Great Lakes Advisors LLC cut its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 11.9% during the first quarter, according to its most recent filing with the SEC. The fund owned 12,100 shares of the closed-end fund’s stock after selling 1,632 shares during the period. Great Lakes Advisors LLC’s holdings in Franklin Resources were worth $510,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. State Street Corp boosted its stake in shares of Franklin Resources by 2.8% in the fourth quarter. State Street Corp now owns 20,537,895 shares of the closed-end fund’s stock valued at $812,895,000 after buying an additional 559,012 shares during the last quarter. Kiltearn Partners LLP boosted its stake in shares of Franklin Resources by 7.4% in the fourth quarter. Kiltearn Partners LLP now owns 5,899,600 shares of the closed-end fund’s stock valued at $233,506,000 after buying an additional 407,600 shares during the last quarter. Credit Suisse AG boosted its stake in shares of Franklin Resources by 44.6% in the third quarter. Credit Suisse AG now owns 2,412,366 shares of the closed-end fund’s stock valued at $85,807,000 after buying an additional 744,390 shares during the last quarter. Norges Bank bought a new stake in shares of Franklin Resources during the fourth quarter valued at approximately $93,377,000. Finally, APG Asset Management N.V. boosted its stake in shares of Franklin Resources by 7.7% in the first quarter. APG Asset Management N.V. now owns 2,244,827 shares of the closed-end fund’s stock valued at $94,597,000 after buying an additional 160,300 shares during the last quarter. Institutional investors and hedge funds own 48.31% of the company’s stock.
Franklin Resources, Inc. (NYSE:BEN) remained flat at $41.70 during trading on Friday. The company had a trading volume of 2,093,692 shares. Franklin Resources, Inc. has a 12-month low of $30.56 and a 12-month high of $44.35. The stock’s 50 day moving average price is $42.17 and its 200 day moving average price is $41.05. The company has a market capitalization of $23.41 billion, a price-to-earnings ratio of 13.43 and a beta of 1.78.
Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, April 28th. The closed-end fund reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.07. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.57 billion. Franklin Resources had a return on equity of 13.88% and a net margin of 26.77%. The business’s quarterly revenue was down .8% compared to the same quarter last year. During the same period last year, the company earned $0.61 EPS. Analysts forecast that Franklin Resources, Inc. will post $2.89 EPS for the current year.
Several analysts recently commented on BEN shares. Morgan Stanley cut Franklin Resources from an “overweight” rating to an “equal weight” rating and set a $38.00 target price on the stock. in a report on Thursday, March 16th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 target price on the stock in a report on Wednesday, May 17th. Credit Suisse Group AG reiterated a “sell” rating and issued a $37.00 target price on shares of Franklin Resources in a report on Friday, April 7th. Deutsche Bank AG upped their target price on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a report on Thursday, April 6th. Finally, TheStreet upgraded Franklin Resources from a “c” rating to a “b-” rating in a report on Friday, March 3rd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $40.06.
In other news, insider Jennifer M. Johnson sold 16,835 shares of Franklin Resources stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $43.90, for a total value of $739,056.50. Following the sale, the insider now directly owns 1,521,037 shares in the company, valued at approximately $66,773,524.30. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Gregory E. Johnson sold 25,000 shares of Franklin Resources stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $43.18, for a total value of $1,079,500.00. Following the completion of the sale, the chairman now owns 2,162,863 shares in the company, valued at $93,392,424.34. The disclosure for this sale can be found here. 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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