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

Cullen Investment Group LTD. decreased its holdings in Franklin Resources, Inc. (NYSE:BEN) by 21.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,086 shares of the closed-end fund’s stock after selling 4,199 shares during the quarter. 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 bought and sold shares of the company. CWM LLC increased its position in shares of Franklin Resources by 4.4% during the first quarter. CWM LLC now owns 9,652 shares of the closed-end fund’s stock worth $271,000 after buying an additional 410 shares during the period. Verity Asset Management Inc. grew its holdings in Franklin Resources by 3.2% during the 4th quarter. Verity Asset Management Inc. now owns 13,129 shares of the closed-end fund’s stock worth $391,000 after acquiring an additional 411 shares during the period. US Bancorp DE raised its position in shares of Franklin Resources by 2.1% in the 1st quarter. US Bancorp DE now owns 22,082 shares of the closed-end fund’s stock worth $621,000 after acquiring an additional 444 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Franklin Resources by 4.9% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,622 shares of the closed-end fund’s stock valued at $287,000 after purchasing an additional 446 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in shares of Franklin Resources by 2.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 17,500 shares of the closed-end fund’s stock valued at $492,000 after purchasing an additional 500 shares in the last quarter. 47.56% of the stock is owned by institutional investors.

Franklin Resources Stock Down 1.6 %

Shares of NYSE:BEN traded down $0.36 during midday trading on Friday, hitting $21.88. 4,108,164 shares of the company’s stock were exchanged, compared to its average volume of 4,106,847. Franklin Resources, Inc. has a 12 month low of $21.45 and a 12 month high of $30.32. The company has a market cap of $11.51 billion, a PE ratio of 12.50, a price-to-earnings-growth ratio of 2.46 and a beta of 1.43. 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 50 day moving average price of $22.82 and a 200-day moving average price of $25.05.

Franklin Resources Announces Dividend

The business also recently disclosed 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%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. UBS Group lowered their target price on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. BMO Capital Markets dropped their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a report on Monday, July 29th. TD Cowen upped their price objective on shares of Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a report on Monday, July 29th. Finally, Evercore ISI reduced their target price on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating for the company in a research note on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, Franklin Resources currently has a consensus rating of “Hold” and an average target price of $24.90.

Insider Activity

In related news, major shareholder Charles B. Johnson acquired 200,000 shares of the company’s stock in a transaction on Friday, June 21st. The shares were acquired at an average cost of $22.80 per share, for a total transaction of $4,560,000.00. Following the purchase, the insider now owns 88,703,192 shares in the company, valued at $2,022,432,777.60. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 24.13% of the company’s stock.

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.