Nordea Investment Management AB raised its holdings in Franklin Resources, Inc. (NYSE:BEN) by 10.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,859,712 shares of the closed-end fund’s stock after buying an additional 169,958 shares during the period. Nordea Investment Management AB owned approximately 0.34% of Franklin Resources worth $82,776,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. IFP Advisors Inc boosted its position in Franklin Resources by 16.1% in the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after buying an additional 372 shares during the period. Mountain Capital Investment Advisors Inc purchased a new position in Franklin Resources in the 2nd quarter valued at approximately $123,000. Benjamin F. Edwards & Company Inc. purchased a new position in Franklin Resources in the 3rd quarter valued at approximately $127,000. First Midwest Bank Trust Division purchased a new position in Franklin Resources in the 2nd quarter valued at approximately $204,000. Finally, NBT Bank N A NY purchased a new position in Franklin Resources in the 2nd quarter valued at approximately $206,000. 46.43% of the stock is owned by institutional investors.
In other news, Chairman Gregory E. Johnson sold 56,825 shares of the firm’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $42.83, for a total value of $2,433,814.75. Following the sale, the chairman now directly owns 2,047,273 shares in the company, valued at approximately $87,684,702.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 21.60% of the stock is currently owned by company insiders.
Several equities analysts have commented on the stock. ValuEngine cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 17th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $46.00 price target on shares of Franklin Resources in a research report on Wednesday, November 1st. Zacks Investment Research cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. UBS AG raised their price target on shares of Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Finally, Citigroup Inc. decreased their price target on shares of Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a research report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $44.45.
Shares of Franklin Resources, Inc. (BEN) opened at $41.21 on Monday. Franklin Resources, Inc. has a fifty-two week low of $38.54 and a fifty-two week high of $47.65. The firm has a market cap of $22,826.55, a price-to-earnings ratio of 13.74, a PEG ratio of 1.41 and a beta of 1.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.75 and a quick ratio of 8.75.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.04. Franklin Resources had a net margin of 26.54% and a return on equity of 13.48%. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period last year, the business earned $0.82 EPS. The company’s revenue was up .3% on a year-over-year basis. sell-side analysts anticipate that Franklin Resources, Inc. will post 2.91 earnings per share for the current fiscal year.
ILLEGAL ACTIVITY NOTICE: “Nordea Investment Management AB Acquires 169,958 Shares of Franklin Resources, Inc. (BEN)” was originally posted by Transcript Daily and is owned by of Transcript Daily. If you are accessing this piece on another domain, it was copied illegally and republished in violation of United States and international copyright and trademark laws. The legal version of this piece can be accessed at https://transcriptdaily.com/2017/11/27/nordea-investment-management-ab-acquires-169958-shares-of-franklin-resources-inc-ben.html.
Franklin Resources Profile
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
Receive News & Ratings for Franklin Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.