SpiderRock Advisors LLC Takes $2.74 Million Position in Franklin Resources, Inc. (NYSE:BEN)

SpiderRock Advisors LLC bought a new position in Franklin Resources, Inc. (NYSE:BEN) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 135,772 shares of the closed-end fund’s stock, valued at approximately $2,736,000.

A number of other institutional investors have also recently added to or reduced their stakes in BEN. Headlands Technologies LLC acquired a new stake in shares of Franklin Resources in the first quarter valued at $32,000. Altshuler Shaham Ltd acquired a new stake in Franklin Resources in the 2nd quarter valued at about $27,000. MFA Wealth Advisors LLC bought a new position in shares of Franklin Resources during the 3rd quarter valued at about $26,000. Sentry Investment Management LLC bought a new stake in shares of Franklin Resources in the 2nd quarter worth approximately $30,000. Finally, Matrix Trust Co acquired a new stake in Franklin Resources during the third quarter valued at approximately $29,000. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BEN has been the topic of several recent research reports. StockNews.com lowered shares of Franklin Resources from a “hold” rating to a “sell” rating in a research report on Wednesday. UBS Group cut their target price on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft decreased their price target on Franklin Resources from $20.00 to $19.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. The Goldman Sachs Group cut their price objective on Franklin Resources from $23.75 to $21.25 and set a “sell” rating on the stock in a report on Monday, September 30th. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $19.00 target price (down from $20.00) on shares of Franklin Resources in a report on Tuesday, November 5th. Six equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.20.

Insider Transactions at Franklin Resources

In other Franklin Resources news, CEO Jennifer M. Johnson acquired 18,900 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average cost of $20.95 per share, for a total transaction of $395,955.00. Following the completion of the acquisition, the chief executive officer now owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Jennifer M. Johnson purchased 12,700 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was bought at an average cost of $19.66 per share, for a total transaction of $249,682.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,637,700 shares of the company’s stock, valued at approximately $51,857,182. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jennifer M. Johnson bought 18,900 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average price of $20.95 per share, with a total value of $395,955.00. Following the purchase, the chief executive officer now owns 216,900 shares in the company, valued at $4,544,055. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. 24.13% of the stock is currently owned by company insiders.

Franklin Resources Trading Down 1.2 %

Shares of NYSE:BEN opened at $21.04 on Friday. Franklin Resources, Inc. has a 12-month low of $18.94 and a 12-month high of $30.32. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $11.00 billion, a P/E ratio of 24.47, a price-to-earnings-growth ratio of 2.27 and a beta of 1.38. The firm has a fifty day moving average of $20.29 and a two-hundred day moving average of $21.92.

Franklin Resources (NYSE:BEN) last issued its earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The firm had revenue of $2.21 billion during the quarter, compared to analyst estimates of $1.70 billion. Franklin Resources had a return on equity of 9.61% and a net margin of 5.48%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 earnings per share. On average, equities analysts expect that Franklin Resources, Inc. will post 2.45 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 5.89%. The ex-dividend date was Monday, September 30th. Franklin Resources’s dividend payout ratio is 144.19%.

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.