Allspring Global Investments Holdings LLC Purchases 5,697 Shares of Franklin Resources, Inc. (NYSE:BEN)

Allspring Global Investments Holdings LLC grew its position in Franklin Resources, Inc. (NYSE:BENGet Rating) by 19.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,055 shares of the closed-end fund’s stock after purchasing an additional 5,697 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Franklin Resources were worth $754,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Eagle Bay Advisors LLC bought a new position in Franklin Resources during the second quarter worth $26,000. Newbridge Financial Services Group Inc. boosted its stake in Franklin Resources by 413.2% during the third quarter. Newbridge Financial Services Group Inc. now owns 1,242 shares of the closed-end fund’s stock worth $27,000 after acquiring an additional 1,000 shares in the last quarter. Capital Analysts LLC boosted its stake in Franklin Resources by 31.8% during the second quarter. Capital Analysts LLC now owns 1,447 shares of the closed-end fund’s stock worth $34,000 after acquiring an additional 349 shares in the last quarter. Denali Advisors LLC bought a new position in Franklin Resources during the third quarter worth $39,000. Finally, NuWave Investment Management LLC bought a new position in Franklin Resources during the third quarter worth $41,000. 45.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BEN. JPMorgan Chase & Co. cut 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 note on Tuesday, October 18th. Credit Suisse Group dropped their price objective on shares of Franklin Resources from $21.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 2nd. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Franklin Resources from $20.00 to $26.00 and gave the company a “hold” rating in a research note on Tuesday, November 15th. BMO Capital Markets dropped their price objective on shares of Franklin Resources from $23.00 to $22.00 and set a “market perform” rating on the stock in a research note on Thursday, November 3rd. Finally, Wells Fargo & Company assumed coverage on shares of Franklin Resources in a research note on Wednesday, December 14th. They issued an “underweight” rating and a $26.00 price objective on the stock. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $24.18.

Franklin Resources Stock Performance

NYSE BEN opened at $30.04 on Monday. Franklin Resources, Inc. has a 52-week low of $20.24 and a 52-week high of $33.03. The company has a 50-day simple moving average of $27.29 and a 200 day simple moving average of $25.71. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market capitalization of $15.03 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 7.78 and a beta of 1.22.

Franklin Resources (NYSE:BENGet Rating) last posted its quarterly earnings data on Tuesday, November 1st. The closed-end fund reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.09. Franklin Resources had a net margin of 15.61% and a return on equity of 15.16%. The business had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.89 billion. On average, research analysts predict that Franklin Resources, Inc. will post 2.45 EPS for the current year.

Franklin Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, December 30th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend was Thursday, December 29th. This is an increase from Franklin Resources’s previous quarterly dividend of $0.29. Franklin Resources’s dividend payout ratio (DPR) is 47.62%.

Insider Buying and Selling

In other Franklin Resources news, insider Franklin Resources Inc bought 71,000 shares of Franklin Resources stock in a transaction dated Wednesday, October 26th. The stock was purchased at an average price of $4.26 per share, for a total transaction of $302,460.00. Following the completion of the purchase, the insider now directly owns 9,538,277 shares of the company’s stock, valued at $40,633,060.02. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders purchased 341,388 shares of company stock worth $1,444,953. Insiders own 23.40% of the company’s stock.

About Franklin Resources

(Get Rating)

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.

Featured Articles

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)

Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.