My Legacy Advisors LLC bought a new position in shares of Franklin Resources, Inc. (NYSE:BEN – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,432 shares of the closed-end fund’s stock, valued at approximately $457,000.
Other hedge funds have also recently bought and sold shares of the company. CWM LLC raised its holdings in shares of Franklin Resources by 4.4% in the first quarter. CWM LLC now owns 9,652 shares of the closed-end fund’s stock valued at $271,000 after purchasing an additional 410 shares during the last quarter. Verity Asset Management Inc. lifted its position in Franklin Resources by 3.2% during the 4th quarter. Verity Asset Management Inc. now owns 13,129 shares of the closed-end fund’s stock worth $391,000 after buying an additional 411 shares in the last quarter. US Bancorp DE boosted its stake in shares of Franklin Resources by 2.1% during the 1st quarter. US Bancorp DE now owns 22,082 shares of the closed-end fund’s stock worth $621,000 after buying an additional 444 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Franklin Resources by 4.9% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,622 shares of the closed-end fund’s stock valued at $287,000 after acquiring an additional 446 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its position in shares of Franklin Resources by 2.9% in the first quarter. Louisiana State Employees Retirement System now owns 17,500 shares of the closed-end fund’s stock valued at $492,000 after acquiring an additional 500 shares during the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.
Franklin Resources Stock Performance
Shares of NYSE:BEN traded up $0.36 on Friday, hitting $21.04. The company had a trading volume of 2,735,402 shares, compared to its average volume of 3,837,572. The stock has a market cap of $11.07 billion, a price-to-earnings ratio of 11.82, a P/E/G ratio of 2.46 and a beta of 1.43. The stock has a 50 day moving average price of $22.48 and a 200 day moving average price of $24.53. Franklin Resources, Inc. has a 1-year low of $19.60 and a 1-year high of $30.32. The company has a current ratio of 1.71, a quick ratio of 1.82 and a debt-to-equity ratio of 0.93.
Analyst Upgrades and Downgrades
Several research analysts recently commented on the company. BMO Capital Markets reduced their price target on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research report on Monday, July 29th. UBS Group cut their price objective on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. TD Cowen boosted their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Evercore ISI dropped their price target on shares of Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 30th. Finally, Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $23.00 price objective on shares of Franklin Resources in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, Franklin Resources currently has a consensus rating of “Hold” and an average target price of $24.90.
Check Out Our Latest Report on BEN
Insider Activity
In other news, major shareholder Charles B. Johnson acquired 200,000 shares of the stock in a transaction on Friday, June 21st. The shares were purchased at an average price of $22.80 per share, for a total transaction of $4,560,000.00. Following the transaction, the insider now directly owns 88,703,192 shares of the company’s stock, valued at $2,022,432,777.60. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 24.13% of the stock is owned by company insiders.
About Franklin Resources
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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