Advisors Asset Management Inc. Decreases Stake in Franklin Resources, Inc. (NYSE:BEN)

Advisors Asset Management Inc. lowered its holdings in Franklin Resources, Inc. (NYSE:BENGet 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

BEN has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on Franklin Resources from $20.00 to $26.00 and gave the stock a “hold” rating in a research note on Tuesday, November 15th. Morgan Stanley dropped their price objective on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research note on Thursday, October 20th. Bank of America cut Franklin Resources from a “neutral” rating to an “underperform” rating and cut their price target for the company from $28.00 to $25.00 in a report on Thursday, September 8th. Credit Suisse Group lowered their target price on Franklin Resources from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, November 2nd. Finally, BMO Capital Markets cut their target price on shares of Franklin Resources from $23.00 to $22.00 and set a “market perform” rating for the company in a report on Thursday, November 3rd. Four equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Franklin Resources presently has a consensus rating of “Hold” and an average price target of $23.40.

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

(Get Rating)

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.

See Also

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

Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.