Ferguson Wellman Capital Management Inc. continued to hold its stake in Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,120 shares of the closed-end fund’s stock at the end of the second quarter. Ferguson Wellman Capital Management Inc.’s holdings in Franklin Resources were worth $3,275,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Teachers Advisors LLC raised its position in Franklin Resources by 5.8% in the fourth quarter. Teachers Advisors LLC now owns 542,960 shares of the closed-end fund’s stock worth $21,490,000 after buying an additional 29,824 shares during the last quarter. Kentucky Retirement Systems purchased a new stake in Franklin Resources during the fourth quarter worth $997,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Franklin Resources during the fourth quarter worth $445,000. Atalanta Sosnoff Capital LLC purchased a new stake in Franklin Resources during the first quarter worth $703,000. Finally, Chevy Chase Trust Holdings Inc. increased its stake in Franklin Resources by 2.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 298,958 shares of the closed-end fund’s stock worth $12,598,000 after buying an additional 7,344 shares during the period. 45.68% of the stock is owned by hedge funds and other institutional investors.
Franklin Resources, Inc. (BEN) opened at 41.83 on Friday. The firm has a 50-day moving average of $44.83 and a 200 day moving average of $42.99. Franklin Resources, Inc. has a 12-month low of $33.02 and a 12-month high of $47.65. The company has a market capitalization of $23.33 billion, a PE ratio of 13.61 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.73. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. Franklin Resources’s revenue was down 1.2% compared to the same quarter last year. During the same period last year, the business earned $0.77 EPS. Analysts forecast that Franklin Resources, Inc. will post $2.95 EPS for the current fiscal year.
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A number of equities research analysts have weighed in on BEN shares. BidaskClub raised Franklin Resources from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, June 28th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a research report on Thursday, July 6th. Deutsche Bank AG boosted their price objective on shares of Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research report on Tuesday, July 4th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $44.00 target price on shares of Franklin Resources in a research report on Friday, July 14th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $43.18.
In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the completion of the sale, the chief financial officer now directly owns 124,021 shares in the company, valued at approximately $5,520,174.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 21.60% of the stock is currently 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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