Pearl River Capital LLC Cuts Stock Holdings in Franklin Resources, Inc. (NYSE:BEN)

Pearl River Capital LLC trimmed its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 46.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,440 shares of the closed-end fund’s stock after selling 7,200 shares during the period. Pearl River Capital LLC’s holdings in Franklin Resources were worth $141,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Panagora Asset Management Inc. boosted its position in Franklin Resources by 1.6% during the fourth quarter. Panagora Asset Management Inc. now owns 26,964 shares of the closed-end fund’s stock valued at $701,000 after buying an additional 419 shares during the period. Zebra Capital Management LLC boosted its position in Franklin Resources by 5.7% during the fourth quarter. Zebra Capital Management LLC now owns 8,060 shares of the closed-end fund’s stock valued at $209,000 after buying an additional 438 shares during the period. Sunbelt Securities Inc. purchased a new stake in Franklin Resources during the fourth quarter valued at about $3,118,000. Murphy Pohlad Asset Management LLC boosted its position in Franklin Resources by 1.6% during the fourth quarter. Murphy Pohlad Asset Management LLC now owns 32,170 shares of the closed-end fund’s stock valued at $835,000 after buying an additional 500 shares during the period. Finally, CSat Investment Advisory L.P. boosted its position in Franklin Resources by 24.3% during the fourth quarter. CSat Investment Advisory L.P. now owns 2,731 shares of the closed-end fund’s stock valued at $71,000 after buying an additional 534 shares during the period. Institutional investors and hedge funds own 48.70% of the company’s stock.

NYSE BEN traded down $0.82 during mid-day trading on Wednesday, reaching $17.19. 3,698,248 shares of the stock were exchanged, compared to its average volume of 5,423,644. The business’s 50 day moving average is $16.95 and its 200-day moving average is $23.29. Franklin Resources, Inc. has a 1 year low of $14.91 and a 1 year high of $35.77. The company has a market capitalization of $9.69 billion, a P/E ratio of 9.24 and a beta of 1.27. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.90 and a current ratio of 3.90.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Thursday, April 30th. The closed-end fund reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.22. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. Franklin Resources had a net margin of 17.29% and a return on equity of 12.36%. The company’s revenue was down 6.7% compared to the same quarter last year. During the same period last year, the firm posted $0.72 earnings per share. Equities analysts predict that Franklin Resources, Inc. will post 2.31 earnings per share for the current fiscal year.

A number of analysts have recently weighed in on BEN shares. Cfra dropped their target price on shares of Franklin Resources from $29.00 to $20.00 and set a “hold” rating for the company in a report on Friday, May 1st. Deutsche Bank cut their price target on shares of Franklin Resources from $19.00 to $17.00 and set a “hold” rating on the stock in a report on Thursday, April 9th. Citigroup increased their price target on shares of Franklin Resources from $26.00 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Keefe, Bruyette & Woods upgraded shares of Franklin Resources from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $25.00 to $28.00 in a report on Thursday, January 30th. Finally, Bank of America dropped their target price on shares of Franklin Resources from $20.00 to $16.00 and set an “underperform” rating on the stock in a report on Monday, March 23rd. Seven research analysts have rated the stock with a sell rating and nine 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 $23.36.

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

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