,000 after purchasing an additional 1,751,587 shares in the last quarter. Hedge funds and other institutional investors own 47.56% of the company’s stock.

Franklin Resources Trading Up 1.7 %

BEN traded up $0.33 on Friday, reaching $19.90. 3,169,543 shares of the company’s stock were exchanged, compared to its average volume of 4,002,637. The company has a market cap of $10.47 billion, a price-to-earnings ratio of 11.37, a PEG ratio of 2.62 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. Franklin Resources, Inc. has a twelve month low of $18.94 and a twelve month high of $30.32. The company’s 50 day moving average is $20.84 and its 200-day moving average is $23.00.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. The company had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Equities analysts predict that Franklin Resources, Inc. will post 2.41 earnings per share for the current year.

Franklin Resources Announces Dividend

The firm 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 $0.31 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a yield of 6.23%. Franklin Resources’s dividend payout ratio is currently 70.86%.

Insider Transactions at Franklin Resources

In other Franklin Resources news, major shareholder Charles B. Johnson bought 100,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were purchased at an average cost of $19.84 per share, for a total transaction of $1,984,000.00. Following the transaction, the insider now directly owns 89,208,192 shares in the company, valued at $1,769,890,529.28. 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 this hyperlink. In related news, CEO Jennifer M. Johnson acquired 18,900 shares of Franklin Resources stock in a transaction dated Friday, August 23rd. The stock was acquired at an average cost of $20.95 per share, with a total value of $395,955.00. Following the purchase, the chief executive officer now directly owns 216,900 shares in the company, valued at $4,544,055. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Charles B. Johnson bought 100,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was purchased at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the acquisition, the insider now 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 ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 231,600 shares of company stock worth $4,537,637. 24.13% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on BEN. The Goldman Sachs Group decreased their price target on shares of Franklin Resources from $23.75 to $21.25 and set a “sell” rating on the stock in a research note on Monday, September 30th. Evercore ISI decreased their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a research report on Friday. Barclays assumed coverage on shares of Franklin Resources in a research note on Tuesday, August 27th. They issued an “underweight” rating and a $20.00 target price for the company. Keefe, Bruyette & Woods restated an “underperform” rating and set a $23.00 price objective on shares of Franklin Resources in a report on Thursday, August 22nd. Finally, BMO Capital Markets lowered their price objective on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research report on Monday, July 29th. Five research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.93.

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.