24,290 Franklin Resources, Inc. $BEN Shares Purchased by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. raised its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 81.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,024 shares of the closed-end fund’s stock after purchasing an additional 24,290 shares during the quarter. Contravisory Investment Management Inc.’s holdings in Franklin Resources were worth $1,902,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cibc World Market Inc. acquired a new position in Franklin Resources in the second quarter worth about $4,418,000. Y Intercept Hong Kong Ltd bought a new position in Franklin Resources during the 1st quarter worth approximately $6,254,000. Man Group plc bought a new position in Franklin Resources during the 2nd quarter worth approximately $2,429,000. Deutsche Bank AG bought a new position in Franklin Resources during the 2nd quarter worth approximately $37,742,000. Finally, Kinloch Capital LLC acquired a new position in shares of Franklin Resources in the 2nd quarter worth approximately $5,737,000. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Stock Performance

BEN traded down $0.61 on Tuesday, hitting $31.20. 4,045,772 shares of the company’s stock were exchanged, compared to its average volume of 4,780,660. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.22. The stock has a fifty day moving average of $33.56 and a two-hundred day moving average of $31.55. Franklin Resources, Inc. has a twelve month low of $21.10 and a twelve month high of $36.28. The firm has a market cap of $15.85 billion, a PE ratio of 21.22, a P/E/G ratio of 0.56 and a beta of 1.54.

Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 31st. The closed-end fund reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.06. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $1.76 billion. Franklin Resources had a return on equity of 11.55% and a net margin of 8.72%. Franklin Resources’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.49 earnings per share. On average, research analysts anticipate that Franklin Resources, Inc. will post 2.91 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

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

Analyst Upgrades and Downgrades

BEN has been the subject of a number of research analyst reports. UBS Group began coverage on Franklin Resources in a report on Wednesday, October 7th. They issued a “buy” rating and a $40.00 price target for the company. Barclays upped their price target on Franklin Resources from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Monday, August 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of Franklin Resources in a research note on Monday, August 31st. Morgan Stanley lifted their price objective on shares of Franklin Resources from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, September 25th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $34.00 target price on shares of Franklin Resources in a research note on Monday, August 3rd. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Franklin Resources presently has an average rating of “Hold” and a consensus price target of $36.11.

Franklin Resources Profile

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.