8,858 Shares in Franklin Resources, Inc. (NYSE:BEN) Acquired by Lynx Investment Advisory

Lynx Investment Advisory bought a new position in Franklin Resources, Inc. (NYSE:BEN) in the second quarter, Holdings Channel reports. The firm bought 8,858 shares of the closed-end fund’s stock, valued at approximately $198,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Plato Investment Management Ltd acquired a new stake in Franklin Resources during the 1st quarter valued at approximately $710,000. Hsbc Holdings PLC lifted its stake in Franklin Resources by 26.3% during the 4th quarter. Hsbc Holdings PLC now owns 708,050 shares of the closed-end fund’s stock valued at $21,093,000 after acquiring an additional 147,497 shares during the period. Zurich Insurance Group Ltd FI acquired a new stake in Franklin Resources during the 1st quarter valued at approximately $1,538,000. Norges Bank acquired a new stake in Franklin Resources during the 4th quarter valued at approximately $49,547,000. Finally, SG Americas Securities LLC lifted its stake in Franklin Resources by 583.8% during the 1st quarter. SG Americas Securities LLC now owns 199,225 shares of the closed-end fund’s stock valued at $5,600,000 after acquiring an additional 170,089 shares during the period. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, major shareholder Charles B. Johnson purchased 200,000 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was bought at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the acquisition, the insider now owns 88,703,192 shares in the company, valued at $2,022,432,777.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 24.13% of the stock is owned by insiders.

Franklin Resources Price Performance

NYSE BEN traded up $0.33 on Tuesday, hitting $21.79. The company had a trading volume of 3,855,160 shares, compared to its average volume of 3,744,894. The company has a market capitalization of $11.46 billion, a PE ratio of 12.37, a PEG ratio of 2.46 and a beta of 1.43. The company’s fifty day moving average price is $22.78 and its 200-day moving average price is $24.99. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.82. Franklin Resources, Inc. has a 12-month low of $20.92 and a 12-month high of $30.32.

Franklin Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 5.69%. The ex-dividend date of this dividend was Friday, June 28th. Franklin Resources’s payout ratio is presently 70.86%.

Wall Street Analyst Weigh In

BEN has been the subject of several research reports. BMO Capital Markets decreased their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research note on Monday, July 29th. Evercore ISI decreased their price objective on shares of Franklin Resources from $29.00 to $26.00 and set an “underperform” rating for the company in a research note on Tuesday, April 30th. UBS Group cut their target price on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Keefe, Bruyette & Woods cut their target price on shares of Franklin Resources from $25.00 to $23.00 and set an “underperform” rating for the company in a report on Monday, July 29th. Finally, TD Cowen lifted their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a report on Monday, July 29th. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $24.90.

Franklin Resources Company 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.