Cerity Partners LLC Has $352,000 Position in Franklin Resources, Inc. (NYSE:BEN)

Cerity Partners LLC increased its position in Franklin Resources, Inc. (NYSE:BENGet Rating) by 5.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 15,094 shares of the closed-end fund’s stock after acquiring an additional 714 shares during the period. Cerity Partners LLC’s holdings in Franklin Resources were worth $352,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Beacon Financial Group boosted its position in Franklin Resources by 1.5% during the second quarter. Beacon Financial Group now owns 26,674 shares of the closed-end fund’s stock worth $673,000 after purchasing an additional 397 shares during the period. First National Trust Co boosted its position in Franklin Resources by 2.2% during the first quarter. First National Trust Co now owns 19,297 shares of the closed-end fund’s stock worth $539,000 after purchasing an additional 417 shares during the period. Mutual of America Capital Management LLC boosted its position in Franklin Resources by 1.1% during the first quarter. Mutual of America Capital Management LLC now owns 37,526 shares of the closed-end fund’s stock worth $1,048,000 after purchasing an additional 422 shares during the period. Geneos Wealth Management Inc. boosted its position in Franklin Resources by 6.9% during the second quarter. Geneos Wealth Management Inc. now owns 7,429 shares of the closed-end fund’s stock worth $175,000 after purchasing an additional 479 shares during the period. Finally, Kinneret Advisory LLC boosted its position in Franklin Resources by 2.2% during the second quarter. Kinneret Advisory LLC now owns 22,731 shares of the closed-end fund’s stock worth $536,000 after purchasing an additional 481 shares during the period. Institutional investors and hedge funds own 45.57% of the company’s stock.

Franklin Resources Stock Up 0.1 %

Shares of BEN stock opened at $26.15 on Monday. The stock has a market cap of $13.06 billion, a P/E ratio of 10.38, a price-to-earnings-growth ratio of 6.33 and a beta of 1.22. Franklin Resources, Inc. has a one year low of $20.24 and a one year high of $36.45. The stock has a fifty day moving average price of $23.53 and a 200 day moving average price of $24.96. 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 company also recently announced a quarterly dividend, which was paid on Friday, October 14th. Investors 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 yield of 4.44%. Franklin Resources’s dividend payout ratio (DPR) is currently 46.03%.

Insider Buying and Selling

In other news, insider Franklin Resources Inc bought 61,729 shares of Franklin Resources stock in a transaction that occurred on Wednesday, October 19th. The stock was purchased at an average cost of $4.06 per share, with a total value of $250,619.74. Following the completion of the transaction, the insider now directly owns 9,238,892 shares in the company, valued at $37,509,901.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought a total of 5,967,999 shares of company stock valued at $42,481,572 over the last ninety days. 23.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BEN shares. JPMorgan Chase & Co. decreased their target price on Franklin Resources from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Tuesday, October 18th. Bank of America cut Franklin Resources from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $28.00 to $25.00 in a research report on Thursday, September 8th. StockNews.com assumed coverage on Franklin Resources in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Credit Suisse Group reduced their price objective on Franklin Resources from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, November 2nd. Finally, Morgan Stanley reduced their price objective on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research report on Thursday, October 20th. Four research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $23.40.

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.

See Also

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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