Victory Capital Management Inc. Has $15.81 Million Holdings in Franklin Resources, Inc. (NYSE:BEN)

Victory Capital Management Inc. lowered its stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 35.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 784,730 shares of the closed-end fund's stock after selling 430,682 shares during the quarter. Victory Capital Management Inc. owned about 0.15% of Franklin Resources worth $15,812,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. MFA Wealth Advisors LLC bought a new stake in shares of Franklin Resources during the 3rd quarter worth approximately $26,000. Altshuler Shaham Ltd bought a new position in shares of Franklin Resources in the 2nd quarter worth $27,000. Matrix Trust Co purchased a new position in Franklin Resources during the 3rd quarter worth $29,000. Sentry Investment Management LLC purchased a new position in Franklin Resources during the 2nd quarter worth $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Franklin Resources during the 3rd quarter worth $41,000. Hedge funds and other institutional investors own 47.56% of the company's stock.

Franklin Resources Stock Performance

Shares of BEN stock traded up $0.16 during mid-day trading on Wednesday, hitting $21.64. 4,115,199 shares of the stock were exchanged, compared to its average volume of 4,021,084. The stock's fifty day simple moving average is $20.56 and its two-hundred day simple moving average is $21.77. The stock has a market capitalization of $11.33 billion, a price-to-earnings ratio of 24.98, a P/E/G ratio of 2.33 and a beta of 1.38. Franklin Resources, Inc. has a 12-month low of $18.94 and a 12-month high of $30.32. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63.

Franklin Resources (NYSE:BEN - Get Free Report) last released 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). Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The company had revenue of $2.21 billion for the quarter, compared to analysts' expectations of $1.70 billion. During the same period in the prior year, the business earned $0.84 EPS. The business's quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts forecast that Franklin Resources, Inc. will post 2.4 EPS for the current year.

Franklin Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $0.31 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 annualized dividend and a yield of 5.73%. Franklin Resources's dividend payout ratio (DPR) is presently 144.19%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BEN. UBS Group dropped their price target on Franklin Resources from $24.00 to $21.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 22nd. Evercore ISI reduced their price target on Franklin Resources from $20.00 to $19.00 and set an "underperform" rating for the company in a report on Friday, October 4th. JPMorgan Chase & Co. reduced their target price on Franklin Resources from $22.00 to $21.00 and set a "neutral" rating for the company in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft dropped their price target on Franklin Resources from $20.00 to $19.00 and set a "hold" rating for the company in a research report on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods restated an "underperform" rating and issued a $19.00 price target (down from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. Five equities research 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 an average rating of "Hold" and an average price target of $20.20.

Insider Buying and Selling at Franklin Resources

In related news, CEO Jennifer M. Johnson purchased 18,900 shares of Franklin Resources stock in a transaction dated Friday, August 23rd. The shares were 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 owns 216,900 shares of the company's stock, valued at approximately $4,544,055. This trade represents a 9.55 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Franklin Resources Inc sold 7,657 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $43.90, for a total transaction of $336,142.30. Following the transaction, the insider now directly owns 65,862 shares in the company, valued at $2,891,341.80. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders acquired 231,600 shares of company stock worth $4,537,637 and sold 24,024 shares worth $1,051,375. 24.13% of the stock is currently owned by insiders.

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.