Pzena Investment Management LLC reduced its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 75.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,131,018 shares of the closed-end fund’s stock after selling 6,510,790 shares during the quarter. Pzena Investment Management LLC owned approximately 0.42% of Franklin Resources worth $74,159,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisory Services Network LLC lifted its stake in shares of Franklin Resources by 232.6% during the 2nd quarter. Advisory Services Network LLC now owns 725 shares of the closed-end fund’s stock worth $25,000 after purchasing an additional 507 shares during the last quarter. Trustcore Financial Services LLC purchased a new stake in shares of Franklin Resources during the 1st quarter worth $25,000. Knuff & Co LLC purchased a new stake in shares of Franklin Resources during the 1st quarter worth $33,000. Liberty Wealth Management LLC lifted its stake in shares of Franklin Resources by 3,680.0% during the 2nd quarter. Liberty Wealth Management LLC now owns 1,134 shares of the closed-end fund’s stock worth $39,000 after purchasing an additional 1,104 shares during the last quarter. Finally, TRUE Private Wealth Advisors purchased a new stake in shares of Franklin Resources during the 2nd quarter worth $43,000. Hedge funds and other institutional investors own 47.76% of the company’s stock.
Franklin Resources stock traded up $0.52 during midday trading on Friday, reaching $27.53. The company’s stock had a trading volume of 52,172 shares, compared to its average volume of 3,599,596. The stock’s 50-day simple moving average is $33.39 and its 200-day simple moving average is $33.25. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.35 and a quick ratio of 3.35. Franklin Resources, Inc. has a 52-week low of $26.85 and a 52-week high of $35.82. The stock has a market capitalization of $14.37 billion, a P/E ratio of 8.63, a PEG ratio of 1.58 and a beta of 1.17.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Tuesday, July 30th. The closed-end fund reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.15). The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.48 billion. Franklin Resources had a net margin of 23.80% and a return on equity of 13.43%. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.75 earnings per share. As a group, equities research analysts expect that Franklin Resources, Inc. will post 2.59 earnings per share for the current fiscal year.
A number of equities research analysts recently weighed in on BEN shares. Keefe, Bruyette & Woods cut Franklin Resources from a “market perform” rating to an “underperform” rating and decreased their price objective for the stock from $34.00 to $33.00 in a research note on Monday, April 29th. TheStreet cut Franklin Resources from a “b-” rating to a “c+” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their price objective on Franklin Resources from $33.00 to $34.00 and gave the stock an “underweight” rating in a research note on Friday, July 12th. ValuEngine cut Franklin Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Finally, Citigroup upped their price objective on Franklin Resources from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Eight equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Sell” and a consensus price target of $31.18.
In other news, EVP Craig Steven Tyle sold 10,924 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $32.04, for a total value of $350,004.96. The sale was disclosed in a document filed with the SEC, which is available through this link. 22.20% of the stock is currently owned by corporate insiders.
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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