BNP Paribas Arbitrage SNC lifted its position in shares of Franklin Resources, Inc. (NYSE:BEN – Free Report) by 145.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 296,025 shares of the closed-end fund’s stock after buying an additional 175,420 shares during the quarter. BNP Paribas Arbitrage SNC owned approximately 0.06% of Franklin Resources worth $7,907,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Headlands Technologies LLC purchased a new stake in shares of Franklin Resources during the second quarter worth about $25,000. RFP Financial Group LLC purchased a new stake in shares of Franklin Resources during the second quarter worth about $27,000. Resurgent Financial Advisors LLC purchased a new stake in shares of Franklin Resources during the fourth quarter worth about $27,000. Eagle Bay Advisors LLC purchased a new stake in shares of Franklin Resources during the second quarter worth about $26,000. Finally, BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Franklin Resources by 85.1% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,240 shares of the closed-end fund’s stock worth $33,000 after buying an additional 570 shares in the last quarter. 46.53% of the stock is currently owned by hedge funds and other institutional investors.
Franklin Resources Trading Down 0.3 %
Shares of BEN stock opened at $24.20 on Tuesday. The stock has a market cap of $11.97 billion, a price-to-earnings ratio of 14.07 and a beta of 1.35. The company has a quick ratio of 1.89, a current ratio of 1.88 and a debt-to-equity ratio of 0.90. Franklin Resources, Inc. has a fifty-two week low of $21.88 and a fifty-two week high of $34.37. The firm’s 50 day moving average price is $23.90 and its two-hundred day moving average price is $25.64.
Franklin Resources Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, September 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.96%. Franklin Resources’s payout ratio is currently 69.77%.
Analysts Set New Price Targets
BEN has been the topic of several research analyst reports. The Goldman Sachs Group raised their target price on shares of Franklin Resources from $21.50 to $24.50 and gave the stock a “sell” rating in a research report on Tuesday, August 1st. Jefferies Financial Group decreased their target price on shares of Franklin Resources from $28.00 to $27.00 in a research report on Tuesday, October 10th. Bank of America decreased their target price on shares of Franklin Resources from $24.00 to $21.00 in a research report on Wednesday, October 4th. Wells Fargo & Company decreased their target price on shares of Franklin Resources from $26.00 to $24.00 in a research report on Thursday, October 12th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Franklin Resources from $26.00 to $24.00 and set a “hold” rating on the stock in a research report on Wednesday, October 11th. Six investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat, Franklin Resources has an average rating of “Reduce” and a consensus price target of $24.75.
Insider Transactions at Franklin Resources
In other news, Director Mariann H. Byerwalter sold 6,011 shares of the business’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $24.01, for a total transaction of $144,324.11. Following the transaction, the director now directly owns 10,494 shares of the company’s stock, valued at $251,960.94. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 23.40% of the company’s stock.
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.
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