32,284 Franklin Resources, Inc. $BEN Shares Bought by GAMMA Investing LLC

Key Points

• GAMMA Investing LLC increased its Franklin Resources position by 173.5% in the third quarter, acquiring 32,284 additional shares and bringing its holdings to 50,889 shares valued at approximately $1.64 million.
• Franklin Resources reported quarterly EPS of $0.72, exceeding estimates of $0.66, while revenue reached $2.36 billion and rose 14.3% year over year.
• The company pays a quarterly dividend of $0.33, equivalent to an annualized $1.32 and a 4.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $35.89.

GAMMA Investing LLC boosted its position in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 173.5% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 50,889 shares of the closed-end fund's stock after acquiring an additional 32,284 shares during the quarter. GAMMA Investing LLC's holdings in Franklin Resources were worth $1,635,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in BEN. United Community Bank lifted its position in Franklin Resources by 0.9% during the second quarter. United Community Bank now owns 37,849 shares of the closed-end fund's stock worth $1,259,000 after buying an additional 320 shares in the last quarter. Empirical Finance LLC raised its stake in Franklin Resources by 3.7% in the second quarter. Empirical Finance LLC now owns 10,783 shares of the closed-end fund's stock valued at $359,000 after buying an additional 380 shares in the last quarter. Greenwich Wealth Management LLC raised its stake in Franklin Resources by 0.3% during the 2nd quarter. Greenwich Wealth Management LLC now owns 143,825 shares of the closed-end fund's stock worth $4,785,000 after acquiring an additional 389 shares in the last quarter. Lido Advisors LLC increased its position in Franklin Resources by 4.0% during the first quarter. Lido Advisors LLC now owns 10,194 shares of the closed-end fund's stock worth $244,000 after buying an additional 395 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Franklin Resources by 12.2% during the first quarter. Geneos Wealth Management Inc. now owns 3,671 shares of the closed-end fund's stock worth $87,000 after buying an additional 400 shares during the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

Franklin Resources Price Performance

BEN stock opened at $31.98 on Friday. The firm has a market capitalization of $16.25 billion, a PE ratio of 21.76, a P/E/G ratio of 0.57 and a beta of 1.54. Franklin Resources, Inc. has a one year low of $21.10 and a one year high of $36.28. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.22. The firm has a 50-day moving average of $33.63 and a two-hundred day moving average of $31.44.

Franklin Resources (NYSE:BEN - Get Free Report) last released its earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.06. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $1.76 billion. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The company's revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.49 EPS. On average, analysts forecast that Franklin Resources, Inc. will post 2.91 earnings per share for the current year.

Franklin Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th were paid a $0.33 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.1%. Franklin Resources's payout ratio is presently 89.80%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BEN. Barclays upped their price objective on Franklin Resources from $34.00 to $36.00 and gave the stock an "equal weight" rating in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $34.00 target price on shares of Franklin Resources in a research report on Monday, August 3rd. Morgan Stanley raised their target price on Franklin Resources from $34.00 to $35.00 and gave the company an "equal weight" rating in a report on Friday, September 25th. TD Cowen increased their price objective on shares of Franklin Resources from $37.00 to $40.00 and gave the company a "buy" rating in a research note on Monday, June 22nd. Finally, Evercore restated an "underperform" rating and issued a $35.00 target price on shares of Franklin Resources in a research note on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $35.89.

About Franklin Resources

Franklin Resources, Inc, operating under the Franklin Templeton brand, is a global investment management organization. The company provides investment solutions for individual investors, financial professionals, institutions and retirement-plan participants through a range of actively managed and specialized strategies.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investment strategies. Franklin Templeton offers capabilities spanning equities, fixed income, multi-asset investing, private markets and other specialized areas, with investment teams and brands serving different market segments and regions.

Founded in 1947 by Rupert H.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.