Wrapmanager Inc. acquired a new position in Franklin Resources, Inc. (NYSE:BEN) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 7,319 shares of the closed-end fund’s stock, valued at approximately $243,000.
Several other large investors have also modified their holdings of BEN. Legal & General Group Plc lifted its stake in Franklin Resources by 5.7% during the third quarter. Legal & General Group Plc now owns 1,893,856 shares of the closed-end fund’s stock worth $57,607,000 after purchasing an additional 102,937 shares during the last quarter. Vanguard Group Inc lifted its stake in shares of Franklin Resources by 17.1% in the 3rd quarter. Vanguard Group Inc now owns 32,666,942 shares of the closed-end fund’s stock valued at $993,402,000 after acquiring an additional 4,764,162 shares during the last quarter. Foundation Resource Management Inc. lifted its stake in shares of Franklin Resources by 142.3% in the 4th quarter. Foundation Resource Management Inc. now owns 514,536 shares of the closed-end fund’s stock valued at $15,261,000 after acquiring an additional 302,195 shares during the last quarter. Alpha Omega Wealth Management LLC lifted its stake in shares of Franklin Resources by 120.8% in the 4th quarter. Alpha Omega Wealth Management LLC now owns 1,325 shares of the closed-end fund’s stock valued at $39,000 after acquiring an additional 725 shares during the last quarter. Finally, Boenning & Scattergood Inc. bought a new position in shares of Franklin Resources in the 4th quarter valued at $311,000. 49.87% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently commented on BEN shares. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Wednesday, April 3rd. Morgan Stanley set a $28.00 price target on Franklin Resources and gave the company a “sell” rating in a research note on Friday, February 8th. Bank of America set a $32.00 price target on Franklin Resources and gave the company a “sell” rating in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods cut Franklin Resources from a “market perform” rating to an “underperform” rating and dropped their price target for the company from $34.00 to $33.00 in a research note on Monday, April 29th. Finally, Citigroup increased their price target on Franklin Resources from $25.00 to $28.00 and gave the company a “sell” rating in a research note on Thursday, March 14th. Seven analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Franklin Resources presently has a consensus rating of “Hold” and an average price target of $30.55.
NYSE:BEN traded up $0.34 during trading hours on Thursday, hitting $33.76. 573,509 shares of the company were exchanged, compared to its average volume of 2,820,084. The firm has a market cap of $16.92 billion, a P/E ratio of 10.58, a P/E/G ratio of 1.82 and a beta of 1.18. The company has a quick ratio of 3.54, a current ratio of 3.54 and a debt-to-equity ratio of 0.07. Franklin Resources, Inc. has a one year low of $27.34 and a one year high of $35.82.
Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, April 26th. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.08. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.41 billion. Franklin Resources had a return on equity of 14.24% and a net margin of 26.10%. Franklin Resources’s revenue for the quarter was down 11.4% compared to the same quarter last year. During the same period last year, the company earned $0.78 EPS. As a group, equities research analysts expect that Franklin Resources, Inc. will post 2.58 EPS for the current year.
In related news, EVP Craig Steven Tyle sold 10,663 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $32.82, for a total transaction of $349,959.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 23.90% of the stock is owned by company insiders.
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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