Franklin Resources, Inc. (NYSE:BEN) Shares Bought by California Public Employees Retirement System

California Public Employees Retirement System boosted its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 18.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 744,599 shares of the closed-end fund’s stock after acquiring an additional 115,032 shares during the quarter. California Public Employees Retirement System owned about 0.15% of Franklin Resources worth $21,489,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of BEN. Vanguard Group Inc. lifted its holdings in shares of Franklin Resources by 15.2% in the 2nd quarter. Vanguard Group Inc. now owns 37,527,041 shares of the closed-end fund’s stock valued at $1,305,941,000 after buying an additional 4,944,487 shares during the period. APG Asset Management N.V. lifted its holdings in shares of Franklin Resources by 46.9% in the 2nd quarter. APG Asset Management N.V. now owns 6,018,027 shares of the closed-end fund’s stock valued at $183,902,000 after buying an additional 1,920,900 shares during the period. Northern Trust Corp lifted its holdings in shares of Franklin Resources by 0.5% in the 2nd quarter. Northern Trust Corp now owns 4,270,065 shares of the closed-end fund’s stock valued at $148,598,000 after buying an additional 20,983 shares during the period. Schroder Investment Management Group lifted its holdings in shares of Franklin Resources by 17.6% in the 2nd quarter. Schroder Investment Management Group now owns 3,003,248 shares of the closed-end fund’s stock valued at $104,513,000 after buying an additional 450,309 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Franklin Resources by 3.2% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,471,123 shares of the closed-end fund’s stock valued at $85,996,000 after buying an additional 76,246 shares during the period. 49.87% of the stock is owned by institutional investors.

NYSE BEN opened at $28.28 on Friday. Franklin Resources, Inc. has a 1-year low of $25.57 and a 1-year high of $35.82. The company has a market capitalization of $14.60 billion, a P/E ratio of 11.22, a PEG ratio of 1.60 and a beta of 1.23. The business has a 50 day moving average price of $27.90 and a 200 day moving average price of $31.12. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.35 and a quick ratio of 3.35.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, October 25th. The closed-end fund reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.03). Franklin Resources had a net margin of 20.71% and a return on equity of 12.35%. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the previous year, the business earned $0.96 earnings per share. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, research analysts expect that Franklin Resources, Inc. will post 2.59 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.68%. The ex-dividend date was Friday, September 27th. Franklin Resources’s payout ratio is 41.27%.

Several analysts have recently commented on the company. Morgan Stanley reduced their price target on Franklin Resources from $31.00 to $28.00 and set an “underweight” rating for the company in a report on Tuesday, October 8th. TheStreet downgraded Franklin Resources from a “b-” rating to a “c+” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. raised Franklin Resources from an “underweight” rating to a “neutral” rating and set a $32.00 price objective for the company in a research note on Thursday, September 12th. ValuEngine raised Franklin Resources from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. Finally, BMO Capital Markets started coverage on Franklin Resources in a research note on Monday, October 7th. They issued an “underperform” rating and a $16.00 price objective for the company. Seven research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $29.35.

In other Franklin Resources news, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $26.01, for a total transaction of $130,050.00. Following the completion of the transaction, the executive vice president now owns 100,009 shares of the company’s stock, valued at $2,601,234.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 22.20% of the company’s stock.

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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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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