MML Investors Services LLC Buys 2,028 Shares of Franklin Resources, Inc. (NYSE:BEN)

MML Investors Services LLC raised its stake in Franklin Resources, Inc. (NYSE:BEN – Get Rating) by 17.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,387 shares of the closed-end fund’s stock after purchasing an additional 2,028 shares during the quarter. MML Investors Services LLC’s holdings in Franklin Resources were worth $288,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of BEN. State Street Corp grew its stake in Franklin Resources by 19.6% in the second quarter. State Street Corp now owns 32,525,128 shares of the closed-end fund’s stock valued at $767,434,000 after purchasing an additional 5,321,881 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Franklin Resources by 202.7% during the 1st quarter. Royal Bank of Canada now owns 2,126,650 shares of the closed-end fund’s stock worth $59,377,000 after acquiring an additional 1,424,044 shares during the period. Vanguard Group Inc. boosted its stake in shares of Franklin Resources by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 34,072,606 shares of the closed-end fund’s stock worth $951,307,000 after acquiring an additional 1,390,583 shares during the period. Invesco Ltd. boosted its stake in shares of Franklin Resources by 30.9% during the 1st quarter. Invesco Ltd. now owns 5,507,038 shares of the closed-end fund’s stock worth $153,758,000 after acquiring an additional 1,298,729 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of Franklin Resources by 49.9% during the 1st quarter. First Trust Advisors LP now owns 2,041,713 shares of the closed-end fund’s stock worth $57,005,000 after acquiring an additional 679,416 shares during the period. 45.47% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Alok Sethi sold 29,503 shares of Franklin Resources stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $31.09, for a total value of $917,248.27. Following the transaction, the executive vice president now owns 92,132 shares in the company, valued at approximately $2,864,383.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 23.40% of the company’s stock.

Franklin Resources Price Performance

Shares of NYSE BEN opened at $27.57 on Friday. The stock has a market capitalization of $13.79 billion, a PE ratio of 14.07 and a beta of 1.27. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.97 and a quick ratio of 4.97. The business has a fifty day moving average price of $29.99 and a two-hundred day moving average price of $26.69. Franklin Resources, Inc. has a fifty-two week low of $20.24 and a fifty-two week high of $34.37.

Franklin Resources (NYSE:BEN – Get Rating) last announced its quarterly earnings data on Monday, January 30th. The closed-end fund reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.03). The company had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.85 billion. Franklin Resources had a net margin of 12.52% and a return on equity of 12.69%. Franklin Resources’s revenue was down 11.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.08 earnings per share. As a group, equities analysts predict that Franklin Resources, Inc. will post 2.34 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $1.20 annualized dividend and a dividend yield of 4.35%. Franklin Resources’s payout ratio is 61.22%.

Analysts Set New Price Targets

BEN has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on Franklin Resources from $26.00 to $27.00 and gave the stock an “underperform” rating in a research note on Tuesday, January 31st. JPMorgan Chase & Co. lifted their target price on Franklin Resources from $26.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 31st. Wells Fargo & Company began coverage on Franklin Resources in a report on Wednesday, December 14th. They set an “underweight” rating and a $26.00 price target for the company. Morgan Stanley lifted their price target on Franklin Resources from $19.00 to $23.00 and gave the stock an “underweight” rating in a report on Thursday, January 19th. Finally, The Goldman Sachs Group lifted their price target on Franklin Resources from $20.00 to $23.00 and gave the stock a “sell” rating in a report on Wednesday, November 23rd. Five equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat.com, Franklin Resources currently has a consensus rating of “Hold” and a consensus target price of $25.27.

Franklin Resources Company Profile

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Franklin Resources, Inc is a holding company, which engages in the provision of investment management and related services. The firm offers services and products under various distinct brand names, including, but not limited to, Franklin, Templeton, Legg Mason, Benefit Street Partners, Brandywine Global Investment Management, Clarion Partners, ClearBridge Investments, Fiduciary Trust International, Franklin Bissett, Franklin Mutual Series, K2, LibertyShares, Martin Currie, Royce Investment Partners and Western Asset Management Company.