Anchor Capital Advisors LLC increased its stake in Franklin Resources, Inc. (NYSE:BEN) by 0.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 621,284 shares of the closed-end fund’s stock after buying an additional 3,558 shares during the period. Anchor Capital Advisors LLC owned 0.12% of Franklin Resources worth $18,893,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Captrust Financial Advisors grew its holdings in Franklin Resources by 605.1% during the 2nd quarter. Captrust Financial Advisors now owns 3,187 shares of the closed-end fund’s stock worth $103,000 after acquiring an additional 2,735 shares in the last quarter. Squar Milner Financial Services LLC bought a new position in Franklin Resources during the 3rd quarter worth about $100,000. Focused Wealth Management Inc bought a new position in Franklin Resources during the 2nd quarter worth about $131,000. Dupont Capital Management Corp grew its holdings in Franklin Resources by 61.2% during the 2nd quarter. Dupont Capital Management Corp now owns 4,168 shares of the closed-end fund’s stock worth $134,000 after acquiring an additional 1,582 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in Franklin Resources by 196.4% during the 3rd quarter. Steward Partners Investment Advisory LLC now owns 4,301 shares of the closed-end fund’s stock worth $131,000 after acquiring an additional 2,850 shares in the last quarter. 47.01% of the stock is currently owned by institutional investors.
In other news, insider Jed A. Plafker sold 4,820 shares of the firm’s stock in a transaction dated Friday, September 21st. The shares were sold at an average price of $32.85, for a total value of $158,337.00. Following the sale, the insider now directly owns 56,369 shares in the company, valued at approximately $1,851,721.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total transaction of $350,022.75. The disclosure for this sale can be found here. 22.20% of the stock is currently owned by company insiders.
BEN has been the topic of several recent research reports. Morgan Stanley dropped their target price on shares of Franklin Resources from $33.00 to $32.00 and set an “underweight” rating on the stock in a report on Thursday, July 12th. Jefferies Financial Group reiterated a “hold” rating and set a $33.00 target price on shares of Franklin Resources in a report on Friday, July 13th. Barclays dropped their target price on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a report on Monday, July 30th. Wells Fargo & Co dropped their target price on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating on the stock in a report on Monday, July 30th. Finally, Zacks Investment Research cut shares of Franklin Resources from a “hold” rating to a “strong sell” rating in a report on Monday, August 6th. Six investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $34.27.
Shares of Franklin Resources stock opened at $31.00 on Friday. Franklin Resources, Inc. has a 1 year low of $28.12 and a 1 year high of $45.96. The stock has a market cap of $16.33 billion, a price-to-earnings ratio of 9.72, a price-to-earnings-growth ratio of 1.24 and a beta of 1.49. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 0.07.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Thursday, October 25th. The closed-end fund reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.39. Franklin Resources had a net margin of 12.10% and a return on equity of 16.00%. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.55 billion. As a group, equities research analysts forecast that Franklin Resources, Inc. will post 2.94 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date was Thursday, September 27th. Franklin Resources’s dividend payout ratio is currently 28.84%.
Franklin Resources 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.
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