Franklin Resources, Inc. (NYSE:BEN) Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC grew its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 57.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 870,318 shares of the closed-end fund’s stock after purchasing an additional 316,211 shares during the period. Hsbc Holdings PLC owned 0.17% of Franklin Resources worth $19,432,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Sentry Investment Management LLC acquired a new position in Franklin Resources during the 2nd quarter valued at approximately $30,000. Headlands Technologies LLC bought a new position in shares of Franklin Resources during the first quarter worth about $32,000. Principal Securities Inc. acquired a new stake in shares of Franklin Resources in the 4th quarter worth about $35,000. Denali Advisors LLC bought a new stake in Franklin Resources in the 1st quarter valued at about $44,000. Finally, Trust Co. of Vermont bought a new stake in Franklin Resources in the 4th quarter valued at about $45,000. 47.56% of the stock is currently owned by institutional investors.

Franklin Resources Stock Down 0.3 %

BEN stock opened at $20.81 on Monday. 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 capitalization of $10.95 billion, a P/E ratio of 11.89, a P/E/G ratio of 2.45 and a beta of 1.39. Franklin Resources, Inc. has a 52-week low of $18.94 and a 52-week high of $30.32. The company’s 50 day simple moving average is $21.47 and its 200-day simple moving average is $23.45.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 26th. The closed-end fund reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. The company had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.09 billion. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. As a group, equities research analysts anticipate that Franklin Resources, Inc. will post 2.41 EPS for the current year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.24 annualized dividend and a yield of 5.96%. Franklin Resources’s dividend payout ratio is presently 70.86%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BEN. 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 price objective for the company. Evercore ISI reduced their price target on Franklin Resources from $24.00 to $20.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. TD Cowen raised their price target on Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a report on Monday, July 29th. Barclays assumed coverage on shares of Franklin Resources in a report on Tuesday, August 27th. They issued an “underweight” rating and a $20.00 price objective for the company. Finally, BMO Capital Markets lowered their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th. Four analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, Franklin Resources currently has an average rating of “Hold” and a consensus target price of $23.00.

Insiders Place Their Bets

In related news, major shareholder Charles B. Johnson purchased 100,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average cost of $19.08 per share, for a total transaction of $1,908,000.00. Following the acquisition, the insider now directly owns 89,308,192 shares in the company, valued at approximately $1,704,000,303.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Charles B. Johnson bought 100,000 shares of the stock in a transaction on Wednesday, September 11th. The shares were purchased at an average price of $19.08 per share, for a total transaction of $1,908,000.00. Following the completion of the purchase, the insider now directly owns 89,308,192 shares of the company’s stock, valued at approximately $1,704,000,303.36. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jennifer M. Johnson purchased 12,700 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were purchased at an average cost of $19.66 per share, with a total value of $249,682.00. Following the completion of the purchase, the chief executive officer now directly owns 2,637,700 shares in the company, valued at $51,857,182. The disclosure for this purchase can be found here. Insiders purchased a total of 231,600 shares of company stock worth $4,537,637 in the last quarter. 24.13% of the stock is currently owned by corporate insiders.

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.