Franklin Resources, Inc. (NYSE:BEN) Shares Acquired by Anchor Investment Management LLC

Anchor Investment Management LLC increased its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 30.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,604 shares of the closed-end fund’s stock after purchasing an additional 604 shares during the period. Anchor Investment Management LLC’s holdings in Franklin Resources were worth $52,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its position in shares of Franklin Resources by 4.3% during the second quarter. Nisa Investment Advisors LLC now owns 102,385 shares of the closed-end fund’s stock worth $2,320,000 after acquiring an additional 4,248 shares during the period. FORA Capital LLC acquired a new stake in Franklin Resources in the third quarter valued at approximately $1,857,000. Virtu Financial LLC acquired a new position in Franklin Resources during the 3rd quarter worth approximately $880,000. Principal Financial Group Inc. increased its position in shares of Franklin Resources by 9.3% in the 3rd quarter. Principal Financial Group Inc. now owns 381,192 shares of the closed-end fund’s stock valued at $7,681,000 after purchasing an additional 32,490 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Franklin Resources by 44.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,998,574 shares of the closed-end fund’s stock worth $60,421,000 after acquiring an additional 925,590 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Stock Down 0.6 %

BEN opened at $21.97 on Friday. Franklin Resources, Inc. has a 52 week low of $18.94 and a 52 week high of $30.32. The business has a 50 day moving average price of $21.30 and a two-hundred day moving average price of $21.60. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.92. The company has a market cap of $11.50 billion, a PE ratio of 25.55, a P/E/G ratio of 2.43 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The company had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the company earned $0.84 EPS. Franklin Resources’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, research analysts anticipate that Franklin Resources, Inc. will post 2.39 EPS for the current year.

Franklin Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Monday, December 30th will be issued a $0.32 dividend. This is an increase from Franklin Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.28 annualized dividend and a dividend yield of 5.83%. Franklin Resources’s payout ratio is presently 148.84%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Morgan Stanley dropped their price target on shares of Franklin Resources from $21.00 to $19.00 and set an “underweight” rating on the stock in a research note on Friday, October 18th. TD Cowen dropped their target price on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $19.00 price target (down from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. StockNews.com raised Franklin Resources from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Finally, Wells Fargo & Company boosted their target price on Franklin Resources from $19.50 to $22.50 and gave the company an “equal weight” rating in a report on Thursday. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.66.

Insider Transactions at Franklin Resources

In other Franklin Resources news, insider Franklin Resources Inc sold 7,657 shares of Franklin Resources stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $43.90, for a total value of $336,142.30. Following the sale, the insider now owns 65,862 shares of the company’s stock, valued at approximately $2,891,341.80. The trade was a 10.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 24,024 shares of company stock worth $1,051,375 over the last ninety days. 24.13% of the stock is currently owned by company insiders.

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.