Verition Fund Management LLC Has $3.62 Million Stock Position in Franklin Resources, Inc. (NYSE:BEN)

Verition Fund Management LLC lowered its stake in Franklin Resources, Inc. (NYSE:BENGet Rating) by 2.0% during the first quarter, Holdings Channel reports. The institutional investor owned 129,721 shares of the closed-end fund’s stock after selling 2,681 shares during the period. Verition Fund Management LLC’s holdings in Franklin Resources were worth $3,622,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Franklin Resources by 60.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 58,798 shares of the closed-end fund’s stock valued at $1,641,000 after purchasing an additional 22,154 shares during the period. Walleye Capital LLC bought a new stake in Franklin Resources in the 1st quarter valued at about $282,000. Neuberger Berman Group LLC boosted its holdings in Franklin Resources by 20.6% in the 1st quarter. Neuberger Berman Group LLC now owns 45,098 shares of the closed-end fund’s stock valued at $1,274,000 after purchasing an additional 7,699 shares during the period. Toroso Investments LLC lifted its holdings in shares of Franklin Resources by 8.2% during the 1st quarter. Toroso Investments LLC now owns 32,287 shares of the closed-end fund’s stock worth $901,000 after acquiring an additional 2,439 shares during the period. Finally, Capital Research Global Investors lifted its holdings in shares of Franklin Resources by 0.9% during the 1st quarter. Capital Research Global Investors now owns 8,693,626 shares of the closed-end fund’s stock worth $242,726,000 after acquiring an additional 80,446 shares during the period. Institutional investors and hedge funds own 45.57% of the company’s stock.

Insider Buying and Selling at Franklin Resources

In related news, insider Franklin Resources Inc bought 4,378 shares of the stock in a transaction on Monday, August 29th. The shares were acquired at an average price of $31.74 per share, for a total transaction of $138,957.72. Following the purchase, the insider now owns 28,362 shares of the company’s stock, valued at $900,209.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Jed A. Plafker sold 19,166 shares of the stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $29.02, for a total value of $556,197.32. Following the transaction, the executive vice president now owns 129,101 shares in the company, valued at approximately $3,746,511.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Franklin Resources Inc acquired 4,378 shares of the stock in a transaction dated Monday, August 29th. The stock was acquired at an average price of $31.74 per share, for a total transaction of $138,957.72. Following the purchase, the insider now directly owns 28,362 shares in the company, valued at $900,209.88. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 5,802,405 shares of company stock worth $58,887,377. Company insiders own 23.30% of the company’s stock.

Franklin Resources Trading Down 1.6 %

Shares of BEN opened at $24.14 on Friday. The firm has a market cap of $12.03 billion, a price-to-earnings ratio of 7.30, a PEG ratio of 4.32 and a beta of 1.19. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.99 and a current ratio of 1.99. Franklin Resources, Inc. has a fifty-two week low of $22.61 and a fifty-two week high of $38.27. The firm has a 50 day moving average price of $26.36 and a 200-day moving average price of $26.17.

Franklin Resources (NYSE:BENGet Rating) last issued its quarterly earnings data on Thursday, July 28th. The closed-end fund reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.09. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.75 billion. Franklin Resources had a net margin of 20.25% and a return on equity of 17.37%. The company’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.96 EPS. As a group, equities research analysts forecast that Franklin Resources, Inc. will post 3.6 earnings per share for the current year.

Franklin Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 4.81%. The ex-dividend date is Thursday, September 29th. Franklin Resources’s dividend payout ratio is currently 34.52%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BEN. The Goldman Sachs Group started coverage on shares of Franklin Resources in a report on Tuesday, June 28th. They set a “sell” rating and a $23.00 price target for the company. Morgan Stanley decreased their price target on shares of Franklin Resources from $27.00 to $21.00 and set an “underweight” rating for the company in a research report on Thursday, June 30th. Bank of America cut shares of Franklin Resources from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $28.00 to $25.00 in a research report on Thursday, September 8th. BMO Capital Markets decreased their price objective on shares of Franklin Resources from $29.00 to $27.00 in a research report on Wednesday, June 1st. Finally, UBS Group increased their target price on shares of Franklin Resources from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Monday, August 1st. Four analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $25.25.

About Franklin Resources

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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.

Further Reading

Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BENGet Rating).

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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