Franklin Resources, Inc. (NYSE:BEN) Stake Lifted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its stake in Franklin Resources, Inc. (NYSE:BEN) by 8.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,001 shares of the closed-end fund’s stock after acquiring an additional 1,195 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Franklin Resources were worth $302,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in BEN. State of Alaska Department of Revenue lifted its stake in Franklin Resources by 7.0% during the first quarter. State of Alaska Department of Revenue now owns 32,567 shares of the closed-end fund’s stock valued at $915,000 after purchasing an additional 2,125 shares during the last quarter. Norden Group LLC acquired a new stake in Franklin Resources during the first quarter valued at approximately $990,000. Retirement Systems of Alabama lifted its stake in Franklin Resources by 6.6% during the first quarter. Retirement Systems of Alabama now owns 66,245 shares of the closed-end fund’s stock valued at $1,862,000 after purchasing an additional 4,115 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Franklin Resources by 15.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 63,473 shares of the closed-end fund’s stock valued at $1,734,000 after purchasing an additional 8,712 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Franklin Resources by 16.3% during the first quarter. BNP Paribas Financial Markets now owns 522,985 shares of the closed-end fund’s stock valued at $14,701,000 after purchasing an additional 73,245 shares during the last quarter. 47.56% of the stock is currently owned by institutional investors.

Franklin Resources Stock Performance

Shares of BEN opened at $20.84 on Friday. The company’s fifty day moving average is $20.21 and its 200-day moving average is $22.04. Franklin Resources, Inc. has a 12 month low of $18.94 and a 12 month high of $30.32. The firm has a market cap of $10.90 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 2.80 and a beta of 1.38. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $0.31 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a yield of 5.95%. Franklin Resources’s payout ratio is presently 76.07%.

Insider Activity at Franklin Resources

In related news, insider Franklin Resources Inc sold 7,657 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $43.90, for a total value of $336,142.30. Following the transaction, the insider now directly owns 65,862 shares in the company, valued at approximately $2,891,341.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Franklin Resources news, insider Franklin Resources Inc sold 7,657 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $43.90, for a total value of $336,142.30. Following the completion of the sale, the insider now directly owns 65,862 shares of the company’s stock, valued at $2,891,341.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Charles B. Johnson purchased 100,000 shares of Franklin Resources stock in a transaction on Wednesday, September 11th. The stock was bought at an average cost of $19.08 per share, with a total value of $1,908,000.00. Following the completion of the acquisition, the insider now owns 89,308,192 shares in the company, valued at approximately $1,704,000,303.36. 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 three months, insiders have bought 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. 24.13% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently commented on BEN. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a research report on Monday, July 29th. Wells Fargo & Company reduced their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 9th. UBS Group reduced their price target on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. BMO Capital Markets reduced their price target on shares of 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. Finally, TD Cowen upped their price target on shares of Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Five research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $21.43.

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.