ABC Arbitrage SA Invests $2.67 Million in Franklin Resources, Inc. (NYSE:BEN)

ABC Arbitrage SA acquired a new stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 131,783 shares of the closed-end fund's stock, valued at approximately $2,674,000.

Other hedge funds have also modified their holdings of the company. Exchange Traded Concepts LLC raised its stake in Franklin Resources by 301.4% during the third quarter. Exchange Traded Concepts LLC now owns 5,074 shares of the closed-end fund's stock worth $102,000 after acquiring an additional 3,810 shares in the last quarter. Swedbank AB increased its position in shares of Franklin Resources by 78.3% during the 3rd quarter. Swedbank AB now owns 62,076 shares of the closed-end fund's stock worth $1,251,000 after purchasing an additional 27,259 shares in the last quarter. Cornerstone Wealth Management LLC lifted its holdings in Franklin Resources by 21.2% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,650 shares of the closed-end fund's stock valued at $235,000 after purchasing an additional 2,038 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Franklin Resources by 19.5% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 87,645 shares of the closed-end fund's stock valued at $1,766,000 after buying an additional 14,332 shares in the last quarter. Finally, V Square Quantitative Management LLC grew its stake in Franklin Resources by 40.2% during the third quarter. V Square Quantitative Management LLC now owns 18,092 shares of the closed-end fund's stock worth $365,000 after buying an additional 5,190 shares during the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Trading Down 0.2 %

NYSE:BEN traded down $0.05 during mid-day trading on Wednesday, hitting $20.90. The company had a trading volume of 2,661,598 shares, compared to its average volume of 4,439,578. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. Franklin Resources, Inc. has a fifty-two week low of $18.83 and a fifty-two week high of $28.61. The firm has a market cap of $10.98 billion, a P/E ratio of 32.15, a P/E/G ratio of 2.13 and a beta of 1.42. The business's fifty day moving average is $20.38 and its two-hundred day moving average is $20.76.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. During the same period in the prior year, the business posted $0.65 EPS. As a group, research analysts expect that Franklin Resources, Inc. will post 2.16 earnings per share for the current year.

Franklin Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.13%. Franklin Resources's dividend payout ratio is 196.93%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. StockNews.com raised Franklin Resources from a "sell" rating to a "hold" rating in a report on Thursday, November 14th. JPMorgan Chase & Co. decreased their target price on Franklin Resources from $21.00 to $19.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. The Goldman Sachs Group raised Franklin Resources from a "sell" rating to a "neutral" rating and lifted their price target for the company from $21.00 to $22.00 in a report on Monday, January 6th. Barclays raised their price objective on shares of Franklin Resources from $19.00 to $22.00 and gave the company an "underweight" rating in a research report on Monday, February 3rd. Finally, BMO Capital Markets increased their price target on shares of Franklin Resources from $20.00 to $23.00 and gave the company a "market perform" rating in a research note on Monday, February 3rd. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, Franklin Resources currently has an average rating of "Hold" and a consensus target price of $20.86.

About Franklin Resources

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.