Cullen Investment Group LTD. Has $337,000 Holdings in Franklin Resources, Inc. (NYSE:BEN)

Cullen Investment Group LTD. cut its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 21.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,086 shares of the closed-end fund’s stock after selling 4,199 shares during the period. Cullen Investment Group LTD.’s holdings in Franklin Resources were worth $337,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Blue Trust Inc. boosted its holdings in Franklin Resources by 240.5% during the fourth quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock valued at $26,000 after purchasing an additional 623 shares in the last quarter. Global Retirement Partners LLC boosted its stake in Franklin Resources by 35.1% in the 4th quarter. Global Retirement Partners LLC now owns 3,027 shares of the closed-end fund’s stock valued at $84,000 after buying an additional 786 shares in the last quarter. Fifth Third Bancorp grew its position in Franklin Resources by 17.2% in the fourth quarter. Fifth Third Bancorp now owns 12,587 shares of the closed-end fund’s stock valued at $375,000 after acquiring an additional 1,846 shares during the period. Asset Management One Co. Ltd. raised its stake in Franklin Resources by 1.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 116,064 shares of the closed-end fund’s stock worth $3,489,000 after acquiring an additional 1,638 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Franklin Resources during the fourth quarter worth $4,555,000. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Trading Down 1.6 %

Shares of BEN stock traded down $0.36 on Friday, reaching $21.88. 4,108,164 shares of the stock were exchanged, compared to its average volume of 4,106,847. The stock has a 50 day moving average price of $22.82 and a 200 day moving average price of $25.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.82. The stock has a market cap of $11.51 billion, a PE ratio of 12.50, a P/E/G ratio of 2.46 and a beta of 1.43. Franklin Resources, Inc. has a one year low of $21.45 and a one year high of $30.32.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 5.67%. The ex-dividend date of this dividend was Friday, June 28th. Franklin Resources’s dividend payout ratio (DPR) is presently 70.86%.

Insider Transactions at Franklin Resources

In other Franklin Resources news, major shareholder Charles B. Johnson bought 200,000 shares of the stock in a transaction on Friday, June 21st. The stock was purchased at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the acquisition, the insider now owns 88,703,192 shares of the company’s stock, valued at $2,022,432,777.60. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 24.13% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BEN shares. UBS Group lowered their target price on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Morgan Stanley lifted their target price on shares of Franklin Resources from $24.00 to $25.00 and gave the company an “underweight” rating in a research note on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft decreased their price target on Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a research report on Monday, July 29th. Keefe, Bruyette & Woods cut their price objective on Franklin Resources from $25.00 to $23.00 and set an “underperform” rating for the company in a research report on Monday, July 29th. Finally, BMO Capital Markets reduced their price objective on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $24.90.

About Franklin Resources

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.