Lecap Asset Management Ltd. Buys New Position in Franklin Resources, Inc. (NYSE:BEN)

Lecap Asset Management Ltd. purchased a new position in Franklin Resources, Inc. (NYSE:BEN) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 76,238 shares of the closed-end fund’s stock, valued at approximately $1,536,000.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Franklin Resources by 11.1% in the first quarter. Vanguard Group Inc. now owns 35,889,477 shares of the closed-end fund’s stock worth $1,008,853,000 after acquiring an additional 3,592,943 shares during the last quarter. Power Corp of Canada increased its holdings in shares of Franklin Resources by 18,266.0% during the 1st quarter. Power Corp of Canada now owns 31,557,117 shares of the closed-end fund’s stock worth $887,071,000 after purchasing an additional 31,385,293 shares during the period. ProShare Advisors LLC increased its holdings in shares of Franklin Resources by 10.5% during the 2nd quarter. ProShare Advisors LLC now owns 7,095,390 shares of the closed-end fund’s stock worth $158,582,000 after purchasing an additional 676,760 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Franklin Resources by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,183,950 shares of the closed-end fund’s stock valued at $71,171,000 after buying an additional 54,063 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in Franklin Resources by 250.7% during the second quarter. AQR Capital Management LLC now owns 2,450,190 shares of the closed-end fund’s stock worth $54,664,000 after buying an additional 1,751,587 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Price Performance

NYSE:BEN opened at $20.09 on Thursday. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.93. The firm has a market cap of $10.57 billion, a PE ratio of 11.48, a price-to-earnings-growth ratio of 2.29 and a beta of 1.39. Franklin Resources, Inc. has a 12 month low of $18.94 and a 12 month high of $30.32. The company’s 50-day moving average price is $20.36 and its two-hundred day moving average price is $22.30.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. The business had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.09 billion. On average, equities analysts anticipate that Franklin Resources, Inc. will post 2.4 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.31 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.17%. Franklin Resources’s dividend payout ratio (DPR) is presently 70.86%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BEN shares. The Goldman Sachs Group cut their price target on Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a report on Monday, September 30th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $23.00 target price on shares of Franklin Resources in a research report on Thursday, August 22nd. Evercore ISI lowered their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a report on Friday, October 4th. BMO Capital Markets reduced their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a report on Monday, July 29th. Finally, UBS Group decreased their target price on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday. Five research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $21.43.

Insider Buying and Selling

In related news, CEO Jennifer M. Johnson acquired 18,900 shares of the stock in a transaction on Friday, August 23rd. The stock was purchased at an average price of $20.95 per share, for a total transaction of $395,955.00. Following the transaction, the chief executive officer now owns 216,900 shares of the company’s stock, valued at $4,544,055. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Jennifer M. Johnson acquired 12,700 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were purchased at an average cost of $19.66 per share, for a total transaction of $249,682.00. Following the transaction, the chief executive officer now owns 2,637,700 shares of the company’s stock, valued at approximately $51,857,182. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jennifer M. Johnson bought 18,900 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were purchased at an average price of $20.95 per share, with a total value of $395,955.00. Following the transaction, the chief executive officer now owns 216,900 shares of the company’s stock, valued at $4,544,055. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. 24.13% of the stock is owned by corporate insiders.

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.