TD Asset Management Inc. reduced its position in Franklin Resources, Inc. (NYSE:BEN) by 9.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 136,037 shares of the closed-end fund’s stock after selling 13,743 shares during the period. TD Asset Management Inc.’s holdings in Franklin Resources were worth $6,093,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Franklin Resources by 5.2% in the first quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock worth $1,134,833,000 after buying an additional 1,337,903 shares in the last quarter. BlackRock Inc. boosted its position in Franklin Resources by 1,550.0% in the first quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock worth $889,973,000 after buying an additional 19,839,472 shares in the last quarter. Kiltearn Partners LLP boosted its position in Franklin Resources by 2.9% in the first quarter. Kiltearn Partners LLP now owns 6,068,600 shares of the closed-end fund’s stock worth $255,731,000 after buying an additional 169,000 shares in the last quarter. FMR LLC boosted its position in Franklin Resources by 2.3% in the first quarter. FMR LLC now owns 5,340,482 shares of the closed-end fund’s stock worth $225,047,000 after buying an additional 121,316 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Franklin Resources by 3.2% in the first quarter. Geode Capital Management LLC now owns 3,529,852 shares of the closed-end fund’s stock worth $148,544,000 after buying an additional 109,308 shares in the last quarter. Hedge funds and other institutional investors own 45.68% of the company’s stock.
Franklin Resources, Inc. (BEN) opened at 42.06 on Friday. The company’s 50-day moving average price is $44.91 and its 200 day moving average price is $42.97. The company has a market capitalization of $23.46 billion, a PE ratio of 13.69 and a beta of 1.73. Franklin Resources, Inc. has a 52 week low of $33.02 and a 52 week high of $47.65.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the firm earned $0.77 EPS. Franklin Resources’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities research analysts anticipate that Franklin Resources, Inc. will post $2.95 EPS for the current year.
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BEN has been the subject of a number of analyst reports. Zacks Investment Research cut Franklin Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. BidaskClub upgraded Franklin Resources from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Wells Fargo & Company cut Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target for the company. in a report on Monday, July 24th. Citigroup Inc. restated a “neutral” rating and issued a $43.00 price target (up previously from $42.00) on shares of Franklin Resources in a report on Friday, June 9th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $44.00 price target on shares of Franklin Resources in a report on Thursday, August 3rd. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $43.18.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of Franklin Resources stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total transaction of $762,945.91. Following the sale, the chief financial officer now owns 124,021 shares of the company’s stock, valued at approximately $5,520,174.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 21.60% of the stock is currently owned by company insiders.
Franklin Resources Company 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.
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