Oppenheimer & Co. Inc. Buys 10,330 Shares of Franklin Resources, Inc. (NYSE:BEN)

Oppenheimer & Co. Inc. increased its holdings in shares of Franklin Resources, Inc. (NYSE:BENGet Rating) by 39.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,468 shares of the closed-end fund’s stock after acquiring an additional 10,330 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Franklin Resources were worth $850,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of BEN. Kestra Advisory Services LLC increased its position in Franklin Resources by 54.1% during the first quarter. Kestra Advisory Services LLC now owns 11,104 shares of the closed-end fund’s stock worth $310,000 after acquiring an additional 3,899 shares during the period. Comerica Bank increased its position in Franklin Resources by 3.6% during the first quarter. Comerica Bank now owns 103,136 shares of the closed-end fund’s stock worth $2,753,000 after acquiring an additional 3,594 shares during the period. Chevy Chase Trust Holdings Inc. increased its position in Franklin Resources by 0.3% during the first quarter. Chevy Chase Trust Holdings Inc. now owns 170,008 shares of the closed-end fund’s stock worth $4,747,000 after acquiring an additional 530 shares during the period. DekaBank Deutsche Girozentrale increased its position in Franklin Resources by 6.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 57,900 shares of the closed-end fund’s stock worth $1,652,000 after acquiring an additional 3,467 shares during the period. Finally, Parallel Advisors LLC increased its position in Franklin Resources by 27.6% during the first quarter. Parallel Advisors LLC now owns 5,642 shares of the closed-end fund’s stock worth $160,000 after acquiring an additional 1,221 shares during the period. 45.57% of the stock is owned by institutional investors.

Franklin Resources Stock Performance

NYSE BEN opened at $26.46 on Tuesday. The firm’s fifty day moving average price is $23.51 and its two-hundred day moving average price is $24.94. The stock has a market cap of $13.19 billion, a PE ratio of 10.50, a PEG ratio of 6.62 and a beta of 1.22. Franklin Resources, Inc. has a fifty-two week low of $20.24 and a fifty-two week high of $36.45. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.99 and a current ratio of 1.99.

Franklin Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.38%. Franklin Resources’s payout ratio is presently 46.03%.

Insiders Place Their Bets

In related news, insider Franklin Resources Inc bought 44,574 shares of the firm’s stock in a transaction on Monday, November 7th. The shares were purchased at an average price of $4.24 per share, with a total value of $188,993.76. Following the completion of the purchase, the insider now owns 9,980,453 shares in the company, valued at approximately $42,317,120.72. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last quarter, insiders have purchased 6,205,377 shares of company stock valued at $43,590,030. 23.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on BEN shares. BMO Capital Markets lowered their price target on shares of Franklin Resources from $23.00 to $22.00 and set a “market perform” rating on the stock in a research report on Thursday, November 3rd. StockNews.com assumed coverage on shares of Franklin Resources in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Bank of America cut shares of Franklin Resources from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $28.00 to $25.00 in a research note on Thursday, September 8th. The Goldman Sachs Group decreased their price objective on shares of Franklin Resources from $24.00 to $21.00 and set a “sell” rating on the stock in a research note on Monday, October 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Franklin Resources from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 18th. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $22.90.

Franklin Resources Profile

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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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