KBC Group NV Sells 25,787 Shares of Franklin Resources, Inc. (BEN)

KBC Group NV cut its stake in Franklin Resources, Inc. (NYSE:BEN) by 12.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 186,524 shares of the closed-end fund’s stock after selling 25,787 shares during the period. KBC Group NV’s holdings in Franklin Resources were worth $8,302,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. IFP Advisors Inc increased its holdings in Franklin Resources by 16.1% during the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after purchasing an additional 372 shares in the last quarter. Mountain Capital Investment Advisors Inc acquired a new stake in Franklin Resources during the 2nd quarter valued at $123,000. Benjamin F. Edwards & Company Inc. acquired a new stake in Franklin Resources during the 3rd quarter valued at $127,000. NBT Bank N A NY acquired a new stake in Franklin Resources during the 2nd quarter valued at $206,000. Finally, BB&T Securities LLC acquired a new stake in Franklin Resources during the 2nd quarter valued at $208,000. 44.77% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have commented on the company. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a research report on Thursday, October 12th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, October 3rd. Citigroup decreased their price objective on Franklin Resources from $45.00 to $44.00 and set a “neutral” rating on the stock in a research report on Friday, October 27th. Wells Fargo & Company decreased their price objective on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating on the stock in a research report on Friday, October 27th. Finally, BidaskClub lowered Franklin Resources from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $44.45.

In other news, Chairman Gregory E. Johnson sold 56,825 shares of the firm’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $42.83, for a total value of $2,433,814.75. Following the transaction, the chairman now directly owns 2,047,273 shares in the company, valued at approximately $87,684,702.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $42.95, for a total value of $17,180,000.00. The disclosure for this sale can be found here. 21.60% of the stock is owned by company insiders.

Franklin Resources, Inc. (BEN) opened at $44.62 on Tuesday. Franklin Resources, Inc. has a 12-month low of $38.93 and a 12-month high of $47.65. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.75 and a quick ratio of 8.75. The stock has a market capitalization of $24,083.92, a price-to-earnings ratio of 14.49, a PEG ratio of 1.49 and a beta of 1.75.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.04. Franklin Resources had a return on equity of 13.48% and a net margin of 26.54%. 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 company earned $0.82 EPS. The firm’s revenue was up .3% on a year-over-year basis. research analysts anticipate that Franklin Resources, Inc. will post 2.92 earnings per share for the current fiscal year.

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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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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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