LFA Lugano Financial Advisors SA purchased a new stake in shares of Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,045 shares of the closed-end fund’s stock, valued at approximately $192,000.
Several other institutional investors have also added to or reduced their stakes in BEN. Captrust Financial Advisors grew its stake in Franklin Resources by 605.1% in the 2nd quarter. Captrust Financial Advisors now owns 3,187 shares of the closed-end fund’s stock valued at $103,000 after buying an additional 2,735 shares during the last quarter. Focused Wealth Management Inc acquired a new position in Franklin Resources in the 2nd quarter valued at $131,000. Dupont Capital Management Corp grew its stake in Franklin Resources by 61.2% in the 2nd quarter. Dupont Capital Management Corp now owns 4,168 shares of the closed-end fund’s stock valued at $134,000 after buying an additional 1,582 shares during the last quarter. IMS Capital Management acquired a new position in Franklin Resources in the 2nd quarter valued at $161,000. Finally, Brighton Jones LLC acquired a new position in Franklin Resources in the 2nd quarter valued at $213,000. Institutional investors and hedge funds own 46.82% of the company’s stock.
NYSE BEN remained flat at $$28.54 during midday trading on Friday. 3,658,521 shares of the company’s stock traded hands, compared to its average volume of 3,431,137. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 0.07. The firm has a market cap of $16.03 billion, a price-to-earnings ratio of 9.48, a price-to-earnings-growth ratio of 1.58 and a beta of 1.49. Franklin Resources, Inc. has a 52 week low of $28.12 and a 52 week high of $45.96.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were given a dividend of $0.23 per share. The ex-dividend date was Thursday, September 27th. This represents a $0.92 annualized dividend and a dividend yield of 3.22%. Franklin Resources’s dividend payout ratio (DPR) is currently 30.56%.
In other news, EVP Craig Steven Tyle sold 11,165 shares of Franklin Resources stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total transaction of $350,022.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jed A. Plafker sold 4,820 shares of Franklin Resources stock in a transaction dated Friday, September 21st. The shares were sold at an average price of $32.85, for a total transaction of $158,337.00. Following the sale, the insider now owns 56,369 shares in the company, valued at $1,851,721.65. The disclosure for this sale can be found here. 22.20% of the stock is currently owned by insiders.
A number of research analysts recently issued reports on BEN shares. Morgan Stanley lowered their target price on shares of Franklin Resources from $33.00 to $32.00 and set an “underweight” rating on the stock in a research note on Thursday, July 12th. Jefferies Financial Group reiterated a “hold” rating and issued a $33.00 target price on shares of Franklin Resources in a research note on Friday, July 13th. Barclays decreased their price target on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a research report on Monday, July 30th. Wells Fargo & Co decreased their price target on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating on the stock in a research report on Monday, July 30th. Finally, Zacks Investment Research lowered shares of Franklin Resources from a “hold” rating to a “strong sell” rating in a research report on Monday, August 6th. Five equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $35.75.
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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