Franklin Resources, Inc. (NYSE:BEN) Position Cut by Boyar Asset Management Inc.

Boyar Asset Management Inc. lessened its position in Franklin Resources, Inc. (NYSE:BEN) by 40.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,857 shares of the closed-end fund’s stock after selling 12,359 shares during the period. Boyar Asset Management Inc.’s holdings in Franklin Resources were worth $399,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BEN. Plato Investment Management Ltd acquired a new position in shares of Franklin Resources during the first quarter worth approximately $710,000. Hsbc Holdings PLC grew its stake in shares of Franklin Resources by 26.3% in the fourth quarter. Hsbc Holdings PLC now owns 708,050 shares of the closed-end fund’s stock worth $21,093,000 after purchasing an additional 147,497 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of Franklin Resources during the first quarter valued at $1,538,000. Norges Bank bought a new stake in shares of Franklin Resources during the fourth quarter valued at about $49,547,000. Finally, SG Americas Securities LLC lifted its holdings in Franklin Resources by 583.8% in the first quarter. SG Americas Securities LLC now owns 199,225 shares of the closed-end fund’s stock worth $5,600,000 after purchasing an additional 170,089 shares during the period. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Stock Down 1.8 %

BEN stock opened at $19.14 on Friday. Franklin Resources, Inc. has a 52-week low of $19.05 and a 52-week high of $30.32. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71. The firm has a market capitalization of $10.07 billion, a P/E ratio of 10.93, a P/E/G ratio of 2.55 and a beta of 1.39. The company’s 50 day simple moving average is $21.94 and its 200-day simple moving average is $24.00.

Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. The business had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. As a group, equities research analysts anticipate that Franklin Resources, Inc. will post 2.41 EPS for the current year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.48%. Franklin Resources’s dividend payout ratio is 70.86%.

Insider Transactions at Franklin Resources

In related news, CEO Jennifer M. Johnson acquired 18,900 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were purchased at an average price of $20.95 per share, for a total transaction of $395,955.00. Following the purchase, the chief executive officer now owns 216,900 shares in the company, valued at $4,544,055. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Jennifer M. Johnson purchased 12,700 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was acquired at an average price of $19.66 per share, with a total value of $249,682.00. Following the purchase, the chief executive officer now owns 2,637,700 shares in the company, valued at approximately $51,857,182. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jennifer M. Johnson bought 18,900 shares of Franklin Resources stock in a transaction on Friday, August 23rd. The stock was acquired at an average price of $20.95 per share, with a total value of $395,955.00. Following the completion of the purchase, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at $4,544,055. The disclosure for this purchase can be found here. Insiders purchased 331,600 shares of company stock valued at $7,189,637 over the last three months. 24.13% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BEN has been the topic of several research analyst reports. TD Cowen raised their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Monday, July 29th. BMO Capital Markets dropped their target price on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a report on Monday, July 29th. Barclays assumed coverage on Franklin Resources in a research note on Tuesday, August 27th. They set an “underweight” rating and a $20.00 price target for the company. Evercore ISI dropped their price objective on Franklin Resources from $24.00 to $20.00 and set an “underperform” rating on the stock in a research note on Thursday. Finally, UBS Group dropped their price target on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Four equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $23.91.

Franklin Resources Company Profile

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.