GHP Investment Advisors Inc. raised its stake in Franklin Resources, Inc. (NYSE:BEN) by 4.3% during the first quarter, Holdings Channel reports. The fund owned 43,055 shares of the closed-end fund’s stock after buying an additional 1,782 shares during the period. GHP Investment Advisors Inc.’s holdings in Franklin Resources were worth $1,814,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. Virtus Investment Advisers Inc. acquired a new position in shares of Franklin Resources during the third quarter valued at about $104,000. TrimTabs Asset Management LLC raised its position in shares of Franklin Resources by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock valued at $126,000 after buying an additional 1,408 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Franklin Resources during the third quarter valued at about $128,000. SRB Corp raised 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 during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Franklin Resources by 1.1% in the fourth quarter. Van ECK Associates Corp now owns 4,571 shares of the closed-end fund’s stock valued at $181,000 after buying an additional 48 shares during the last quarter. Institutional investors own 48.31% of the company’s stock.
Shares of Franklin Resources, Inc. (NYSE:BEN) traded up 0.94% during mid-day trading on Thursday, reaching $41.74. 1,142,502 shares of the company traded hands. Franklin Resources, Inc. has a 52 week low of $30.56 and a 52 week high of $44.35. The firm has a 50 day moving average of $42.17 and a 200-day moving average of $41.04. The stock has a market capitalization of $23.43 billion, a PE ratio of 13.45 and a beta of 1.78.
Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, April 28th. The closed-end fund reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.07. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.57 billion. Franklin Resources had a net margin of 26.77% and a return on equity of 13.88%. The firm’s revenue was down .8% on a year-over-year basis. During the same period in the previous year, the company posted $0.61 earnings per share. On average, equities research analysts expect that Franklin Resources, Inc. will post $2.89 EPS for the current fiscal year.
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Several research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 price target for the company in a research note on Wednesday, May 17th. Citigroup Inc increased their price target on shares of Franklin Resources from $40.00 to $40.50 and gave the stock a “neutral” rating in a research note on Wednesday, January 25th. Deutsche Bank AG upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating and increased their price target for the stock from $37.00 to $41.00 in a research note on Friday, February 24th. They noted that the move was a valuation call. Credit Suisse Group AG reiterated a “sell” rating and issued a $32.00 price target on shares of Franklin Resources in a research note on Sunday, February 5th. Finally, TheStreet upgraded shares of Franklin Resources from a “c” rating to a “b-” rating in a research note on Friday, March 3rd. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Franklin Resources presently has an average rating of “Hold” and a consensus price target of $40.06.
In other Franklin Resources news, Chairman Gregory E. Johnson sold 25,000 shares of the business’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $43.18, for a total value of $1,079,500.00. Following the completion of the transaction, the chairman now directly owns 2,162,863 shares in the company, valued at $93,392,424.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer M. Johnson sold 16,835 shares of the business’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $43.90, for a total transaction of $739,056.50. Following the completion of the transaction, the insider now owns 1,521,037 shares of the company’s stock, valued at $66,773,524.30. The disclosure for this sale can be found here. Insiders own 21.60% of the company’s stock.
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.
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).
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