Saratoga Research & Investment Management boosted its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 1.8% in the second quarter, HoldingsChannel.com reports. The fund owned 19,265 shares of the closed-end fund’s stock after acquiring an additional 340 shares during the quarter. Saratoga Research & Investment Management’s holdings in Franklin Resources were worth $670,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently modified their holdings of BEN. Norges Bank acquired a new stake in Franklin Resources during the 4th quarter worth about $100,182,000. O Shaughnessy Asset Management LLC raised its stake in shares of Franklin Resources by 93.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,420,367 shares of the closed-end fund’s stock valued at $46,994,000 after buying an additional 686,589 shares during the last quarter. Investec Asset Management LTD purchased a new position in shares of Franklin Resources during the 1st quarter valued at about $17,112,000. CWM LLC raised its stake in shares of Franklin Resources by 25,571.5% during the 1st quarter. CWM LLC now owns 454,899 shares of the closed-end fund’s stock valued at $15,075,000 after buying an additional 453,127 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Franklin Resources by 60.6% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,110,327 shares of the closed-end fund’s stock valued at $38,639,000 after buying an additional 418,762 shares during the last quarter. 48.47% of the stock is owned by institutional investors.
Shares of NYSE BEN traded down $0.07 during trading on Friday, reaching $31.44. 4,484,939 shares of the company traded hands, compared to its average volume of 2,705,082. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.54 and a current ratio of 3.35. Franklin Resources, Inc. has a 12-month low of $27.34 and a 12-month high of $35.82. The company has a fifty day moving average price of $34.50. The firm has a market cap of $15.84 billion, a PE ratio of 9.86, a P/E/G ratio of 1.80 and a beta of 1.17.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a $0.26 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $1.04 annualized dividend and a dividend yield of 3.31%. Franklin Resources’s dividend payout ratio is presently 32.60%.
In related news, EVP Craig Steven Tyle sold 10,924 shares of Franklin Resources stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $32.04, for a total value of $350,004.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 22.20% of the stock is owned by insiders.
A number of research firms have weighed in on BEN. Barclays set a $27.00 price objective on Franklin Resources and gave the company a “sell” rating in a research note on Wednesday. JPMorgan Chase & Co. lifted their price objective on Franklin Resources from $33.00 to $34.00 and gave the company an “underweight” rating in a research note on Friday, July 12th. Keefe, Bruyette & Woods lowered Franklin Resources from a “market perform” rating to an “underperform” rating and reduced their price objective for the company from $34.00 to $33.00 in a research note on Monday, April 29th. TheStreet upgraded Franklin Resources from a “c+” rating to a “b” rating in a research note on Friday, April 26th. Finally, Bank of America set a $32.00 price objective on Franklin Resources and gave the company a “sell” rating in a research note on Tuesday, April 9th. Seven equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $31.18.
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.
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