Investors Purchase High Volume of Put Options on Franklin Resources (NYSE:BEN)

Share on StockTwits

Franklin Resources, Inc. (NYSE:BEN) saw unusually large options trading activity on Wednesday. Traders purchased 3,275 put options on the company. This is an increase of 1,242% compared to the average daily volume of 244 put options.

A number of research firms have issued reports on BEN. Credit Suisse Group raised their price target on shares of Franklin Resources from $22.00 to $24.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 26th. Citigroup raised their price target on shares of Franklin Resources from $26.00 to $29.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Goldman Sachs Group raised shares of Franklin Resources from a “sell” rating to a “neutral” rating and raised their price target for the stock from $25.00 to $28.00 in a research report on Tuesday, February 25th. BMO Capital Markets raised shares of Franklin Resources from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $20.00 to $24.00 in a research report on Wednesday, February 19th. Finally, Bank of America cut their target price on shares of Franklin Resources from $20.00 to $16.00 and set an “underperform” rating for the company in a report on Monday, March 23rd. Seven investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $23.43.

NYSE BEN traded down $1.41 on Thursday, hitting $21.13. The company had a trading volume of 1,355,389 shares, compared to its average volume of 5,247,024. The company has a market capitalization of $10.78 billion, a PE ratio of 11.16 and a beta of 1.26. The company’s fifty day moving average price is $18.64 and its 200-day moving average price is $22.04. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.90 and a quick ratio of 3.90. Franklin Resources has a 12-month low of $14.91 and a 12-month high of $35.77.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Thursday, April 30th. The closed-end fund reported $0.66 EPS for the quarter, topping the consensus estimate of $0.44 by $0.22. The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. Franklin Resources had a net margin of 17.29% and a return on equity of 12.36%. The firm’s revenue was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 EPS. On average, sell-side analysts anticipate that Franklin Resources will post 2.34 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sunbelt Securities Inc. purchased a new stake in Franklin Resources in the 4th quarter worth $3,118,000. Stephenson National Bank & Trust acquired a new stake in Franklin Resources during the 4th quarter worth $27,000. WASHINGTON TRUST Co acquired a new stake in Franklin Resources during the 1st quarter worth $25,000. Rational Advisors LLC boosted its stake in Franklin Resources by 729.8% during the 4th quarter. Rational Advisors LLC now owns 2,282 shares of the closed-end fund’s stock worth $59,000 after purchasing an additional 2,007 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in Franklin Resources by 100.7% during the 1st quarter. Signaturefd LLC now owns 2,437 shares of the closed-end fund’s stock worth $41,000 after purchasing an additional 1,223 shares during the last quarter. 48.60% of the stock is owned by institutional investors.

Franklin Resources Company Profile

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.

Read More: What causes a recession?

Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply