The Manufacturers Life Insurance Company Buys 54,765 Shares of Franklin Resources, Inc. (NYSE:BEN)

The Manufacturers Life Insurance Company increased its holdings in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 28.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 245,148 shares of the closed-end fund's stock after purchasing an additional 54,765 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Franklin Resources were worth $4,940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. MFA Wealth Advisors LLC bought a new stake in Franklin Resources in the 3rd quarter worth approximately $26,000. Altshuler Shaham Ltd purchased a new position in shares of Franklin Resources in the 2nd quarter worth $27,000. Matrix Trust Co bought a new stake in shares of Franklin Resources in the third quarter worth $29,000. Sentry Investment Management LLC bought a new stake in shares of Franklin Resources in the second quarter worth $30,000. Finally, Larson Financial Group LLC increased its position in Franklin Resources by 254.4% during the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund's stock valued at $36,000 after acquiring an additional 1,277 shares during the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Franklin Resources

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

Franklin Resources Price Performance

Shares of Franklin Resources stock traded down $0.48 during trading hours on Friday, hitting $21.92. The company's stock had a trading volume of 2,988,071 shares, compared to its average volume of 3,396,923. The company has a market cap of $11.48 billion, a PE ratio of 25.49, a PEG ratio of 2.46 and a beta of 1.39. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63. The business has a 50 day moving average price of $21.06 and a two-hundred day moving average price of $21.64. Franklin Resources, Inc. has a 12-month low of $18.94 and a 12-month high of $30.32.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings results 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). Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The business had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same period in the prior year, the firm posted $0.84 earnings per share. The firm's revenue for the quarter was up 11.3% on a year-over-year basis. Analysts expect that Franklin Resources, Inc. will post 2.39 earnings per share for the current fiscal year.

Franklin Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Monday, December 30th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 5.84%. This is a boost from Franklin Resources's previous quarterly dividend of $0.31. The ex-dividend date is Monday, December 30th. Franklin Resources's dividend payout ratio (DPR) is presently 144.19%.

Wall Street Analyst Weigh In

BEN has been the topic of several research reports. The Goldman Sachs Group dropped their target price on Franklin Resources from $23.75 to $21.25 and set a "sell" rating on the stock in a research report on Monday, September 30th. TD Cowen dropped their price objective on shares of Franklin Resources from $20.00 to $18.50 and set a "hold" rating on the stock in a report on Tuesday, November 5th. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $19.00 target price (down from $20.00) on shares of Franklin Resources in a report on Tuesday, November 5th. Barclays decreased their price target on shares of Franklin Resources from $20.00 to $19.00 and set an "underweight" rating on the stock in a research report on Monday, October 14th. Finally, UBS Group cut their price objective on shares of Franklin Resources from $24.00 to $21.00 and set a "neutral" rating for the company in a research report on Tuesday, October 22nd. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $20.20.

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.