Franklin Resources, Inc. (BEN) Stake Lessened by Anchor Capital Advisors LLC
Anchor Capital Advisors LLC lowered its position in Franklin Resources, Inc. (NYSE:BEN) by 1.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 681,525 shares of the closed-end fund’s stock after selling 12,439 shares during the period. Franklin Resources accounts for approximately 1.1% of Anchor Capital Advisors LLC’s portfolio, making the stock its 29th largest position. Anchor Capital Advisors LLC owned 0.12% of Franklin Resources worth $30,335,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. PGGM Investments lifted its position in shares of Franklin Resources by 13.3% in the 3rd quarter. PGGM Investments now owns 869,933 shares of the closed-end fund’s stock worth $38,721,000 after purchasing an additional 102,328 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in shares of Franklin Resources by 17.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 267,431 shares of the closed-end fund’s stock worth $11,903,000 after purchasing an additional 39,878 shares during the period. Andra AP fonden lifted its position in shares of Franklin Resources by 71.3% in the 2nd quarter. Andra AP fonden now owns 53,800 shares of the closed-end fund’s stock worth $2,410,000 after purchasing an additional 22,400 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Franklin Resources by 35.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 968,885 shares of the closed-end fund’s stock worth $43,395,000 after purchasing an additional 252,165 shares during the period. Finally, Contrarius Investment Management Ltd lifted its position in shares of Franklin Resources by 2.4% in the 2nd quarter. Contrarius Investment Management Ltd now owns 543,258 shares of the closed-end fund’s stock worth $24,333,000 after purchasing an additional 12,540 shares during the period. Hedge funds and other institutional investors own 46.01% of the company’s stock.
BEN has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 price target on shares of Franklin Resources in a research report on Thursday, October 12th. Wells Fargo & Company dropped their target price on shares of Franklin Resources from $50.00 to $48.00 and set a “market perform” rating on the stock in a research report on Friday, October 27th. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, October 3rd. Citigroup Inc. dropped their target price on shares of Franklin Resources from $45.00 to $44.00 and set a “neutral” rating on the stock in a research report on Friday, October 27th. Finally, BidaskClub downgraded shares of Franklin Resources from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $44.45.
In other Franklin Resources news, Chairman Gregory E. Johnson sold 56,825 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the completion of the sale, the chairman now owns 2,047,273 shares in the company, valued at approximately $87,684,702.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 21.60% of the company’s stock.
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Shares of Franklin Resources, Inc. (BEN) traded down $0.20 during mid-day trading on Monday, reaching $41.13. 1,961,200 shares of the company’s stock were exchanged, compared to its average volume of 2,239,517. The company has a market cap of $22,823.04, a price-to-earnings ratio of 13.71, a PEG ratio of 1.41 and a beta of 1.75. The company has a quick ratio of 9.20, a current ratio of 9.20 and a debt-to-equity ratio of 0.11. Franklin Resources, Inc. has a fifty-two week low of $36.88 and a fifty-two week high of $47.65.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Thursday, October 26th. The closed-end fund reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.04. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.64 billion. Franklin Resources had a net margin of 26.54% and a return on equity of 13.60%. Franklin Resources’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.82 EPS. research analysts anticipate that Franklin Resources, Inc. will post 2.92 EPS for the current year.
Franklin Resources 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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