HighTower Advisors LLC Has $2.37 Million Stock Holdings in Franklin Resources, Inc. $BEN

Key Points

• HighTower Advisors LLC increased its holdings in Franklin Resources, Inc. by 9.4%, acquiring an additional 10,596 shares, bringing the total to 123,280 shares valued at approximately $2.37 million.
• Franklin Resources' stock price increased by 3.4%, with a twelve-month trading range between $16.25 and $26.08, and a current market capitalization of $13.16 billion.
• The stock has received mixed analyst ratings, with a consensus rating of "Reduce" and an average price target of $23.58, signaling caution for potential investors.

HighTower Advisors LLC raised its stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 9.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 123,280 shares of the closed-end fund's stock after acquiring an additional 10,596 shares during the period. HighTower Advisors LLC's holdings in Franklin Resources were worth $2,373,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BEN. CoreCap Advisors LLC boosted its stake in Franklin Resources by 147.1% in the fourth quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock valued at $25,000 after acquiring an additional 737 shares during the period. GeoWealth Management LLC boosted its stake in Franklin Resources by 350.4% in the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock valued at $26,000 after acquiring an additional 981 shares during the period. Manchester Capital Management LLC boosted its stake in Franklin Resources by 49.9% in the first quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund's stock valued at $32,000 after acquiring an additional 555 shares during the period. Contravisory Investment Management Inc. bought a new stake in shares of Franklin Resources during the first quarter valued at approximately $46,000. Finally, Signaturefd LLC raised its holdings in shares of Franklin Resources by 39.4% during the first quarter. Signaturefd LLC now owns 2,592 shares of the closed-end fund's stock valued at $50,000 after buying an additional 732 shares during the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Price Performance

Shares of NYSE:BEN traded down $0.09 on Thursday, reaching $25.56. 2,302,839 shares of the company traded hands, compared to its average volume of 4,031,317. Franklin Resources, Inc. has a fifty-two week low of $16.25 and a fifty-two week high of $26.08. The company's 50 day moving average is $24.65 and its 200-day moving average is $21.69. The stock has a market capitalization of $13.27 billion, a PE ratio of 50.11, a P/E/G ratio of 1.48 and a beta of 1.46. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.55 and a quick ratio of 1.55.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The closed-end fund reported $0.49 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. Franklin Resources had a return on equity of 8.76% and a net margin of 3.73%.The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the firm earned $0.60 EPS. The company's quarterly revenue was down 2.2% compared to the same quarter last year. As a group, analysts anticipate that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Tuesday, September 30th. Franklin Resources's payout ratio is 250.98%.

Analyst Upgrades and Downgrades

BEN has been the topic of a number of recent analyst reports. Cowen reaffirmed a "buy" rating on shares of Franklin Resources in a report on Monday, June 16th. Barclays reaffirmed an "underweight" rating and set a $23.00 price target (up previously from $20.00) on shares of Franklin Resources in a report on Monday, August 4th. Zacks Research cut Franklin Resources from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. TD Cowen raised Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 price target on the stock in a report on Wednesday, May 14th. Finally, The Goldman Sachs Group raised Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 price target on the stock in a report on Friday, June 27th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, Franklin Resources has a consensus rating of "Reduce" and an average price target of $23.58.

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.