Barrett Asset Management LLC continued to hold its position in shares of Franklin Resources, Inc. (NYSE:BEN) during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 4,000 shares of the closed-end fund’s stock at the end of the second quarter. Barrett Asset Management LLC’s holdings in Franklin Resources were worth $179,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Cliftonlarsonallen Wealth Advisors LLC raised its position in shares of Franklin Resources by 7.4% in the second quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 17,755 shares of the closed-end fund’s stock valued at $795,000 after buying an additional 1,220 shares during the period. Advisor Partners LLC raised its position in shares of Franklin Resources by 2.1% in the second quarter. Advisor Partners LLC now owns 8,134 shares of the closed-end fund’s stock valued at $364,000 after buying an additional 168 shares during the period. Chicago Partners Investment Group LLC purchased a new position in shares of Franklin Resources during the second quarter valued at about $225,000. IFP Advisors Inc boosted its stake in Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after buying an additional 372 shares in the last quarter. Finally, JLB & Associates Inc. bought a new stake in Franklin Resources during the second quarter valued at approximately $1,154,000. 45.68% of the stock is owned by institutional investors.
Shares of Franklin Resources, Inc. (BEN) opened at 41.83 on Friday. The company has a market cap of $23.33 billion, a P/E ratio of 13.61 and a beta of 1.73. The stock’s 50 day moving average is $44.83 and its 200-day moving average is $42.99. Franklin Resources, Inc. has a one year low of $33.02 and a one year high of $47.65.
Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. Franklin Resources’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 earnings per share. Equities research analysts forecast that Franklin Resources, Inc. will post $2.95 earnings per share for the current year.
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Several research firms recently commented on BEN. BidaskClub cut shares of Franklin Resources from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. UBS AG reissued a “neutral” rating and set a $45.00 price target (down from $46.00) on shares of Franklin Resources in a research report on Monday, July 31st. Keefe, Bruyette & Woods reissued a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a research report on Thursday, August 3rd. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, August 1st. Finally, Morgan Stanley reissued an “underweight” rating and set a $40.00 price target (up from $39.00) on shares of Franklin Resources in a research report on Monday, July 10th. Four equities 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. The stock currently has a consensus rating of “Hold” and an average target price of $43.18.
In related news, CFO Kenneth A. Lewis sold 17,141 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total value of $762,945.91. Following the sale, the chief financial officer now owns 124,021 shares in the company, valued at $5,520,174.71. The sale was disclosed in a legal filing with the SEC, which is available through this link. 21.60% of the stock is owned by corporate 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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