Advisors Asset Management Inc. lowered its holdings in Franklin Resources, Inc. (NYSE:BEN – Get Rating) by 43.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,705 shares of the closed-end fund’s stock after selling 4,470 shares during the quarter. Advisors Asset Management Inc.’s holdings in Franklin Resources were worth $133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Prospera Financial Services Inc purchased a new position in shares of Franklin Resources in the first quarter worth $25,000. Tompkins Financial Corp bought a new position in shares of Franklin Resources in the first quarter worth about $56,000. Charter Oak Capital Management LLC bought a new position in shares of Franklin Resources in the second quarter worth about $49,000. Larson Financial Group LLC bought a new position in shares of Franklin Resources in the second quarter worth about $51,000. Finally, Zullo Investment Group Inc. boosted its stake in shares of Franklin Resources by 314.9% in the first quarter. Zullo Investment Group Inc. now owns 2,402 shares of the closed-end fund’s stock worth $67,000 after acquiring an additional 1,823 shares during the period. Hedge funds and other institutional investors own 45.57% of the company’s stock.
Insiders Place Their Bets
In other news, insider Franklin Resources Inc acquired 4,419 shares of the company’s stock in a transaction on Friday, August 26th. The stock was bought at an average cost of $31.56 per share, with a total value of $139,463.64. Following the completion of the purchase, the insider now directly owns 23,984 shares of the company’s stock, valued at $756,935.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders bought 5,967,999 shares of company stock valued at $42,481,572 over the last three months. 23.30% of the stock is owned by company insiders.
Analysts Set New Price Targets
Franklin Resources Stock Down 0.1 %
NYSE BEN opened at $26.12 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.72. The company has a fifty day moving average of $23.52 and a two-hundred day moving average of $24.97. The firm has a market capitalization of $13.05 billion, a price-to-earnings ratio of 10.37, a PEG ratio of 6.65 and a beta of 1.22. Franklin Resources, Inc. has a 52 week low of $20.24 and a 52 week high of $36.45.
Franklin Resources Announces Dividend
The company also recently disclosed 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. This represents a $1.16 annualized dividend and a yield of 4.44%. The ex-dividend date of this dividend was Thursday, September 29th. Franklin Resources’s payout ratio is 46.03%.
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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