Cornerstone Wealth Management LLC Buys 2,038 Shares of Franklin Resources, Inc. (NYSE:BEN)

Cornerstone Wealth Management LLC grew its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 21.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,650 shares of the closed-end fund’s stock after buying an additional 2,038 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Franklin Resources were worth $235,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Altshuler Shaham Ltd acquired a new position in Franklin Resources in the 2nd quarter worth about $27,000. Matrix Trust Co acquired a new position in shares of Franklin Resources in the third quarter valued at approximately $29,000. Sentry Investment Management LLC acquired a new position in shares of Franklin Resources in the second quarter valued at approximately $30,000. Headlands Technologies LLC bought a new position in Franklin Resources in the 1st quarter valued at approximately $32,000. Finally, Denali Advisors LLC acquired a new stake in Franklin Resources during the 1st quarter worth approximately $44,000. 47.56% of the stock is currently owned by institutional investors.

Insider Activity

In other Franklin Resources news, major shareholder Charles B. Johnson purchased 100,000 shares of Franklin Resources stock in a transaction that occurred on Thursday, August 29th. The stock was acquired at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the transaction, the insider now owns 89,208,192 shares in the company, valued at $1,769,890,529.28. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Charles B. Johnson purchased 100,000 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was acquired at an average price of $19.84 per share, for a total transaction of $1,984,000.00. Following the purchase, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jennifer M. Johnson acquired 18,900 shares of the stock in a transaction dated Friday, August 23rd. The stock was 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 owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 231,600 shares of company stock worth $4,537,637 and sold 24,024 shares worth $1,051,375. Corporate insiders own 24.13% of the company’s stock.

Franklin Resources Stock Up 1.5 %

Franklin Resources stock opened at $20.98 on Friday. The company has a market capitalization of $11.04 billion, a PE ratio of 11.99, a PEG ratio of 2.29 and a beta of 1.39. Franklin Resources, Inc. has a 12-month low of $18.94 and a 12-month high of $30.32. The firm’s fifty day moving average is $20.44 and its 200 day moving average is $22.45. 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 (NYSE:BEN) last released its quarterly earnings data on Friday, July 26th. The closed-end fund reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. As a group, sell-side analysts predict that Franklin Resources, Inc. will post 2.4 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $0.31 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a yield of 5.91%. Franklin Resources’s dividend payout ratio (DPR) is presently 70.86%.

Analysts Set New Price Targets

BEN has been the subject of several analyst reports. Barclays dropped their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research note on Monday, October 14th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $23.00 target price on shares of Franklin Resources in a report on Thursday, August 22nd. The Goldman Sachs Group decreased their price target on Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft cut their price objective on Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a research note on Monday, July 29th. Finally, Evercore ISI decreased their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a research report on Friday, October 4th. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $21.73.

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.