MML Investors Services LLC Raises Stake in Franklin Resources, Inc. (NYSE:BEN)

MML Investors Services LLC raised its position in Franklin Resources, Inc. (NYSE:BEN) by 8.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,457 shares of the closed-end fund’s stock after purchasing an additional 1,066 shares during the period. MML Investors Services LLC’s holdings in Franklin Resources were worth $271,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of BEN. MFA Wealth Advisors LLC acquired a new stake in Franklin Resources in the third quarter valued at $26,000. Altshuler Shaham Ltd acquired a new position in shares of Franklin Resources in the 2nd quarter valued at $27,000. Matrix Trust Co purchased a new position in shares of Franklin Resources in the 3rd quarter valued at $29,000. Sentry Investment Management LLC acquired a new stake in Franklin Resources during the 2nd quarter worth $30,000. Finally, Larson Financial Group LLC lifted its position in Franklin Resources by 254.4% in the third quarter. Larson Financial Group LLC now owns 1,779 shares of the closed-end fund’s stock valued at $36,000 after acquiring an additional 1,277 shares during the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BEN shares. Deutsche Bank Aktiengesellschaft cut their target price on Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Evercore ISI reduced their price objective on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a research note on Friday, October 4th. StockNews.com raised Franklin Resources from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Barclays lifted their target price on shares of Franklin Resources from $19.00 to $21.00 and gave the company an “underweight” rating in a report on Monday, December 9th. Finally, TD Cowen decreased their price target on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.66.

Franklin Resources Stock Up 2.1 %

Shares of NYSE:BEN opened at $20.88 on Thursday. Franklin Resources, Inc. has a fifty-two week low of $18.94 and a fifty-two week high of $30.32. 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 firm’s 50-day simple moving average is $21.42 and its 200-day simple moving average is $21.47. The company has a market cap of $10.93 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 2.43 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The business had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. Franklin Resources’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 EPS. As a group, equities research analysts predict that Franklin Resources, Inc. will post 2.39 earnings per share for the current year.

Franklin Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Monday, December 30th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date is Monday, December 30th. This is a positive change from Franklin Resources’s previous quarterly dividend of $0.31. Franklin Resources’s dividend payout ratio is currently 148.84%.

Insiders Place Their Bets

In other Franklin Resources news, insider Franklin Resources Inc sold 8,467 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $43.69, for a total transaction of $369,923.23. Following the transaction, the insider now directly owns 51,019 shares in the company, valued at approximately $2,229,020.11. This represents a 14.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 24,024 shares of company stock worth $1,051,375. 24.13% of the stock is owned by corporate 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.