Franklin Resources, Inc. (NYSE:BEN) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 9.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 381,192 shares of the closed-end fund's stock after acquiring an additional 32,490 shares during the period. Principal Financial Group Inc. owned about 0.07% of Franklin Resources worth $7,681,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Virtu Financial LLC purchased a new stake in shares of Franklin Resources during the third quarter worth about $880,000. FORA Capital LLC purchased a new stake in Franklin Resources during the 3rd quarter worth approximately $1,857,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Franklin Resources by 44.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,998,574 shares of the closed-end fund's stock valued at $60,421,000 after acquiring an additional 925,590 shares during the last quarter. Swedbank AB lifted its position in shares of Franklin Resources by 78.3% in the third quarter. Swedbank AB now owns 62,076 shares of the closed-end fund's stock valued at $1,251,000 after acquiring an additional 27,259 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Franklin Resources by 50.6% in the second quarter. Envestnet Asset Management Inc. now owns 97,950 shares of the closed-end fund's stock valued at $2,189,000 after acquiring an additional 32,904 shares in the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

Franklin Resources Trading Up 0.9 %

NYSE:BEN traded up $0.18 on Wednesday, reaching $20.29. The company's stock had a trading volume of 4,187,486 shares, compared to its average volume of 4,010,502. Franklin Resources, Inc. has a 12-month low of $18.94 and a 12-month high of $29.41. The stock has a 50 day moving average price of $21.42 and a 200 day moving average price of $21.40. The firm has a market cap of $10.63 billion, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 2.43 and a beta of 1.39. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.92.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.01). The company had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $1.70 billion. Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The firm's quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 earnings per share. On average, equities analysts anticipate that Franklin Resources, Inc. will post 2.39 EPS for the current fiscal year.

Franklin Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Monday, December 30th will be issued a $0.32 dividend. This is a positive change from Franklin Resources's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 6.31%. The ex-dividend date of this dividend is Monday, December 30th. Franklin Resources's dividend payout ratio is currently 148.84%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Franklin Resources from $20.00 to $19.00 and set a "hold" rating on the stock in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods restated an "underperform" rating and set a $19.00 price target (down from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. Evercore ISI cut their price objective on shares of Franklin Resources from $20.00 to $19.00 and set an "underperform" rating for the company in a report on Friday, October 4th. StockNews.com raised shares of Franklin Resources from a "sell" rating to a "hold" rating in a research note on Thursday, November 14th. Finally, JPMorgan Chase & Co. dropped their price target on Franklin Resources from $22.00 to $21.00 and set a "neutral" rating for the company in a research report on Tuesday, November 5th. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $20.66.

Insider Buying and Selling

In other Franklin Resources news, insider Franklin Resources Inc sold 8,467 shares of Franklin Resources stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $43.69, for a total value of $369,923.23. Following the completion of the transaction, the insider now directly owns 51,019 shares of the company's stock, valued at $2,229,020.11. The trade was a 14.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders sold 24,024 shares of company stock valued at $1,051,375. Company insiders own 24.13% of the company's stock.

Franklin Resources 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.