Burke & Herbert Bank & Trust Co. Makes New Investment in Franklin Resources, Inc. (NYSE:BEN)

Burke & Herbert Bank & Trust Co. bought a new stake in Franklin Resources, Inc. (NYSE:BEN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 14,360 shares of the closed-end fund’s stock, valued at approximately $321,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Headlands Technologies LLC bought a new position in Franklin Resources in the 1st quarter valued at $32,000. Principal Securities Inc. acquired a new stake in shares of Franklin Resources in the fourth quarter valued at $35,000. Trust Co. of Vermont bought a new position in shares of Franklin Resources in the fourth quarter valued at about $45,000. Denali Advisors LLC acquired a new position in Franklin Resources during the 1st quarter worth about $44,000. Finally, Montag A & Associates Inc. bought a new stake in Franklin Resources during the 4th quarter worth about $51,000. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Stock Performance

BEN stock opened at $21.87 on Wednesday. The company has a quick ratio of 1.82, a current ratio of 1.71 and a debt-to-equity ratio of 0.93. Franklin Resources, Inc. has a twelve month low of $20.92 and a twelve month high of $30.32. The business’s fifty day moving average is $22.61 and its 200-day moving average is $24.75. The company has a market cap of $11.51 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 2.46 and a beta of 1.43.

Franklin Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 5.67%. The ex-dividend date was Friday, June 28th. Franklin Resources’s payout ratio is 70.86%.

Insider Transactions at Franklin Resources

In other 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 shares were acquired at an average cost of $22.80 per share, for a total transaction of $4,560,000.00. Following the transaction, the insider now directly owns 88,703,192 shares of the company’s stock, valued at approximately $2,022,432,777.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 24.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BEN shares. Morgan Stanley boosted their target price on shares of Franklin Resources from $24.00 to $25.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 17th. Keefe, Bruyette & Woods dropped their price objective on shares of Franklin Resources from $25.00 to $23.00 and set an “underperform” rating for the company in a research report on Monday, July 29th. TD Cowen increased their price objective on Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Monday, July 29th. BMO Capital Markets lowered their target price on 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. Finally, UBS Group cut their price target on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, Franklin Resources presently 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.