California Public Employees Retirement System Trims Position in Franklin Resources, Inc. (NYSE:BEN)

California Public Employees Retirement System trimmed its holdings in Franklin Resources, Inc. (NYSE:BENGet Rating) by 6.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 553,990 shares of the closed-end fund’s stock after selling 35,705 shares during the quarter. California Public Employees Retirement System’s holdings in Franklin Resources were worth $12,914,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in BEN. Prospera Financial Services Inc purchased a new position in Franklin Resources during the first quarter worth about $25,000. J.W. Cole Advisors Inc. purchased a new position in Franklin Resources during the first quarter worth about $33,000. Charter Oak Capital Management LLC purchased a new position in Franklin Resources during the second quarter worth about $49,000. Larson Financial Group LLC purchased a new position in Franklin Resources during the second quarter worth about $51,000. Finally, Tompkins Financial Corp purchased a new position in Franklin Resources during the first quarter worth about $56,000. 45.57% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Franklin Resources news, insider Franklin Resources Inc purchased 4,419 shares of the stock in a transaction dated Friday, August 26th. The shares were acquired at an average cost of $31.56 per share, for a total transaction of $139,463.64. Following the completion of the transaction, the insider now directly owns 23,984 shares of the company’s stock, valued at $756,935.04. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders have acquired 5,967,999 shares of company stock worth $42,481,572 over the last ninety days. 23.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on BEN shares. BMO Capital Markets cut their price target on shares of Franklin Resources from $23.00 to $22.00 and set a “market perform” rating for the company in a report on Thursday, November 3rd. Deutsche Bank Aktiengesellschaft increased their price target on shares of Franklin Resources from $20.00 to $26.00 and gave the stock a “hold” rating in a report on Tuesday, November 15th. Morgan Stanley lowered their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a research report on Thursday, October 20th. JPMorgan Chase & Co. lowered their target price on shares of Franklin Resources from $26.00 to $24.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 18th. Finally, The Goldman Sachs Group lowered their target price on shares of Franklin Resources from $24.00 to $21.00 and set a “sell” rating on the stock in a research report on Monday, October 3rd. Four research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Franklin Resources presently has an average rating of “Hold” and a consensus price target of $23.40.

Franklin Resources Stock Up 0.1 %

BEN stock opened at $26.15 on Monday. The company’s 50 day simple moving average is $23.53 and its 200-day simple moving average is $24.96. The firm has a market capitalization of $13.06 billion, a PE ratio of 10.38, a P/E/G ratio of 6.33 and a beta of 1.22. Franklin Resources, Inc. has a 12 month low of $20.24 and a 12 month high of $36.45. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.34 and a quick ratio of 1.99.

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were given a $0.29 dividend. The ex-dividend date was Thursday, September 29th. This represents a $1.16 annualized dividend and a dividend yield of 4.44%. Franklin Resources’s dividend payout ratio is presently 46.03%.

Franklin Resources 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.

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

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