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.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, April 26th. The closed-end fund reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.08. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. Franklin Resources had a return on equity of 14.24% and a net margin of 26.10%. Franklin Resources’s quarterly revenue was down 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.78 EPS. On average, research analysts anticipate that Franklin Resources, Inc. will post 2.57 earnings per share for the current year.

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.

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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.

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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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