Franklin Resources, Inc. (NYSE:BEN) Shares Acquired by PGGM Investments

PGGM Investments boosted its holdings in Franklin Resources, Inc. (NYSE:BEN) by 158.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,117 shares of the closed-end fund’s stock after acquiring an additional 24,588 shares during the quarter. PGGM Investments’ holdings in Franklin Resources were worth $1,128,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Power Corp of Canada boosted its holdings in shares of Franklin Resources by 18,266.0% in the first quarter. Power Corp of Canada now owns 31,557,117 shares of the closed-end fund’s stock valued at $887,071,000 after acquiring an additional 31,385,293 shares in the last quarter. Capital Research Global Investors boosted its stake in Franklin Resources by 17.9% during the 4th quarter. Capital Research Global Investors now owns 26,652,644 shares of the closed-end fund’s stock valued at $793,983,000 after purchasing an additional 4,043,808 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Franklin Resources by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 35,889,477 shares of the closed-end fund’s stock valued at $1,008,853,000 after purchasing an additional 3,592,943 shares during the period. Norges Bank bought a new stake in shares of Franklin Resources in the 4th quarter worth $49,547,000. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Franklin Resources by 2,322.5% in the first quarter. Los Angeles Capital Management LLC now owns 868,984 shares of the closed-end fund’s stock valued at $24,427,000 after buying an additional 833,113 shares during the period. Institutional investors own 47.56% of the company’s stock.

Franklin Resources Trading Down 1.6 %

Shares of NYSE:BEN opened at $21.88 on Friday. Franklin Resources, Inc. has a 52-week low of $21.45 and a 52-week high of $30.32. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.82 and a current ratio of 1.71. The company has a market cap of $11.51 billion, a P/E ratio of 12.50, a P/E/G ratio of 2.46 and a beta of 1.43. The stock’s 50-day moving average is $22.82 and its 200-day moving average is $25.05.

Franklin Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 5.67%. The ex-dividend date was Friday, June 28th. Franklin Resources’s dividend payout ratio is currently 70.86%.

Insider Transactions at Franklin Resources

In related news, major shareholder Charles B. Johnson bought 200,000 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was purchased at an average cost of $22.80 per share, for a total transaction of $4,560,000.00. Following the purchase, the insider now directly owns 88,703,192 shares in the company, valued at $2,022,432,777.60. The purchase was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 24.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BEN. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a research report on Monday, July 29th. TD Cowen boosted their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods cut their target price on shares of Franklin Resources from $25.00 to $23.00 and set an “underperform” rating for the company in a research note on Monday, July 29th. UBS Group decreased their price target on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Finally, BMO Capital Markets cut their price objective on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research report on Monday, July 29th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $24.90.

Franklin Resources Company 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.