Franklin Resources, Inc. (BEN) Position Decreased by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System decreased its stake in Franklin Resources, Inc. (NYSE:BEN) by 0.7% in the third quarter, HoldingsChannel.com reports. The firm owned 492,419 shares of the closed-end fund’s stock after selling 3,427 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Franklin Resources were worth $14,974,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. IFM Investors Pty Ltd lifted its stake in shares of Franklin Resources by 46.0% during the 2nd quarter. IFM Investors Pty Ltd now owns 15,779 shares of the closed-end fund’s stock valued at $506,000 after buying an additional 4,973 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in shares of Franklin Resources by 14.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 70,018 shares of the closed-end fund’s stock valued at $2,243,000 after buying an additional 9,084 shares in the last quarter. Xact Kapitalforvaltning AB lifted its stake in shares of Franklin Resources by 42.0% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 167,216 shares of the closed-end fund’s stock valued at $5,359,000 after buying an additional 49,464 shares in the last quarter. BLB&B Advisors LLC purchased a new position in shares of Franklin Resources during the 2nd quarter valued at $240,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of Franklin Resources by 1.7% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 105,121 shares of the closed-end fund’s stock valued at $3,369,000 after buying an additional 1,769 shares in the last quarter. Institutional investors and hedge funds own 46.57% of the company’s stock.

Shares of NYSE BEN opened at $30.87 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 firm has a market capitalization of $16.68 billion, a price-to-earnings ratio of 9.68, a P/E/G ratio of 1.08 and a beta of 1.28. 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 quarterly earnings results on Thursday, October 25th. The closed-end fund reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.39. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.55 billion. Franklin Resources had a net margin of 12.10% and a return on equity of 16.00%. On average, equities analysts forecast that Franklin Resources, Inc. will post 2.94 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were issued a $0.23 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.92 dividend on an annualized basis and a yield of 2.98%. Franklin Resources’s dividend payout ratio is currently 28.84%.

A number of research analysts recently weighed in on the stock. Barclays lowered their target price on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a research note on Monday, July 30th. Wells Fargo & Co lowered their target price on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating on the stock in a research note on Monday, July 30th. Zacks Investment Research upgraded shares of Franklin Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, August 24th. Morgan Stanley lowered their target price on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a research note on Thursday, August 2nd. Finally, Deutsche Bank reduced their price target 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. Six research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. The company presently has an average rating of “Hold” and an average price target of $34.27.

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

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

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