Arizona State Retirement System raised its holdings in Franklin Resources, Inc. (NYSE:BEN – Get Rating) by 2.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,638 shares of the closed-end fund’s stock after purchasing an additional 2,280 shares during the quarter. Arizona State Retirement System’s holdings in Franklin Resources were worth $2,233,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Raymond James Trust N.A. raised its holdings in shares of Franklin Resources by 6.7% in the 3rd quarter. Raymond James Trust N.A. now owns 25,280 shares of the closed-end fund’s stock valued at $544,000 after buying an additional 1,578 shares during the period. Private Advisor Group LLC lifted its holdings in shares of Franklin Resources by 180.5% in the 4th quarter. Private Advisor Group LLC now owns 27,858 shares of the closed-end fund’s stock valued at $290,411,000 after purchasing an additional 17,927 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Franklin Resources by 2.4% in the 4th quarter. New York State Common Retirement Fund now owns 328,149 shares of the closed-end fund’s stock valued at $8,657,000 after purchasing an additional 7,777 shares during the last quarter. AE Wealth Management LLC lifted its holdings in shares of Franklin Resources by 32.9% in the 4th quarter. AE Wealth Management LLC now owns 540,715 shares of the closed-end fund’s stock valued at $14,264,000 after purchasing an additional 133,757 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Franklin Resources by 3.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 112,451 shares of the closed-end fund’s stock valued at $2,966,000 after acquiring an additional 4,131 shares during the last quarter. Hedge funds and other institutional investors own 45.47% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on BEN. Keefe, Bruyette & Woods increased their target price on Franklin Resources from $26.00 to $27.00 and gave the stock an “underperform” rating in a research note on Tuesday, January 31st. Deutsche Bank Aktiengesellschaft increased their target price on Franklin Resources from $27.00 to $29.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. BMO Capital Markets raised their price objective on Franklin Resources from $19.00 to $20.00 in a report on Tuesday, May 2nd. Bank of America decreased their price objective on Franklin Resources from $28.00 to $24.00 and set an “underperform” rating on the stock in a report on Wednesday, April 5th. Finally, JPMorgan Chase & Co. increased their target price on Franklin Resources from $26.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 31st. Six investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $24.55.
Insider Activity at Franklin Resources
Franklin Resources Stock Down 0.9 %
Shares of Franklin Resources stock opened at $25.12 on Wednesday. The business has a 50-day moving average of $26.81 and a 200-day moving average of $27.43. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.09 and a quick ratio of 2.09. The company has a market capitalization of $12.58 billion, a PE ratio of 15.13 and a beta of 1.26. Franklin Resources, Inc. has a 1-year low of $20.24 and a 1-year high of $34.37.
Franklin Resources (NYSE:BEN – Get Rating) last announced its earnings results on Monday, May 1st. The closed-end fund reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.04. The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.80 billion. Franklin Resources had a return on equity of 11.21% and a net margin of 10.79%. The company’s revenue was down 7.4% on a year-over-year basis. During the same period last year, the firm earned $0.96 earnings per share. As a group, equities analysts forecast that Franklin Resources, Inc. will post 2.33 EPS for the current fiscal year.
Franklin Resources Profile
Franklin Resources, Inc is a holding company, which engages in the provision of investment management and related services. The firm offers services and products under various distinct brand names, including, but not limited to, Franklin, Templeton, Legg Mason, Benefit Street Partners, Brandywine Global Investment Management, Clarion Partners, ClearBridge Investments, Fiduciary Trust International, Franklin Bissett, Franklin Mutual Series, K2, LibertyShares, Martin Currie, Royce Investment Partners and Western Asset Management Company.
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