M&G Plc Takes Position in Franklin Resources, Inc. (NYSE:BEN)

M&G Plc bought a new stake in shares of Franklin Resources, Inc. (NYSE:BEN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,907 shares of the closed-end fund’s stock, valued at approximately $306,000.

Several other hedge funds have also bought and sold shares of BEN. International Assets Investment Management LLC bought a new position in shares of Franklin Resources during the 4th quarter valued at approximately $4,555,000. Bleakley Financial Group LLC purchased a new stake in shares of Franklin Resources in the fourth quarter worth $203,000. Allspring Global Investments Holdings LLC raised its position in shares of Franklin Resources by 15.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 18,592 shares of the closed-end fund’s stock valued at $554,000 after purchasing an additional 2,489 shares during the period. Simplicity Solutions LLC bought a new position in Franklin Resources in the 4th quarter worth $203,000. Finally, Louisiana State Employees Retirement System purchased a new stake in Franklin Resources in the 4th quarter worth $506,000. Institutional investors own 47.56% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Charles B. Johnson bought 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 directly owns 88,703,192 shares of the company’s stock, valued at $2,022,432,777.60. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 24.13% of the stock is currently owned by insiders.

Analyst Ratings Changes

BEN has been the topic of several research analyst reports. TD Cowen boosted their price objective on Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft dropped their price target on Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a research note on Monday, July 29th. UBS Group reduced their price objective 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. BMO Capital Markets cut their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research note on Monday, July 29th. Finally, Evercore ISI decreased their target price on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $24.90.

Franklin Resources Price Performance

Shares of BEN stock opened at $21.87 on Wednesday. The stock has a 50 day moving average price of $22.61 and a 200 day moving average price of $24.75. The firm has a market capitalization of $11.51 billion, a P/E ratio of 12.50, a P/E/G ratio of 2.46 and a beta of 1.43. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.82 and a current ratio of 1.71. Franklin Resources, Inc. has a 52-week low of $20.92 and a 52-week high of $30.32.

Franklin Resources Announces Dividend

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

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.