AMF Tjanstepension AB Makes New $10.42 Million Investment in Franklin Resources, Inc. (NYSE:BEN)

AMF Tjanstepension AB acquired a new position in shares of Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 465,174 shares of the closed-end fund’s stock, valued at approximately $10,418,000. AMF Tjanstepension AB owned 0.09% of Franklin Resources at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. CWM LLC grew 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 in the last quarter. Verity Asset Management Inc. increased its position in Franklin Resources by 3.2% in the 4th quarter. Verity Asset Management Inc. now owns 13,129 shares of the closed-end fund’s stock valued at $391,000 after acquiring an additional 411 shares during the period. US Bancorp DE increased its holdings in shares of Franklin Resources by 2.1% in the first quarter. US Bancorp DE now owns 22,082 shares of the closed-end fund’s stock valued at $621,000 after purchasing an additional 444 shares during the period. 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 worth $287,000 after acquiring an additional 446 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in shares of Franklin Resources by 2.9% in the first quarter. Louisiana State Employees Retirement System now owns 17,500 shares of the closed-end fund’s stock valued at $492,000 after acquiring an additional 500 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Stock Down 1.6 %

Franklin Resources stock traded down $0.34 during trading on Wednesday, reaching $21.45. 4,072,326 shares of the company’s stock were exchanged, compared to its average volume of 3,747,071. The company’s 50-day moving average is $22.75 and its two-hundred day moving average is $24.95. 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. The firm has a market cap of $11.28 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 2.46 and a beta of 1.43.

Franklin Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $0.31 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.24 annualized dividend and a dividend yield of 5.78%. Franklin Resources’s dividend payout ratio (DPR) is presently 70.86%.

Insider Activity at Franklin Resources

In related news, major shareholder Charles B. Johnson purchased 200,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was acquired at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the completion of the transaction, the insider now owns 88,703,192 shares of the company’s stock, valued at $2,022,432,777.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 24.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on BEN shares. TD Cowen increased their target price on Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods decreased their price target on Franklin Resources from $25.00 to $23.00 and set an “underperform” rating on the stock in a research note on Monday, July 29th. BMO Capital Markets reduced their price objective on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a report on Monday, July 29th. Evercore ISI lowered their target price on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a report on Tuesday, April 30th. Finally, UBS Group cut their price target on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $24.90.

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.