Sciencast Management LP Acquires Shares of 24,028 Franklin Resources, Inc. (NYSE:BEN)

Sciencast Management LP bought a new position in shares of Franklin Resources, Inc. (NYSE:BEN) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 24,028 shares of the closed-end fund’s stock, valued at approximately $675,000.

A number of other hedge funds have also modified their holdings of BEN. Blue Trust Inc. raised its holdings in Franklin Resources by 240.5% in the 4th quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock valued at $26,000 after acquiring an additional 623 shares during the last quarter. Creative Financial Designs Inc. ADV acquired a new stake in shares of Franklin Resources in the fourth quarter valued at approximately $31,000. Massmutual Trust Co. FSB ADV lifted its position in Franklin Resources by 149.1% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,111 shares of the closed-end fund’s stock worth $33,000 after buying an additional 665 shares in the last quarter. Tobam grew its holdings in Franklin Resources by 2,170.0% in the 4th quarter. Tobam now owns 1,135 shares of the closed-end fund’s stock valued at $34,000 after buying an additional 1,085 shares in the last quarter. Finally, Principal Securities Inc. acquired a new stake in shares of Franklin Resources in the 4th quarter worth $35,000. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Franklin Resources

In related news, major shareholder Charles B. Johnson acquired 200,000 shares of Franklin Resources stock in a transaction dated Friday, June 21st. The shares were acquired at an average cost of $22.80 per share, for a total transaction of $4,560,000.00. Following the completion of the purchase, the insider now owns 88,703,192 shares in the company, valued at $2,022,432,777.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 24.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on BEN shares. UBS Group reduced their price target on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Franklin Resources from $29.00 to $24.00 and set a “hold” rating for the company in a research note on Tuesday, April 30th. Morgan Stanley lifted their price target on shares of Franklin Resources from $24.00 to $25.00 and gave the company an “underweight” rating in a research report on Wednesday, April 17th. Evercore ISI decreased their price objective on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a report on Tuesday, April 30th. Finally, BMO Capital Markets cut their target price on Franklin Resources from $30.00 to $27.00 and set a “market perform” rating for the company in a research note on Tuesday, April 30th. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat, Franklin Resources currently has a consensus rating of “Hold” and a consensus price target of $25.15.

Franklin Resources Trading Up 0.6 %

NYSE:BEN traded up $0.13 during trading hours on Friday, reaching $23.21. 3,330,592 shares of the stock were exchanged, compared to its average volume of 3,676,653. Franklin Resources, Inc. has a twelve month low of $21.57 and a twelve month high of $30.32. The business has a 50-day moving average of $23.03 and a two-hundred day moving average of $25.70. The company has a market capitalization of $12.21 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 1.96 and a beta of 1.43. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.90.

Franklin Resources (NYSE:BEN) last posted its earnings results on Monday, April 29th. The closed-end fund reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.01). The firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $1.66 billion. Franklin Resources had a return on equity of 10.82% and a net margin of 11.09%. Franklin Resources’s revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.61 EPS. On average, equities analysts predict that Franklin Resources, Inc. will post 2.45 EPS for the current year.

Franklin Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 5.34%. The ex-dividend date is Friday, June 28th. Franklin Resources’s payout ratio is 70.86%.

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.