Franklin Resources Inc Acquires 1,968,504 Shares of Franklin Resources, Inc. (NYSE:BEN) Stock

Defense World · Aug 7, 2022 16:51

Franklin Resources, Inc. (NYSE:BEN – Get Rating) insider Franklin Resources Inc bought 1,968,504 shares of the firm's stock in a transaction on Wednesday, August 3rd. The stock was purchased at an average price of $12.70 per share, with a total value of $25,000,000.80. Following the completion of the acquisition, the insider now owns 3,938,559 shares of the company's stock, valued at $50,019,699.30. The purchase was disclosed in a filing with the SEC, which is available through this link.

Franklin Resources Inc also recently made the following trade(s):

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On Monday, August 1st, Franklin Resources Inc bought 98,239 shares of Franklin Resources stock. The stock was purchased at an average price of $4.69 per share, with a total value of $460,740.91.
On Friday, July 29th, Franklin Resources Inc bought 88,884 shares of Franklin Resources stock. The stock was purchased at an average price of $4.59 per share, with a total value of $407,977.56.
On Wednesday, July 27th, Franklin Resources Inc bought 127,186 shares of Franklin Resources stock. The stock was purchased at an average price of $4.40 per share, with a total value of $559,618.40.
On Monday, July 25th, Franklin Resources Inc bought 79,523 shares of Franklin Resources stock. The stock was purchased at an average price of $4.40 per share, with a total value of $349,901.20.
On Friday, July 22nd, Franklin Resources Inc bought 113,726 shares of Franklin Resources stock. The stock was purchased at an average price of $4.46 per share, with a total value of $507,217.96.
On Wednesday, July 20th, Franklin Resources Inc purchased 108,467 shares of Franklin Resources stock. The shares were bought at an average price of $4.43 per share, with a total value of $480,508.81.
On Monday, July 18th, Franklin Resources Inc purchased 121,568 shares of Franklin Resources stock. The shares were bought at an average price of $4.40 per share, with a total value of $534,899.20.
On Friday, July 15th, Franklin Resources Inc purchased 56,500 shares of Franklin Resources stock. The shares were bought at an average price of $4.35 per share, with a total value of $245,775.00.
On Wednesday, July 13th, Franklin Resources Inc purchased 54,595 shares of Franklin Resources stock. The shares were bought at an average price of $4.37 per share, with a total value of $238,580.15.
On Wednesday, July 13th, Franklin Resources Inc purchased 54,595 shares of Franklin Resources stock. The shares were bought at an average price of $4.37 per share, with a total value of $238,580.15.

Franklin Resources Trading Up 0.1 %

NYSE:BEN opened at $27.65 on Friday. Franklin Resources, Inc. has a 12 month low of $22.61 and a 12 month high of $38.27. The firm has a market cap of $13.78 billion, a price-to-earnings ratio of 8.23, a P/E/G ratio of 4.87 and a beta of 1.20. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.72. The company's 50 day moving average is $25.12 and its 200-day moving average is $26.97.

Franklin Resources (NYSE:BEN – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The closed-end fund reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.73 by $0.09. Franklin Resources had a net margin of 20.25% and a return on equity of 17.37%. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter last year, the firm posted $0.96 earnings per share. The company's quarterly revenue was down 6.5% compared to the same quarter last year. Equities analysts anticipate that Franklin Resources, Inc. will post 3.59 EPS for the current year.

Franklin Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date was Wednesday, June 29th. Franklin Resources's dividend payout ratio (DPR) is currently 34.52%.

Hedge Funds Weigh In On Franklin Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Franklin Resources by 4.3% during the first quarter. Vanguard Group Inc. now owns 34,072,606 shares of the closed-end fund's stock worth $951,307,000 after acquiring an additional 1,390,583 shares during the period. BlackRock Inc. increased its position in Franklin Resources by 7.0% during the first quarter. BlackRock Inc. now owns 28,906,180 shares of the closed-end fund's stock worth $807,062,000 after acquiring an additional 1,890,938 shares during the period. State Street Corp increased its position in Franklin Resources by 3.5% during the fourth quarter. State Street Corp now owns 27,532,069 shares of the closed-end fund's stock worth $929,900,000 after acquiring an additional 933,075 shares during the period. Capital Research Global Investors boosted its stake in Franklin Resources by 0.9% during the first quarter. Capital Research Global Investors now owns 8,693,626 shares of the closed-end fund's stock worth $242,726,000 after buying an additional 80,446 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in Franklin Resources by 27.5% during the second quarter. ProShare Advisors LLC now owns 6,399,548 shares of the closed-end fund's stock worth $149,174,000 after buying an additional 1,380,595 shares in the last quarter. Institutional investors own 43.50% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on BEN. Keefe, Bruyette & Woods cut shares of Franklin Resources from a "market perform" rating to an "underperform" rating and decreased their price target for the stock from $28.00 to $22.00 in a report on Tuesday, June 28th. Morgan Stanley reduced their target price on shares of Franklin Resources from $27.00 to $21.00 and set an "underweight" rating for the company in a research note on Thursday, June 30th. UBS Group lifted their target price on shares of Franklin Resources from $24.00 to $27.00 and gave the company a "neutral" rating in a research note on Monday, August 1st. BMO Capital Markets reduced their target price on shares of Franklin Resources from $29.00 to $27.00 in a research note on Wednesday, June 1st. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Franklin Resources from $28.00 to $25.00 in a research note on Thursday, May 19th. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat, Franklin Resources presently has an average rating of "Hold" and a consensus target price of $26.38.

Franklin Resources Company Profile

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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.