BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Franklin Resources, Inc. (NYSE:BEN) by 53.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 292,468 shares of the closed-end fund’s stock after acquiring an additional 101,400 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Franklin Resources were worth $9,692,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Trustcore Financial Services LLC acquired a new stake in shares of Franklin Resources in the first quarter valued at $25,000. Knuff & Co LLC acquired a new stake in shares of Franklin Resources in the first quarter valued at $33,000. Vigilant Capital Management LLC acquired a new stake in shares of Franklin Resources in the first quarter valued at $39,000. Clean Yield Group acquired a new stake in shares of Franklin Resources in the fourth quarter valued at $44,000. Finally, CWM LLC lifted its holdings in shares of Franklin Resources by 22.5% during the fourth quarter. CWM LLC now owns 1,772 shares of the closed-end fund’s stock valued at $53,000 after purchasing an additional 325 shares during the last quarter. Institutional investors and hedge funds own 48.40% of the company’s stock.
Several equities research analysts have recently commented on BEN shares. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a report on Wednesday, April 3rd. Morgan Stanley set a $28.00 target price on Franklin Resources and gave the company a “sell” rating in a report on Friday, February 8th. Bank of America set a $32.00 target price on Franklin Resources and gave the company a “sell” rating in a report on Tuesday, April 9th. Keefe, Bruyette & Woods downgraded Franklin Resources from a “market perform” rating to an “underperform” rating and reduced their target price for the company from $34.00 to $33.00 in a report on Monday, April 29th. Finally, Citigroup upped their target price on Franklin Resources from $25.00 to $28.00 and gave the company a “sell” rating in a report on Thursday, March 14th. Seven investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. Franklin Resources has an average rating of “Hold” and a consensus target price of $30.55.
Shares of NYSE BEN opened at $33.16 on Friday. Franklin Resources, Inc. has a 12 month low of $27.34 and a 12 month high of $35.82. The firm has a market cap of $17.12 billion, a PE ratio of 10.39, a P/E/G ratio of 1.87 and a beta of 1.18. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.54 and a quick ratio of 3.54.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, April 26th. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.08. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion. Franklin Resources had a return on equity of 14.24% and a net margin of 26.10%. The business’s revenue for the quarter was down 11.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.78 EPS. On average, research analysts anticipate that Franklin Resources, Inc. will post 2.58 earnings per share for the current fiscal year.
In related news, EVP Craig Steven Tyle sold 10,663 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $32.82, for a total value of $349,959.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 22.20% of the stock is currently owned by corporate insiders.
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About Franklin Resources
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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