Everett Harris & Co. CA Maintains Stake in Franklin Resources, Inc. (BEN)
Everett Harris & Co. CA held its position in Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,451 shares of the closed-end fund’s stock at the end of the second quarter. Everett Harris & Co. CA’s holdings in Franklin Resources were worth $334,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Creative Planning raised its position in Franklin Resources by 1.8% in the first quarter. Creative Planning now owns 5,664 shares of the closed-end fund’s stock valued at $239,000 after buying an additional 98 shares in the last quarter. DnB Asset Management AS raised its position in Franklin Resources by 2.4% in the first quarter. DnB Asset Management AS now owns 43,325 shares of the closed-end fund’s stock valued at $1,826,000 after buying an additional 1,000 shares in the last quarter. Rothschild Investment Corp IL bought a new position in Franklin Resources during the first quarter valued at $212,000. State of Alaska Department of Revenue bought a new position in Franklin Resources during the first quarter valued at $224,000. Finally, James Investment Research Inc. raised its position in Franklin Resources by 24.8% in the first quarter. James Investment Research Inc. now owns 93,204 shares of the closed-end fund’s stock valued at $3,928,000 after buying an additional 18,524 shares in the last quarter. Hedge funds and other institutional investors own 45.68% of the company’s stock.
Shares of Franklin Resources, Inc. (NYSE BEN) opened at 42.06 on Friday. The company’s 50 day moving average is $44.91 and its 200 day moving average is $42.97. The company has a market capitalization of $23.46 billion, a P/E ratio of 13.69 and a beta of 1.73. Franklin Resources, Inc. has a 12-month low of $33.02 and a 12-month high of $47.65.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (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 the consensus estimate of $1.62 billion. During the same period last year, the company earned $0.77 earnings per share. The firm’s revenue was down 1.2% compared to the same quarter last year. Analysts expect that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.
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Several research analysts have weighed in on BEN shares. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 price objective on the stock in a research note on Wednesday, May 17th. Citigroup Inc. reiterated a “neutral” rating and issued a $43.00 price objective (up previously from $42.00) on shares of Franklin Resources in a research note on Friday, June 9th. BidaskClub upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Deutsche Bank AG upped their price objective on shares of Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a research note on Tuesday, July 4th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a research note on Thursday, July 6th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. Franklin Resources has an average rating of “Hold” and an average price target of $43.18.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the transaction, the chief financial officer now directly owns 124,021 shares in the company, valued at $5,520,174.71. The sale was disclosed in a filing with the SEC, which is available through this link. 21.60% of the stock is owned by company insiders.
Franklin Resources Company Profile
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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