Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp decreased its position in Franklin Resources, Inc. (NYSE:BEN) by 27.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,691 shares of the closed-end fund’s stock after selling 19,075 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Franklin Resources were worth $1,111,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of 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 buying an additional 3,592,943 shares during the period. Power Corp of Canada raised its position in shares of Franklin Resources by 18,266.0% during 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 purchasing an additional 31,385,293 shares during the period. Capital Research Global Investors raised its position in shares of Franklin Resources by 17.9% during the fourth quarter. Capital Research Global Investors now owns 26,652,644 shares of the closed-end fund’s stock worth $793,983,000 after purchasing an additional 4,043,808 shares during the period. Norges Bank acquired a new stake in shares of Franklin Resources during the fourth quarter worth $49,547,000. Finally, Vest Financial LLC raised its position in shares of Franklin Resources by 17.0% during the first quarter. Vest Financial LLC now owns 1,389,887 shares of the closed-end fund’s stock worth $39,070,000 after purchasing an additional 201,688 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Stock Performance

Shares of BEN stock opened at $20.81 on Friday. Franklin Resources, Inc. has a fifty-two week low of $18.94 and a fifty-two week high of $30.32. The stock’s 50-day moving average is $21.47 and its two-hundred day moving average is $23.51. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71. The firm has a market cap of $10.95 billion, a P/E ratio of 11.89, a PEG ratio of 2.45 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, July 26th. The closed-end fund reported $0.60 earnings per share 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 during the quarter, compared to the consensus estimate of $2.09 billion. Analysts predict that Franklin Resources, Inc. will post 2.41 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.96%. The ex-dividend date of this dividend is Monday, September 30th. Franklin Resources’s dividend payout ratio (DPR) is presently 70.86%.

Wall Street Analysts Forecast Growth

BEN has been the topic of a number of recent analyst reports. BMO Capital Markets cut their target price on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research report on Monday, July 29th. Wells Fargo & Company initiated coverage on Franklin Resources in a research report on Thursday, September 12th. They set an “equal weight” rating and a $20.00 target price on the stock. UBS Group cut their target price on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $23.00 target price on shares of Franklin Resources in a research report on Thursday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a research report on Monday, July 29th. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, Franklin Resources currently has an average rating of “Hold” and an average price target of $23.00.

Insider Transactions at Franklin Resources

In other news, CEO Jennifer M. Johnson purchased 12,700 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was bought at an average cost of $19.66 per share, with a total value of $249,682.00. Following the purchase, the chief executive officer now directly owns 2,637,700 shares of the company’s stock, valued at $51,857,182. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Charles B. Johnson acquired 100,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were acquired at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the acquisition, the insider now owns 89,208,192 shares in the company, valued at approximately $1,769,890,529.28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jennifer M. Johnson acquired 12,700 shares of the stock in a transaction dated Wednesday, August 28th. The shares were bought at an average cost of $19.66 per share, for a total transaction of $249,682.00. Following the acquisition, the chief executive officer now owns 2,637,700 shares in the company, valued at approximately $51,857,182. The disclosure for this purchase can be found here. Insiders bought 231,600 shares of company stock valued at $4,537,637 in the last three months. Corporate insiders own 24.13% of the company’s stock.

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.