Chevy Chase Trust Holdings Inc. Decreases Stake in Franklin Resources, Inc. (NYSE:BEN)

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Chevy Chase Trust Holdings Inc. reduced its position in Franklin Resources, Inc. (NYSE:BEN) by 6.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 231,097 shares of the closed-end fund’s stock after selling 15,925 shares during the period. Chevy Chase Trust Holdings Inc.’s holdings in Franklin Resources were worth $6,669,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Poehling Capital Management LLC boosted its position in Franklin Resources by 4.9% in the 2nd quarter. Poehling Capital Management LLC now owns 7,583 shares of the closed-end fund’s stock valued at $264,000 after buying an additional 355 shares during the last quarter. Wedbush Securities Inc. boosted its position in Franklin Resources by 3.1% in the 2nd quarter. Wedbush Securities Inc. now owns 13,505 shares of the closed-end fund’s stock valued at $470,000 after buying an additional 400 shares during the last quarter. First Midwest Bank Trust Division boosted its position in Franklin Resources by 4.5% in the 3rd quarter. First Midwest Bank Trust Division now owns 10,287 shares of the closed-end fund’s stock valued at $297,000 after buying an additional 441 shares during the last quarter. Angeles Investment Advisors LLC boosted its position in Franklin Resources by 4.7% in the 3rd quarter. Angeles Investment Advisors LLC now owns 10,362 shares of the closed-end fund’s stock valued at $299,000 after buying an additional 463 shares during the last quarter. Finally, Advisory Services Network LLC boosted its position in Franklin Resources by 232.6% in the 2nd quarter. Advisory Services Network LLC now owns 725 shares of the closed-end fund’s stock valued at $25,000 after buying an additional 507 shares during the last quarter. 48.67% of the stock is owned by institutional investors.

Several equities analysts have recently commented on BEN shares. ValuEngine raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. Deutsche Bank reduced their price target on shares of Franklin Resources from $31.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. Evercore ISI reaffirmed a “sell” rating and set a $25.00 price target on shares of Franklin Resources in a research report on Wednesday, November 13th. Barclays reaffirmed a “sell” rating and set a $24.00 price target on shares of Franklin Resources in a research report on Wednesday, October 9th. Finally, BMO Capital Markets started coverage on shares of Franklin Resources in a research report on Monday, October 7th. They set an “underperform” rating and a $16.00 price target on the stock. Seven research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $28.92.

In related news, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $26.01, for a total transaction of $130,050.00. Following the sale, the executive vice president now owns 100,009 shares in the company, valued at $2,601,234.09. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 22.20% of the stock is owned by corporate insiders.

Shares of BEN stock opened at $27.49 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.96 and a current ratio of 2.96. Franklin Resources, Inc. has a one year low of $25.57 and a one year high of $35.82. The company’s 50-day simple moving average is $27.71 and its 200-day simple moving average is $30.42. The stock has a market capitalization of $13.89 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.53 and a beta of 1.23.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, October 25th. The closed-end fund reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.03). The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.46 billion. Franklin Resources had a return on equity of 12.28% and a net margin of 20.71%. Franklin Resources’s revenue was down 4.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.96 EPS. As a group, research analysts forecast that Franklin Resources, Inc. will post 2.6 EPS for the current year.

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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Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).

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

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