Sumitomo Mitsui Trust Holdings Inc. lessened its holdings in Franklin Resources, Inc. (NYSE:BEN) by 1.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,227,405 shares of the closed-end fund’s stock after selling 14,368 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.24% of Franklin Resources worth $40,676,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Bank of America Corp DE lifted its stake in Franklin Resources by 526.8% in the fourth quarter. Bank of America Corp DE now owns 6,705,633 shares of the closed-end fund’s stock worth $198,889,000 after purchasing an additional 5,635,864 shares during the last quarter. Vanguard Group Inc increased its holdings in Franklin Resources by 17.1% during the third quarter. Vanguard Group Inc now owns 32,666,942 shares of the closed-end fund’s stock valued at $993,402,000 after buying an additional 4,764,162 shares during the period. London Co. of Virginia purchased a new position in Franklin Resources during the fourth quarter valued at approximately $107,975,000. Norges Bank purchased a new position in Franklin Resources during the fourth quarter valued at approximately $100,182,000. Finally, Oregon Public Employees Retirement Fund increased its holdings in Franklin Resources by 2,525.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,046,540 shares of the closed-end fund’s stock valued at $69,000 after buying an additional 1,968,602 shares during the period. Institutional investors and hedge funds own 48.49% of the company’s stock.
Several research firms have issued reports on BEN. Citigroup raised shares of Franklin Resources from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $28.00 to $35.00 in a report on Monday, April 15th. Keefe, Bruyette & Woods downgraded shares of Franklin Resources from a “market perform” rating to an “underperform” rating and lowered their price objective for the stock from $34.00 to $33.00 in a research note on Monday, April 29th. Bank of America set a $32.00 price objective on shares of Franklin Resources and gave the stock a “sell” rating in a research note on Tuesday, April 9th. TheStreet upgraded shares of Franklin Resources from a “c+” rating to a “b” rating in a research report on Friday, April 26th. Finally, Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research report on Wednesday, April 3rd. Seven investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Franklin Resources presently has an average rating of “Hold” and a consensus target price of $30.55.
Shares of NYSE BEN opened at $33.37 on Wednesday. Franklin Resources, Inc. has a 12-month low of $27.34 and a 12-month high of $35.82. The stock has a market cap of $17.07 billion, a P/E ratio of 10.46, a price-to-earnings-growth ratio of 1.87 and a beta of 1.16. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.54 and a quick ratio of 3.54.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, April 26th. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.08. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. Franklin Resources’s revenue was down 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.78 EPS. As a group, equities analysts forecast that Franklin Resources, Inc. will post 2.57 earnings per share for the current year.
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Franklin Resources Company 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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