State Board of Administration of Florida Retirement System Grows Stake in Franklin Resources, Inc. (BEN)

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State Board of Administration of Florida Retirement System grew its holdings in Franklin Resources, Inc. (NYSE:BEN) by 2.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 495,846 shares of the closed-end fund’s stock after purchasing an additional 9,492 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.09% of Franklin Resources worth $15,892,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Teacher Retirement System of Texas lifted its stake in shares of Franklin Resources by 115.2% during the second quarter. Teacher Retirement System of Texas now owns 158,400 shares of the closed-end fund’s stock valued at $5,077,000 after buying an additional 84,790 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI lifted its stake in shares of Franklin Resources by 2.6% during the second quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 264,972 shares of the closed-end fund’s stock valued at $8,492,000 after buying an additional 6,838 shares during the period. Brighton Jones LLC purchased a new position in shares of Franklin Resources during the second quarter valued at approximately $213,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Franklin Resources by 9.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,028 shares of the closed-end fund’s stock valued at $2,148,000 after buying an additional 5,821 shares during the period. Finally, Murphy Pohlad Asset Management LLC lifted its stake in shares of Franklin Resources by 66.2% during the second quarter. Murphy Pohlad Asset Management LLC now owns 24,655 shares of the closed-end fund’s stock valued at $790,000 after buying an additional 9,820 shares during the period. Institutional investors and hedge funds own 45.78% of the company’s stock.

NYSE:BEN opened at $33.09 on Tuesday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 0.07. The company has a market cap of $17.25 billion, a price-to-earnings ratio of 10.32, a P/E/G ratio of 1.62 and a beta of 1.56. Franklin Resources, Inc. has a fifty-two week low of $31.28 and a fifty-two week high of $45.96.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, July 27th. The closed-end fund reported $0.75 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.75. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.57 billion. Franklin Resources had a net margin of 10.72% and a return on equity of 15.40%. Franklin Resources’s revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.73 earnings per share. equities analysts predict that Franklin Resources, Inc. will post 3.14 earnings per share for the current fiscal year.

Several brokerages recently issued reports on BEN. Deutsche Bank reduced their price objective on shares of Franklin Resources from $33.00 to $32.00 and set a “hold” rating on the stock in a research note on Thursday, August 16th. Barclays reduced their price objective on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a research note on Monday, July 30th. Morgan Stanley reduced their price objective on shares of Franklin Resources from $33.00 to $32.00 and set an “underweight” rating on the stock in a research note on Thursday, July 12th. Zacks Investment Research downgraded shares of Franklin Resources from a “hold” rating to a “strong sell” rating in a research note on Monday, August 6th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $33.00 price objective on shares of Franklin Resources in a research note on Friday, July 13th. Five equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $38.00.

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

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