GPS Wealth Strategies Group LLC Sells 1,201 Shares of Franklin Resources, Inc. (NYSE:BEN)

GPS Wealth Strategies Group LLC decreased its holdings in Franklin Resources, Inc. (NYSE:BEN) by 5.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 23,037 shares of the closed-end fund’s stock after selling 1,201 shares during the period. GPS Wealth Strategies Group LLC’s holdings in Franklin Resources were worth $515,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BEN. Headlands Technologies LLC acquired a new position in Franklin Resources during the 1st quarter worth approximately $32,000. Principal Securities Inc. bought a new position in shares of Franklin Resources in the 4th quarter valued at $35,000. Trust Co. of Vermont acquired a new stake in shares of Franklin Resources during the 4th quarter valued at $45,000. Denali Advisors LLC acquired a new stake in shares of Franklin Resources during the 1st quarter valued at $44,000. Finally, Montag A & Associates Inc. bought a new stake in Franklin Resources during the 4th quarter worth $51,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on BEN. Morgan Stanley increased their target price on Franklin Resources from $24.00 to $25.00 and gave the company an “underweight” rating in a research report on Wednesday, April 17th. TD Cowen raised their price objective on shares of Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a report on Monday, July 29th. BMO Capital Markets reduced their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a report on Monday, July 29th. Evercore ISI decreased their price target on shares of Franklin Resources from $29.00 to $26.00 and set an “underperform” rating for the company in a research report on Tuesday, April 30th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a report on Monday, July 29th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat, Franklin Resources currently has an average rating of “Hold” and a consensus target price of $24.90.

Insider Activity at Franklin Resources

In other Franklin Resources news, major shareholder Charles B. Johnson acquired 200,000 shares of the stock in a transaction dated Friday, June 21st. The stock was purchased at an average cost of $22.80 per share, with a total value of $4,560,000.00. Following the transaction, the insider now owns 88,703,192 shares in the company, valued at approximately $2,022,432,777.60. The acquisition was disclosed in a filing with the SEC, which is available at this link. 24.13% of the stock is owned by company insiders.

Franklin Resources Trading Up 2.4 %

Franklin Resources stock traded up $0.53 during mid-day trading on Thursday, hitting $22.55. 412,248 shares of the stock were exchanged, compared to its average volume of 3,686,690. The stock has a market capitalization of $11.86 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 2.46 and a beta of 1.43. Franklin Resources, Inc. has a 12 month low of $20.92 and a 12 month high of $30.32. The company has a quick ratio of 1.82, a current ratio of 1.71 and a debt-to-equity ratio of 0.93. The firm’s fifty day simple moving average is $22.58 and its two-hundred day simple moving average is $24.73.

Franklin Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 5.50%. The ex-dividend date was Friday, June 28th. Franklin Resources’s dividend payout ratio is presently 70.86%.

Franklin Resources Profile

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.