IFM Investors Pty Ltd Acquires 2,309 Shares of Franklin Resources, Inc. (BEN)

IFM Investors Pty Ltd raised its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 14.6% in the 3rd quarter, Holdings Channel reports. The fund owned 18,088 shares of the closed-end fund’s stock after purchasing an additional 2,309 shares during the quarter. IFM Investors Pty Ltd’s holdings in Franklin Resources were worth $550,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BEN. Morgan Stanley raised its position in shares of Franklin Resources by 108.2% during the 2nd quarter. Morgan Stanley now owns 3,197,116 shares of the closed-end fund’s stock valued at $102,468,000 after acquiring an additional 1,661,189 shares during the last quarter. Schroder Investment Management Group raised its position in shares of Franklin Resources by 30.2% during the 2nd quarter. Schroder Investment Management Group now owns 3,790,481 shares of the closed-end fund’s stock valued at $120,537,000 after acquiring an additional 879,164 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Franklin Resources during the 2nd quarter valued at $18,677,000. Van ECK Associates Corp raised its position in shares of Franklin Resources by 114.1% during the 2nd quarter. Van ECK Associates Corp now owns 992,451 shares of the closed-end fund’s stock valued at $31,808,000 after acquiring an additional 528,941 shares during the last quarter. Finally, Cornerstone Wealth Management LLC bought a new stake in shares of Franklin Resources during the 3rd quarter valued at $10,133,000. Institutional investors own 47.01% of the company’s stock.

BEN has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Franklin Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, August 24th. Deutsche Bank lowered their price objective on shares of Franklin Resources from $33.00 to $32.00 and set a “hold” rating for the company in a research report on Thursday, August 16th. Jefferies Financial Group restated a “hold” rating and issued a $33.00 price objective on shares of Franklin Resources in a research report on Friday, July 13th. Wells Fargo & Co lowered their price objective on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating for the company in a research report on Monday, July 30th. Finally, UBS Group lowered their price objective on shares of Franklin Resources from $34.00 to $33.00 and set a “neutral” rating for the company in a research report on Monday, October 8th. Six analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Franklin Resources has an average rating of “Hold” and an average price target of $34.27.

BEN opened at $30.50 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.37 and a quick ratio of 3.37. Franklin Resources, Inc. has a 12 month low of $28.12 and a 12 month high of $45.96. The firm has a market capitalization of $16.33 billion, a P/E ratio of 9.68, a PEG ratio of 1.24 and a beta of 1.49.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Thursday, October 25th. The closed-end fund reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.39. Franklin Resources had a net margin of 12.10% and a return on equity of 16.00%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.55 billion. As a group, sell-side analysts forecast that Franklin Resources, Inc. will post 2.94 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date was Thursday, September 27th. Franklin Resources’s dividend payout ratio (DPR) is presently 28.84%.

In other Franklin Resources news, insider Jed A. Plafker sold 4,820 shares of the stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $32.85, for a total transaction of $158,337.00. Following the completion of the transaction, the insider now owns 56,369 shares in the company, valued at approximately $1,851,721.65. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Craig Steven Tyle sold 11,165 shares of the stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total value of $350,022.75. The disclosure for this sale can be found here. 22.20% 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.

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Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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