Franklin Resources, Inc. (NYSE:BEN) Position Lifted by Wealthfront Advisers LLC
Wealthfront Advisers LLC lifted its stake in Franklin Resources, Inc. (NYSE:BEN) by 5.2% during the first quarter, HoldingsChannel reports. The fund owned 55,928 shares of the closed-end fund’s stock after acquiring an additional 2,757 shares during the quarter. Wealthfront Advisers LLC’s holdings in Franklin Resources were worth $1,853,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the stock. Trustcore Financial Services LLC bought a new stake in shares of Franklin Resources during the first quarter valued at approximately $25,000. Knuff & Co LLC bought a new stake in shares of Franklin Resources during the first quarter valued at approximately $33,000. Vigilant Capital Management LLC bought a new stake in shares of Franklin Resources during the first quarter valued at approximately $39,000. Investors Research Corp bought a new stake in shares of Franklin Resources during the first quarter valued at approximately $56,000. Finally, Bronfman E.L. Rothschild L.P. increased its position in shares of Franklin Resources by 102.2% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 1,943 shares of the closed-end fund’s stock valued at $58,000 after purchasing an additional 982 shares during the period. 48.49% of the stock is currently owned by institutional investors and hedge funds.
BEN stock traded down $0.14 during trading on Wednesday, hitting $33.23. The company had a trading volume of 63,252 shares, compared to its average volume of 2,771,848. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.54 and a quick ratio of 3.54. The firm has a market cap of $17.07 billion, a price-to-earnings ratio of 10.41, a P/E/G ratio of 1.87 and a beta of 1.16. Franklin Resources, Inc. has a fifty-two week low of $27.34 and a fifty-two week high of $35.82.
Several analysts recently commented on BEN shares. Citigroup raised Franklin Resources from a “sell” rating to a “neutral” rating and boosted their price target for the company from $28.00 to $35.00 in a research note on Monday, April 15th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Wednesday, April 3rd. ValuEngine raised Franklin Resources from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. TheStreet raised Franklin Resources from a “c+” rating to a “b” rating in a research note on Friday, April 26th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $33.00 price target on shares of Franklin Resources in a research note on Tuesday, February 26th. Seven research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $30.55.
In other Franklin Resources news, EVP Craig Steven Tyle sold 10,924 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $32.04, for a total value of $350,004.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. 23.90% of the stock is currently owned by insiders.
ILLEGAL ACTIVITY NOTICE: This piece was reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this piece on another publication, it was copied illegally and republished in violation of U.S. and international copyright & trademark law. The legal version of this piece can be viewed at https://www.thecerbatgem.com/2019/06/12/franklin-resources-inc-nyseben-position-lifted-by-wealthfront-advisers-llc.html.
Franklin Resources Profile
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.
See Also: How to identify percentage decliners
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).
Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.