Gold Investment Management Ltd. Buys 1,116 Shares of Franklin Resources, Inc. (NYSE:BEN)

Gold Investment Management Ltd. increased its stake in Franklin Resources, Inc. (NYSE:BEN) by 4.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,148 shares of the closed-end fund’s stock after acquiring an additional 1,116 shares during the period. Gold Investment Management Ltd.’s holdings in Franklin Resources were worth $548,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. MFA Wealth Advisors LLC bought a new position in shares of Franklin Resources in the 3rd quarter worth about $26,000. Altshuler Shaham Ltd bought a new stake in shares of Franklin Resources in the 2nd quarter worth approximately $27,000. Matrix Trust Co bought a new position in Franklin Resources during the 3rd quarter valued at approximately $29,000. Sentry Investment Management LLC purchased a new position in shares of Franklin Resources in the 2nd quarter worth about $30,000. Finally, Headlands Technologies LLC bought a new position in shares of Franklin Resources during the first quarter valued at $32,000. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Franklin Resources

In related news, major shareholder Charles B. Johnson purchased 100,000 shares of Franklin Resources stock in a transaction that occurred on Thursday, August 29th. The stock was bought at an average cost of $19.84 per share, for a total transaction of $1,984,000.00. Following the completion of the transaction, the insider now owns 89,208,192 shares in the company, valued at $1,769,890,529.28. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other news, major shareholder Charles B. Johnson acquired 100,000 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was bought at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the acquisition, the insider now owns 89,208,192 shares of the company’s stock, valued at approximately $1,769,890,529.28. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jennifer M. Johnson acquired 18,900 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 231,600 shares of company stock worth $4,537,637 and sold 24,024 shares worth $1,051,375. Company insiders own 24.13% of the company’s stock.

Franklin Resources Stock Performance

Shares of BEN stock traded down $0.20 during mid-day trading on Friday, reaching $21.09. The stock had a trading volume of 79,445 shares, compared to its average volume of 4,036,220. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93. Franklin Resources, Inc. has a 1-year low of $18.94 and a 1-year high of $30.32. The firm has a market cap of $11.03 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 2.71 and a beta of 1.38. The business’s fifty day moving average is $20.25 and its 200-day moving average is $21.95.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Franklin Resources had a return on equity of 9.61% and a net margin of 5.48%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.84 earnings per share. On average, research analysts forecast that Franklin Resources, Inc. will post 2.53 earnings per share for the current year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $0.31 per share. The ex-dividend date was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.88%. Franklin Resources’s payout ratio is currently 144.19%.

Analyst Upgrades and Downgrades

A number of analysts have commented on BEN shares. TD Cowen reduced their target price on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating for the company in a report on Tuesday. Morgan Stanley lowered their target price on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating on the stock in a research report on Friday, October 18th. The Goldman Sachs Group reduced their price target on Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a research report on Monday, September 30th. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $19.00 price objective (down from $20.00) on shares of Franklin Resources in a research note on Tuesday. Finally, Barclays decreased their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a research note on Monday, October 14th. Six equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.20.

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.