Nomura Asset Management Co. Ltd. Acquires 212,422 Shares of Franklin Resources, Inc. (NYSE:BEN)

Nomura Asset Management Co. Ltd. lifted its holdings in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 14.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,635,491 shares of the closed-end fund's stock after acquiring an additional 212,422 shares during the period. Nomura Asset Management Co. Ltd. owned approximately 0.31% of Franklin Resources worth $32,955,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. CWM LLC raised its position in shares of Franklin Resources by 115.3% in the second quarter. CWM LLC now owns 20,780 shares of the closed-end fund's stock valued at $464,000 after buying an additional 11,128 shares in the last quarter. Czech National Bank lifted its position in shares of Franklin Resources by 8.2% during the 2nd quarter. Czech National Bank now owns 57,143 shares of the closed-end fund's stock valued at $1,277,000 after acquiring an additional 4,341 shares during the period. Cooper Financial Group lifted its position in shares of Franklin Resources by 11.9% during the 2nd quarter. Cooper Financial Group now owns 16,644 shares of the closed-end fund's stock valued at $372,000 after acquiring an additional 1,773 shares during the period. M&G Plc acquired a new stake in shares of Franklin Resources during the 2nd quarter worth $306,000. Finally, Burke & Herbert Bank & Trust Co. bought a new position in shares of Franklin Resources in the second quarter worth $321,000. 47.56% of the stock is owned by institutional investors.

Franklin Resources Stock Up 0.4 %

Franklin Resources stock traded up $0.08 during midday trading on Tuesday, reaching $22.38. The stock had a trading volume of 3,091,582 shares, compared to its average volume of 4,016,320. The company has a fifty day moving average price of $21.10 and a two-hundred day moving average price of $21.62. Franklin Resources, Inc. has a 12 month low of $18.94 and a 12 month high of $30.32. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $11.72 billion, a P/E ratio of 25.99, a PEG ratio of 2.38 and a beta of 1.39.

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

Franklin Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Monday, December 30th will be given a $0.32 dividend. The ex-dividend date is Monday, December 30th. This represents a $1.28 annualized dividend and a dividend yield of 5.72%. This is a positive change from Franklin Resources's previous quarterly dividend of $0.31. Franklin Resources's payout ratio is 148.84%.

Analysts Set New Price Targets

Several brokerages have recently commented on BEN. Morgan Stanley dropped their target price on shares of Franklin Resources from $21.00 to $19.00 and set an "underweight" rating for the company in a research report on Friday, October 18th. TD Cowen lowered their price objective on shares of Franklin Resources from $20.00 to $18.50 and set a "hold" rating for the company in a research report on Tuesday, November 5th. StockNews.com upgraded Franklin Resources from a "sell" rating to a "hold" rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. decreased their price target on Franklin Resources from $22.00 to $21.00 and set a "neutral" rating on the stock in a research note on Tuesday, November 5th. Finally, Evercore ISI dropped their price objective on Franklin Resources from $20.00 to $19.00 and set an "underperform" rating for the company in a research report on Friday, October 4th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $20.39.

Insider Buying and Selling at Franklin Resources

In related news, insider Franklin Resources Inc sold 7,900 shares of Franklin Resources stock in a transaction on Friday, October 18th. The shares were sold at an average price of $43.71, for a total value of $345,309.00. Following the transaction, the insider now owns 36,519 shares in the company, valued at $1,596,245.49. This trade represents a 17.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Charles B. Johnson acquired 100,000 shares of the stock in a transaction on Wednesday, September 11th. The stock was bought at an average price of $19.08 per share, with a total value of $1,908,000.00. Following the transaction, the insider now directly owns 89,308,192 shares of the company's stock, valued at approximately $1,704,000,303.36. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 24,024 shares of company stock valued at $1,051,375 in the last 90 days. 24.13% of the stock is currently owned by company insiders.

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.