Franklin Resources, Inc. (NYSE:BEN) Shares bought by LGT Group Foundation

VaselineSeptember 11, 2024

0 4 minutes read

LGT Group Foundation increased its position in shares of Franklin Resources, Inc. (NYSE:BEN – Free Report) by 84.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,250 shares of the closed-end fund’s stock after acquiring an additional 6,990 shares during the quarter. LGT Group Foundation’s holdings in Franklin Resources were worth $341,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have recently modified their holdings of the company. Plato Investment Management Ltd purchased a new stake in Franklin Resources during the first quarter valued at approximately $710,000. Hsbc Holdings PLC boosted its holdings in Franklin Resources by 26.3% in the 4th quarter. Hsbc Holdings PLC now owns 708,050 shares of the closed-end fund’s stock valued at $21,093,000 after purchasing an additional 147,497 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in Franklin Resources during the first quarter valued at approximately $1,538,000. Norges Bank purchased a new stake in Franklin Resources in the 4th quarter valued at about $49,547,000. Finally, SG Americas Securities LLC boosted its holdings in Franklin Resources by 583.8% in the first quarter. SG Americas Securities LLC now owns 199,225 shares of the closed-end fund’s stock valued at $5,600,000 after purchasing an additional 170,089 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s shares.

Franklin Resources stock performance

Shares of Franklin Resources stock opened at $19.49 on Wednesday. Franklin Resources, Inc. it has a one year low of $19.05 and a one year high of $30.32. The company has a market cap of $10.25 billion, a PE ratio of 11.14, a P/E/G ratio of 2.41 and a beta of 1.39. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.71, and a current ratio of 1.71. The company has a 50-day simple moving average of $21.83 and a 200-day simple moving average of $23.85.

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Franklin Resources (NYSE:BEN – Get Free Report ) last announced its quarterly earnings data on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.09 billion. On average, equities research analysts forecast that Franklin Resources, Inc. will post 2.41 EPS for the current fiscal year.

Franklin Resources announces dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.31 per share. This represents a dividend of $1.24 on an annualized basis and a dividend yield of 6.36%. The ex-dividend date of this dividend is Monday, September 30. Franklin Resources’ dividend yield is currently 70.86%.

Analysts set new price targets

Several analysts have recently issued reports on the stock. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $23.00 price objective on shares of Franklin Resources in a report on Thursday, August 22nd. BMO Capital Markets decreased their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating on the stock in a research note on Monday, July 29th. TD Cowen boosted their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Barclays began coverage on shares of Franklin Resources in a research note on Tuesday, August 27th. They set an “underweight” rating and a $20.00 target price on the stock. Four investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Franklin Resources presently has an average rating of “Hold” and a consensus price target of $23.91, according to MarketBeat .

Check out our latest report on BEN

Insider Trading at Franklin Resources

In other Franklin Resources news, CEO Jennifer M. Johnson acquired 18,900 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the acquisition, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this link. In other Franklin Resources news, major shareholder Charles B. Johnson acquired 100,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were purchased at an average cost of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the purchase, the insider now directly owns 89,208,192 shares of the company’s stock, valued at approximately $1,769,890,529.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this link. Also, CEO Jennifer M. Johnson acquired 18,900 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the acquisition, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at $4,544,055. Disclosure for this purchase can be found here. Over the last ninety days, insiders bought 331,600 shares of company stock worth $7,189,637. 24.13% of shares are currently owned by corporate insiders.

Franklin Resources Profile

(Free Report)

Franklin Resources, Inc is a public asset management holding company. Through its subsidiaries, the firm offers its services to individuals, institutions, pension plans, trusts and partnerships. It launches equity, fixed income, balanced and multi-asset mutual funds through its subsidiaries.