DNB Asset Management AS Has $6.35 Million Position in Franklin Resources, Inc. (BEN)

DNB Asset Management AS lifted its position in Franklin Resources, Inc. (NYSE:BEN) by 2.8% during the third quarter, HoldingsChannel.com reports. The fund owned 208,925 shares of the closed-end fund’s stock after purchasing an additional 5,600 shares during the period. DNB Asset Management AS’s holdings in Franklin Resources were worth $6,353,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in BEN. Dimensional Fund Advisors LP raised its position in shares of Franklin Resources by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,226,616 shares of the closed-end fund’s stock valued at $42,539,000 after acquiring an additional 23,274 shares during the period. Stifel Financial Corp raised its position in shares of Franklin Resources by 7.7% in the 1st quarter. Stifel Financial Corp now owns 153,733 shares of the closed-end fund’s stock valued at $5,320,000 after acquiring an additional 10,927 shares during the period. Baird Financial Group Inc. raised its position in shares of Franklin Resources by 3.5% in the 1st quarter. Baird Financial Group Inc. now owns 95,452 shares of the closed-end fund’s stock valued at $3,311,000 after acquiring an additional 3,209 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Franklin Resources by 5.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 402,894 shares of the closed-end fund’s stock valued at $13,972,000 after acquiring an additional 22,278 shares during the period. Finally, United Capital Financial Advisers LLC acquired a new stake in shares of Franklin Resources in the 1st quarter valued at approximately $4,832,000. Institutional investors and hedge funds own 46.82% of the company’s stock.

Shares of BEN stock opened at $28.54 on Friday. 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 company 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, Inc. has a 52 week low of $28.12 and a 52 week high of $45.96.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, hitting the consensus estimate of $0.75. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.57 billion. Franklin Resources had a net margin of 10.72% and a return on equity of 15.40%. The business’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the company posted $0.73 EPS. On average, analysts forecast that Franklin Resources, Inc. will post 3.14 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were issued a $0.23 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.22%. Franklin Resources’s dividend payout ratio (DPR) is presently 30.56%.

In other news, EVP Craig Steven Tyle sold 11,165 shares of Franklin Resources stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total value of $350,022.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jed A. Plafker sold 4,820 shares of Franklin Resources stock in a transaction that occurred on 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 sale, the insider now owns 56,369 shares in the company, valued at $1,851,721.65. The disclosure for this sale can be found here. 22.20% of the stock is owned by company insiders.

Several analysts have commented on the stock. Deutsche Bank dropped their target price on shares of Franklin Resources from $32.00 to $29.00 and set a “hold” rating on the stock in a report on Thursday. UBS Group dropped their target price 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. Zacks Investment Research upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a report on Wednesday, September 26th. JPMorgan Chase & Co. downgraded shares of Franklin Resources from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $32.00 to $29.00 in a report on Thursday, September 6th. Finally, Morgan Stanley dropped their target price on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a report on Thursday, August 2nd. Five analysts have rated the stock with a sell rating and eight have given a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $35.75.

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.

Further Reading: 52-Week High/Low

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

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