DNB Asset Management AS Acquires 5,600 Shares of Franklin Resources, Inc. (BEN)

DNB Asset Management AS grew its holdings in Franklin Resources, Inc. (NYSE:BEN) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 208,925 shares of the closed-end fund’s stock after buying an additional 5,600 shares during the quarter. DNB Asset Management AS’s holdings in Franklin Resources were worth $6,353,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in BEN. Schroder Investment Management Group grew its holdings in shares of Franklin Resources by 30.2% in the 2nd quarter. Schroder Investment Management Group now owns 3,790,481 shares of the closed-end fund’s stock worth $120,537,000 after purchasing an additional 879,164 shares during the last quarter. Morgan Stanley grew its holdings in shares of Franklin Resources by 108.2% in the 2nd quarter. Morgan Stanley now owns 3,197,116 shares of the closed-end fund’s stock worth $102,468,000 after purchasing an additional 1,661,189 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Franklin Resources by 11.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,371,504 shares of the closed-end fund’s stock worth $43,955,000 after purchasing an additional 144,888 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Franklin Resources by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,339,874 shares of the closed-end fund’s stock worth $42,943,000 after purchasing an additional 7,562 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Franklin Resources by 0.8% in the 2nd quarter. California Public Employees Retirement System now owns 1,254,557 shares of the closed-end fund’s stock worth $40,209,000 after purchasing an additional 10,077 shares during the last quarter. Institutional investors own 46.82% of the company’s stock.

BEN has been the topic of several analyst reports. Zacks Investment Research raised shares of Franklin Resources from a “strong sell” rating to a “hold” rating in a report on Friday, August 24th. Deutsche Bank lowered their target price on shares of Franklin Resources from $33.00 to $32.00 and set a “hold” rating on the stock in a report on Thursday, August 16th. Jefferies Financial Group reissued a “hold” rating and set a $33.00 price objective on shares of Franklin Resources in a report on Friday, July 13th. Wells Fargo & Co decreased their price objective on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating on the stock in a report on Monday, July 30th. Finally, UBS Group decreased their price objective on shares of Franklin Resources from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Monday, October 8th. Five research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $35.75.

Shares of NYSE:BEN opened at $28.54 on Friday. Franklin Resources, Inc. has a 12 month low of $28.12 and a 12 month high of $45.96. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market cap of $16.03 billion, a price-to-earnings ratio of 9.64, a P/E/G ratio of 1.58 and a beta of 1.49.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, hitting analysts’ consensus estimates of $0.75. Franklin Resources had a net margin of 10.72% and a return on equity of 15.40%. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same quarter in the prior year, the firm earned $0.73 EPS. The company’s revenue was down 3.4% on a year-over-year basis. Analysts expect that Franklin Resources, Inc. will post 3.14 earnings per share for the current fiscal year.

The business also recently disclosed 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 3.22%. The ex-dividend date of this dividend was Thursday, September 27th. Franklin Resources’s dividend payout ratio is currently 30.56%.

In other news, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total value of $350,022.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jed A. Plafker sold 4,820 shares of the firm’s stock in a transaction dated Friday, September 21st. The shares were 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 directly owns 56,369 shares in the company, valued at approximately $1,851,721.65. The disclosure for this sale can be found here. 22.20% of the stock is 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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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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