Cigna Investments Inc. New Has $595,000 Stake in Franklin Resources, Inc. (BEN)
Cigna Investments Inc. New cut its stake in Franklin Resources, Inc. (NYSE:BEN) by 8.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,232 shares of the closed-end fund’s stock after selling 1,155 shares during the period. Cigna Investments Inc. New’s holdings in Franklin Resources were worth $595,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc raised its stake in Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after buying an additional 372 shares during the period. TrimTabs Asset Management LLC raised its stake in 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 period. Acadian Asset Management LLC purchased a new stake in Franklin Resources during the first quarter valued at about $193,000. Global X Management Co. LLC raised its stake in Franklin Resources by 7.9% in the first quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock valued at $193,000 after buying an additional 337 shares during the period. Finally, Investment Centers of America Inc. purchased a new stake in Franklin Resources during the first quarter valued at about $201,000. Hedge funds and other institutional investors own 45.68% of the company’s stock.
Franklin Resources, Inc. (NYSE:BEN) opened at 43.02 on Tuesday. Franklin Resources, Inc. has a 52-week low of $33.02 and a 52-week high of $47.65. The firm’s 50-day moving average is $45.07 and its 200-day moving average is $42.96. The stock has a market cap of $23.99 billion, a P/E ratio of 14.00 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.73. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the prior year, the company posted $0.77 earnings per share. Franklin Resources’s revenue for the quarter was down 1.2% compared to the same quarter last year. Equities research analysts predict that Franklin Resources, Inc. will post $2.95 earnings per share for the current year.
Several equities research analysts have recently issued reports on the stock. Deutsche Bank AG raised their target price on shares of Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a report on Tuesday, July 4th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 target price on shares of Franklin Resources in a report on Thursday, July 6th. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, August 1st. BidaskClub upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, UBS AG restated a “neutral” rating and issued a $45.00 target price (down previously from $46.00) on shares of Franklin Resources in a report on Monday, July 31st. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the transaction, the chief financial officer now owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate 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.
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