Victory Capital Management Inc. Acquires 357,960 Shares of Franklin Resources, Inc. (NYSE:BEN)

Victory Capital Management Inc. grew its holdings in shares of Franklin Resources, Inc. (NYSE:BENGet Rating) by 29.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,560,104 shares of the closed-end fund’s stock after acquiring an additional 357,960 shares during the period. Victory Capital Management Inc. owned about 0.31% of Franklin Resources worth $33,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of BEN. Eagle Bay Advisors LLC bought a new stake in shares of Franklin Resources during the 2nd quarter valued at $26,000. Newbridge Financial Services Group Inc. lifted its stake in shares of Franklin Resources by 413.2% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 1,242 shares of the closed-end fund’s stock valued at $27,000 after buying an additional 1,000 shares in the last quarter. Capital Analysts LLC lifted its stake in shares of Franklin Resources by 31.8% during the 2nd quarter. Capital Analysts LLC now owns 1,447 shares of the closed-end fund’s stock valued at $34,000 after buying an additional 349 shares in the last quarter. Denali Advisors LLC purchased a new position in shares of Franklin Resources during the 3rd quarter valued at $39,000. Finally, NuWave Investment Management LLC purchased a new position in shares of Franklin Resources during the 3rd quarter valued at $41,000. Institutional investors own 45.47% of the company’s stock.

Insiders Place Their Bets

In related news, insider Franklin Resources Inc bought 55,596 shares of the company’s stock in a transaction on Wednesday, November 2nd. The shares were acquired at an average cost of $4.15 per share, for a total transaction of $230,723.40. Following the purchase, the insider now directly owns 9,844,399 shares of the company’s stock, valued at $40,854,255.85. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have purchased 341,388 shares of company stock worth $1,444,953 in the last three months. Corporate insiders own 23.40% of the company’s stock.

Analyst Upgrades and Downgrades

BEN has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Franklin Resources from $20.00 to $26.00 and gave the company a “hold” rating in a research note on Tuesday, November 15th. BMO Capital Markets decreased their price target on shares of Franklin Resources from $23.00 to $22.00 and set a “market perform” rating on the stock in a research note on Thursday, November 3rd. JPMorgan Chase & Co. decreased their price target on shares of Franklin Resources from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 18th. Morgan Stanley boosted their price target on shares of Franklin Resources from $19.00 to $23.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, The Goldman Sachs Group boosted their price target on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a “sell” rating in a research note on Wednesday, November 23rd. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat.com, Franklin Resources presently has an average rating of “Hold” and an average target price of $24.18.

Franklin Resources Stock Performance

Shares of NYSE:BEN opened at $30.04 on Monday. The company has a market capitalization of $15.03 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 7.78 and a beta of 1.22. Franklin Resources, Inc. has a 12 month low of $20.24 and a 12 month high of $33.03. The firm’s 50-day moving average is $27.29 and its 200 day moving average is $25.71. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.72.

Franklin Resources (NYSE:BENGet Rating) last issued its quarterly earnings results on Tuesday, November 1st. The closed-end fund reported $0.78 EPS for the quarter, beating the consensus estimate of $0.69 by $0.09. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.89 billion. Franklin Resources had a net margin of 15.61% and a return on equity of 15.16%. Research analysts predict that Franklin Resources, Inc. will post 2.45 EPS for the current year.

Franklin Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were paid a $0.30 dividend. This is an increase from Franklin Resources’s previous quarterly dividend of $0.29. This represents a $1.20 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend was Thursday, December 29th. Franklin Resources’s dividend payout ratio is currently 47.62%.

About Franklin Resources

(Get Rating)

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.

Further Reading

Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BENGet Rating).

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.