Altrius Capital Management Inc grew its stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 23.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 217,553 shares of the closed-end fund's stock after buying an additional 41,247 shares during the period. Altrius Capital Management Inc's holdings in Franklin Resources were worth $4,384,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. MFA Wealth Advisors LLC bought a new stake in Franklin Resources during the 3rd quarter valued at approximately $26,000. Altshuler Shaham Ltd bought a new stake in Franklin Resources during the 2nd quarter valued at approximately $27,000. Matrix Trust Co bought a new stake in Franklin Resources during the 3rd quarter valued at approximately $29,000. Sentry Investment Management LLC bought a new stake in Franklin Resources during the 2nd quarter valued at approximately $30,000. Finally, Headlands Technologies LLC bought a new stake in Franklin Resources during the 1st quarter valued at approximately $32,000. 47.56% of the stock is owned by hedge funds and other institutional investors.
In other Franklin Resources news, insider Franklin Resources Inc sold 7,900 shares of the company's stock in a transaction on Friday, October 18th. The stock was sold at an average price of $43.71, for a total value of $345,309.00. Following the completion of the sale, the insider now directly owns 36,519 shares in the company, valued at approximately $1,596,245.49. This represents a 17.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Charles B. Johnson bought 100,000 shares of the stock in a transaction on Thursday, August 29th. The stock was purchased at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the acquisition, the insider now directly owns 89,208,192 shares in the company, valued at approximately $1,769,890,529.28. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 231,600 shares of company stock worth $4,537,637 and sold 24,024 shares worth $1,051,375. 24.13% of the stock is owned by company insiders.
Several analysts recently issued reports on BEN shares. StockNews.com raised Franklin Resources from a "sell" rating to a "hold" rating in a research note on Thursday. The Goldman Sachs Group reduced their price objective on Franklin Resources from $23.75 to $21.25 and set a "sell" rating on the stock in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft reduced their price objective on Franklin Resources from $20.00 to $19.00 and set a "hold" rating on the stock in a research note on Tuesday, November 5th. Morgan Stanley reduced their price objective on Franklin Resources from $21.00 to $19.00 and set an "underweight" rating on the stock in a research note on Friday, October 18th. Finally, Keefe, Bruyette & Woods reaffirmed an "underperform" rating and issued a $19.00 price objective (down previously from $20.00) on shares of Franklin Resources in a research note on Tuesday, November 5th. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $20.20.
Check Out Our Latest Report on BEN
Shares of Franklin Resources stock traded down $0.08 on Friday, reaching $21.50. The company had a trading volume of 285,576 shares, compared to its average volume of 4,009,257. The firm has a market cap of $11.26 billion, a price-to-earnings ratio of 25.14, a P/E/G ratio of 2.32 and a beta of 1.38. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.39 and a quick ratio of 1.71. The firm's 50-day moving average price is $20.42 and its two-hundred day moving average price is $21.82. Franklin Resources, Inc. has a 1 year low of $18.94 and a 1 year high of $30.32.
Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The business had revenue of $2.21 billion for the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter in the previous year, the firm earned $0.84 EPS. Franklin Resources's revenue was up 11.3% compared to the same quarter last year. As a group, research analysts predict that Franklin Resources, Inc. will post 2.4 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 5.77%. The ex-dividend date of this dividend was Monday, September 30th. Franklin Resources's payout ratio is currently 144.19%.
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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