Franklin Resources, Inc. (BEN) Shares Bought by American International Group Inc.

American International Group Inc. raised its holdings in Franklin Resources, Inc. (NYSE:BEN) by 13.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 279,577 shares of the closed-end fund’s stock after buying an additional 33,337 shares during the quarter. American International Group Inc. owned about 0.05% of Franklin Resources worth $8,502,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BEN. Pinebridge Investments L.P. acquired a new position in shares of Franklin Resources in the second quarter valued at about $471,000. Royal London Asset Management Ltd. acquired a new position in shares of Franklin Resources in the second quarter valued at about $4,272,000. Insight 2811 Inc. increased its holdings in shares of Franklin Resources by 63.4% in the second quarter. Insight 2811 Inc. now owns 26,554 shares of the closed-end fund’s stock valued at $851,000 after purchasing an additional 10,300 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Franklin Resources by 24.5% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,808 shares of the closed-end fund’s stock valued at $571,000 after purchasing an additional 3,500 shares during the period. Finally, Teacher Retirement System of Texas increased its holdings in shares of Franklin Resources by 115.2% in the second quarter. Teacher Retirement System of Texas now owns 158,400 shares of the closed-end fund’s stock valued at $5,077,000 after purchasing an additional 84,790 shares during the period. Institutional investors own 47.52% of the company’s stock.

BEN has been the topic of a number of research reports. Deutsche Bank cut their price objective on Franklin Resources from $30.00 to $29.00 and set a “hold” rating on the stock in a report on Friday, November 16th. Zacks Investment Research raised Franklin Resources from a “sell” rating to a “hold” rating in a report on Wednesday, September 26th. UBS Group cut their price objective on Franklin Resources from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Monday, October 8th. Morgan Stanley set a $29.00 price objective on Franklin Resources and gave the company a “sell” rating in a report on Wednesday, November 14th. Finally, ValuEngine raised Franklin Resources from a “strong sell” rating to a “sell” rating in a report on Tuesday, November 20th. Six research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Franklin Resources presently has a consensus rating of “Hold” and a consensus price target of $34.18.

In related news, Vice Chairman Rupert H. Johnson, Jr. sold 323,000 shares of the firm’s stock in a transaction dated Friday, November 23rd. The stock was sold at an average price of $32.42, for a total transaction of $10,471,660.00. Following the sale, the insider now directly owns 103,653,045 shares of the company’s stock, valued at $3,360,431,718.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total value of $350,022.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 338,985 shares of company stock worth $10,980,020. 22.20% of the stock is owned by corporate insiders.

Franklin Resources stock opened at $33.89 on Friday. The stock has a market cap of $17.19 billion, a P/E ratio of 10.62, a P/E/G ratio of 1.16 and a beta of 1.28. Franklin Resources, Inc. has a 52 week low of $28.12 and a 52 week high of $45.96. The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.07.

Franklin Resources (NYSE:BEN) last posted its earnings results on Thursday, October 25th. The closed-end fund reported $1.13 EPS for the quarter, topping the consensus estimate of $0.74 by $0.39. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Franklin Resources had a return on equity of 16.26% and a net margin of 12.10%. Research analysts anticipate that Franklin Resources, Inc. will post 2.88 earnings per share for the current fiscal year.

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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.

See Also: Capital Gains

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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