Freestone Capital Holdings LLC Grows Holdings in Franklin Resources, Inc. $BEN

Freestone Capital Holdings LLC increased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 162.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,681 shares of the closed-end fund’s stock after purchasing an additional 16,505 shares during the quarter. Freestone Capital Holdings LLC’s holdings in Franklin Resources were worth $636,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Manchester Capital Management LLC boosted its holdings in Franklin Resources by 49.9% during the first quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund’s stock worth $32,000 after purchasing an additional 555 shares during the last quarter. Signaturefd LLC boosted its holdings in Franklin Resources by 39.4% during the first quarter. Signaturefd LLC now owns 2,592 shares of the closed-end fund’s stock worth $50,000 after purchasing an additional 732 shares during the last quarter. Brooklyn Investment Group boosted its holdings in Franklin Resources by 78.3% during the first quarter. Brooklyn Investment Group now owns 3,139 shares of the closed-end fund’s stock worth $60,000 after purchasing an additional 1,378 shares during the last quarter. Assetmark Inc. boosted its holdings in Franklin Resources by 80.2% during the second quarter. Assetmark Inc. now owns 2,777 shares of the closed-end fund’s stock worth $66,000 after purchasing an additional 1,236 shares during the last quarter. Finally, Private Trust Co. NA raised its position in Franklin Resources by 79.8% in the first quarter. Private Trust Co. NA now owns 3,802 shares of the closed-end fund’s stock worth $73,000 after acquiring an additional 1,687 shares during the period. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Stock Performance

NYSE BEN opened at $22.59 on Wednesday. The company’s 50 day moving average is $23.73 and its 200-day moving average is $23.19. Franklin Resources, Inc. has a 12-month low of $16.25 and a 12-month high of $26.08. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.94. The firm has a market cap of $11.73 billion, a P/E ratio of 44.29, a price-to-earnings-growth ratio of 1.65 and a beta of 1.50.

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were given a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.28 annualized dividend and a dividend yield of 5.7%. Franklin Resources’s payout ratio is 250.98%.

Analyst Upgrades and Downgrades

Several analysts have commented on BEN shares. BMO Capital Markets began coverage on shares of Franklin Resources in a research report on Friday, October 3rd. They issued an “outperform” rating and a $26.00 price objective on the stock. JPMorgan Chase & Co. raised their price target on shares of Franklin Resources from $22.00 to $29.00 and gave the stock a “neutral” rating in a research note on Monday, August 4th. Barclays decreased their price target on shares of Franklin Resources from $23.00 to $20.00 and set an “underweight” rating for the company in a research note on Tuesday, October 21st. Weiss Ratings restated a “hold (c)” rating on shares of Franklin Resources in a research note on Wednesday, October 8th. Finally, Bank of America raised their price target on shares of Franklin Resources from $19.00 to $22.00 and gave the stock an “underperform” rating in a research note on Thursday, October 2nd. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $24.27.

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.