76,481 Shares of Franklin Resources, Inc. $BEN Purchased by Community Trust & Investment Co.

Key Points

• Community Trust & Investment Co. acquired 76,481 shares of Franklin Resources during the third quarter, valued at approximately $2.46 million. Other institutions also initiated or increased positions, with institutional investors collectively owning 47.56% of the stock.
• Analyst sentiment remains mixed: four analysts rate Franklin Resources a Buy, six recommend Hold and one recommends Sell. The stock carries an average rating of “Hold” and an average price target of $35.89.
• Franklin Resources recently exceeded quarterly earnings expectations, reporting $0.72 in EPS versus a $0.66 consensus estimate and 14.3% year-over-year revenue growth. The company pays a quarterly dividend of $0.33 per share, representing a 4.2% yield.

Community Trust & Investment Co. acquired a new position in Franklin Resources, Inc. (NYSE:BEN - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 76,481 shares of the closed-end fund's stock, valued at approximately $2,457,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Triasima Portfolio Management inc. purchased a new stake in Franklin Resources in the third quarter worth approximately $210,000. Assenagon Asset Management S.A. bought a new position in shares of Franklin Resources during the 3rd quarter valued at approximately $23,371,000. State of Alaska Department of Revenue grew its holdings in shares of Franklin Resources by 144.2% in the third quarter. State of Alaska Department of Revenue now owns 73,349 shares of the closed-end fund's stock valued at $2,356,000 after purchasing an additional 43,309 shares in the last quarter. Mainsail Asset Management LLC bought a new stake in Franklin Resources in the third quarter worth $163,000. Finally, Fort Washington Investment Advisors Inc. OH bought a new position in Franklin Resources during the third quarter valued at $181,000. Institutional investors own 47.56% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on BEN shares. UBS Group initiated coverage on shares of Franklin Resources in a report on Wednesday, October 7th. They issued a "buy" rating and a $40.00 target price for the company. TD Cowen lowered their price target on Franklin Resources from $40.00 to $38.00 and set a "buy" rating for the company in a report on Monday. Wall Street Zen upgraded Franklin Resources from a "hold" rating to a "buy" rating in a report on Sunday, September 27th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Franklin Resources in a report on Monday, August 31st. Finally, Morgan Stanley lifted their price objective on shares of Franklin Resources from $34.00 to $35.00 and gave the company an "equal weight" rating in a report on Friday, September 25th. Four investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $35.89.

Franklin Resources Stock Performance

Shares of NYSE BEN opened at $31.36 on Friday. The company's fifty day moving average price is $33.33 and its 200 day moving average price is $31.71. The company has a market capitalization of $15.94 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 0.54 and a beta of 1.54. Franklin Resources, Inc. has a 1 year low of $21.10 and a 1 year high of $36.28. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.48 and a current ratio of 1.48.

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

Franklin Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Wednesday, September 30th. Franklin Resources's payout ratio is currently 89.80%.

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.

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