Raymond James Financial Services Advisors Inc. boosted its stake in Franklin Resources, Inc. (NYSE:BEN) by 0.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 66,022 shares of the closed-end fund’s stock after buying an additional 61 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Franklin Resources were worth $2,613,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Virtus Investment Advisers Inc. purchased a new stake in Franklin Resources during the third quarter valued at $104,000. FTB Advisors Inc. boosted its position in shares of Franklin Resources by 8.4% in the second quarter. FTB Advisors Inc. now owns 3,208 shares of the closed-end fund’s stock valued at $107,000 after buying an additional 248 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Franklin Resources during the third quarter valued at $128,000. SRB Corp boosted its position in shares of Franklin Resources by 8.0% in the third quarter. SRB Corp now owns 4,302 shares of the closed-end fund’s stock valued at $153,000 after buying an additional 317 shares in the last quarter. Finally, Alpha Windward LLC boosted its position in shares of Franklin Resources by 3.8% in the third quarter. Alpha Windward LLC now owns 5,643 shares of the closed-end fund’s stock valued at $201,000 after buying an additional 205 shares in the last quarter. 48.31% of the stock is owned by institutional investors and hedge funds.
Shares of Franklin Resources, Inc. (NYSE:BEN) traded up 0.79% during midday trading on Tuesday, reaching $41.84. The company had a trading volume of 1,289,357 shares. The company has a 50 day moving average of $40.37 and a 200 day moving average of $37.55. The company has a market capitalization of $23.65 billion, a PE ratio of 14.10 and a beta of 1.78. Franklin Resources, Inc. has a one year low of $30.56 and a one year high of $42.18.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, January 27th. The closed-end fund reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.09. The business had revenue of $1.56 billion for the quarter. Franklin Resources had a return on equity of 13.88% and a net margin of 26.77%. The business’s revenue was down 11.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.74 earnings per share. Analysts predict that Franklin Resources, Inc. will post $2.68 EPS for the current fiscal year.
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Several brokerages have weighed in on BEN. Deutsche Bank AG cut Franklin Resources from a “hold” rating to a “sell” rating in a report on Tuesday, January 31st. Credit Suisse Group reaffirmed a “sell” rating on shares of Franklin Resources in a report on Thursday, November 10th. Citigroup Inc. lifted their price objective on Franklin Resources from $40.00 to $40.50 and gave the company a “neutral” rating in a report on Wednesday, January 25th. Bank of America Corporation raised Franklin Resources from an “underperform” rating to a “neutral” rating in a report on Wednesday, November 9th. Finally, Zacks Investment Research raised Franklin Resources from a “sell” rating to a “hold” rating in a report on Friday, November 25th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a strong buy rating to the company. Franklin Resources currently has an average rating of “Hold” and a consensus price target of $36.85.
In other news, CFO Kenneth A. Lewis sold 4,230 shares of Franklin Resources stock in a transaction that occurred on Thursday, December 8th. The shares were sold at an average price of $41.96, for a total transaction of $177,490.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 21.60% of the stock is currently owned by company insiders.
About Franklin Resources
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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