State of Tennessee Treasury Department raised its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 38.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 149,136 shares of the closed-end fund’s stock after buying an additional 41,455 shares during the period. State of Tennessee Treasury Department’s holdings in Franklin Resources were worth $6,285,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Franklin Resources during the fourth quarter worth about $93,377,000. Equity Investment Corp Acquisition Inc bought a new stake in Franklin Resources during the fourth quarter worth $58,158,000. Renaissance Technologies LLC bought a new stake in Franklin Resources during the fourth quarter worth $38,507,000. Russell Investments Group Ltd. bought a new stake in Franklin Resources during the fourth quarter worth $36,586,000. Finally, Asset Management One Co. Ltd. boosted its stake in Franklin Resources by 2,456.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 961,321 shares of the closed-end fund’s stock worth $38,041,000 after buying an additional 923,724 shares during the last quarter. Institutional investors own 48.31% of the company’s stock.
Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, April 28th. The closed-end fund reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.07. Franklin Resources had a return on equity of 13.88% and a net margin of 26.77%. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.57 billion. During the same period in the previous year, the firm earned $0.61 earnings per share. The company’s revenue was down .8% on a year-over-year basis.
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A number of equities analysts have recently commented on BEN shares. Credit Suisse Group AG reaffirmed a “sell” rating and issued a $32.00 target price on shares of Franklin Resources in a report on Sunday, February 5th. Morgan Stanley cut shares of Franklin Resources from an “overweight” rating to an “equal weight” rating and set a $38.00 target price on the stock. in a report on Thursday, March 16th. Deutsche Bank AG cut shares of Franklin Resources from a “hold” rating to a “sell” rating in a report on Tuesday, January 31st. Bank of America Corp raised shares of Franklin Resources from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Thursday, March 16th. Finally, TheStreet raised shares of Franklin Resources from a “c” rating to a “b-” rating in a research note on Friday, March 3rd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $40.06.
In other Franklin Resources news, insider Jennifer M. Johnson sold 16,835 shares of the business’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $43.90, for a total value of $739,056.50. Following the completion of the transaction, the insider now directly owns 1,521,037 shares of the company’s stock, valued at $66,773,524.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 21.60% of the stock is currently owned by 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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