Tower Research Capital LLC TRC lifted its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 166.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 20,448 shares of the closed-end fund’s stock after purchasing an additional 12,765 shares during the period. Tower Research Capital LLC TRC’s holdings in Franklin Resources were worth $621,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Squar Milner Financial Services LLC acquired a new position in Franklin Resources in the third quarter valued at about $100,000. Captrust Financial Advisors lifted its stake in Franklin Resources by 605.1% in the second quarter. Captrust Financial Advisors now owns 3,187 shares of the closed-end fund’s stock valued at $103,000 after buying an additional 2,735 shares during the period. Focused Wealth Management Inc acquired a new position in Franklin Resources in the second quarter valued at about $131,000. Steward Partners Investment Advisory LLC lifted its stake in Franklin Resources by 196.4% in the third quarter. Steward Partners Investment Advisory LLC now owns 4,301 shares of the closed-end fund’s stock valued at $131,000 after buying an additional 2,850 shares during the period. Finally, Dupont Capital Management Corp lifted its stake in Franklin Resources by 61.2% in the second quarter. Dupont Capital Management Corp now owns 4,168 shares of the closed-end fund’s stock valued at $134,000 after buying an additional 1,582 shares during the period. Institutional investors own 47.83% of the company’s stock.
In related news, Vice Chairman Rupert H. Johnson, Jr. sold 323,000 shares of Franklin Resources stock in a transaction that occurred on Friday, November 23rd. The stock was sold at an average price of $32.42, for a total value of $10,471,660.00. Following the sale, the insider now owns 103,653,045 shares of the company’s stock, valued at approximately $3,360,431,718.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Craig Steven Tyle sold 10,216 shares of Franklin Resources stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $34.26, for a total value of $350,000.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 338,036 shares of company stock worth $10,979,997. 22.20% of the stock is currently owned by insiders.
Several equities analysts have weighed in on BEN shares. JPMorgan Chase & Co. lowered Franklin Resources from a “neutral” rating to an “underweight” rating and cut their target price for the company from $32.00 to $29.00 in a research note on Thursday, September 6th. UBS Group cut their target price on Franklin Resources from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Monday, October 8th. Deutsche Bank increased their target price on Franklin Resources from $31.00 to $32.00 and gave the company a “hold” rating in a research note on Thursday, September 27th. Zacks Investment Research lowered Franklin Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, September 11th. Finally, Credit Suisse Group cut their target price on Franklin Resources from $28.00 to $26.00 and set an “underperform” rating on the stock in a research note on Friday, October 26th. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Franklin Resources currently has a consensus rating of “Hold” and a consensus price target of $34.18.
NYSE BEN opened at $32.24 on Friday. The stock has a market cap of $16.69 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 1.36 and a beta of 1.30. The company has a current ratio of 3.71, a quick ratio of 3.71 and a debt-to-equity ratio of 0.07. Franklin Resources, Inc. has a one year low of $28.12 and a one year high of $45.96.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Thursday, October 25th. The closed-end fund reported $1.13 EPS for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.39. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Franklin Resources had a return on equity of 16.26% and a net margin of 12.10%. Research analysts anticipate that Franklin Resources, Inc. will post 2.81 earnings per share for the current fiscal year.
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.
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