Tyers Asset Management LLC grew its holdings in Franklin Resources, Inc. (NYSE:BEN) by 80.6% in the 1st quarter, HoldingsChannel reports. The firm owned 178,480 shares of the closed-end fund’s stock after buying an additional 79,632 shares during the quarter. Tyers Asset Management LLC’s holdings in Franklin Resources were worth $5,915,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Bank of America Corp DE grew its position in shares of Franklin Resources by 526.8% in the 4th quarter. Bank of America Corp DE now owns 6,705,633 shares of the closed-end fund’s stock worth $198,889,000 after buying an additional 5,635,864 shares during the last quarter. Vanguard Group Inc grew its position in shares of Franklin Resources by 17.1% in the 3rd quarter. Vanguard Group Inc now owns 32,666,942 shares of the closed-end fund’s stock worth $993,402,000 after buying an additional 4,764,162 shares during the last quarter. London Co. of Virginia purchased a new position in shares of Franklin Resources in the 4th quarter worth approximately $107,975,000. Norges Bank purchased a new position in shares of Franklin Resources in the 4th quarter worth approximately $100,182,000. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Franklin Resources by 2,525.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,046,540 shares of the closed-end fund’s stock worth $69,000 after buying an additional 1,968,602 shares during the last quarter. Institutional investors and hedge funds own 48.49% of the company’s stock.
A number of research analysts have recently issued reports on BEN shares. TheStreet raised shares of Franklin Resources from a “c+” rating to a “b” rating in a research report on Friday, April 26th. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research report on Wednesday, April 3rd. ValuEngine raised shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $33.00 price objective on shares of Franklin Resources in a research report on Tuesday, February 26th. Finally, Citigroup raised shares of Franklin Resources from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $28.00 to $35.00 in a research report on Monday, April 15th. Seven investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. Franklin Resources presently has an average rating of “Hold” and an average price target of $30.55.
In other Franklin Resources news, EVP Craig Steven Tyle sold 10,924 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $32.04, for a total transaction of $350,004.96. The transaction was disclosed in a filing with the SEC, which is available at this link. 23.90% of the stock is currently owned by insiders.
NYSE:BEN traded down $0.08 during trading hours on Tuesday, hitting $33.32. 58,015 shares of the company were exchanged, compared to its average volume of 2,476,589. The company has a market cap of $17.07 billion, a PE ratio of 10.42, a P/E/G ratio of 1.87 and a beta of 1.16. Franklin Resources, Inc. has a 52-week low of $27.34 and a 52-week high of $35.82. The company has a current ratio of 3.54, a quick ratio of 3.54 and a debt-to-equity ratio of 0.07.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, April 26th. The closed-end fund reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.08. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.41 billion. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. Franklin Resources’s revenue was down 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.78 EPS. As a group, analysts expect that Franklin Resources, Inc. will post 2.57 EPS for the current fiscal year.
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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