Tredje AP fonden increased its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 13.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 44,437 shares of the closed-end fund’s stock after buying an additional 5,210 shares during the quarter. Tredje AP fonden’s holdings in Franklin Resources were worth $1,987,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of BEN. IFP Advisors Inc boosted its position in Franklin Resources by 16.1% during the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after purchasing an additional 372 shares during the last quarter. Mountain Capital Investment Advisors Inc acquired a new position in Franklin Resources during the second quarter valued at approximately $123,000. Benjamin F. Edwards & Company Inc. acquired a new position in Franklin Resources during the third quarter valued at approximately $127,000. NBT Bank N A NY acquired a new position in Franklin Resources during the second quarter valued at approximately $206,000. Finally, BB&T Securities LLC acquired a new position in Franklin Resources during the second quarter valued at approximately $208,000. Institutional investors and hedge funds own 44.77% of the company’s stock.
In other Franklin Resources news, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $42.95, for a total transaction of $17,180,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Gregory E. Johnson sold 56,825 shares of the firm’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $42.83, for a total value of $2,433,814.75. Following the transaction, the chairman now owns 2,047,273 shares in the company, valued at approximately $87,684,702.59. The disclosure for this sale can be found here. 21.60% of the stock is owned by company insiders.
Franklin Resources (NYSE:BEN) last announced its earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.04. Franklin Resources had a return on equity of 13.48% and a net margin of 26.54%. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the company earned $0.82 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. research analysts expect that Franklin Resources, Inc. will post 2.92 EPS for the current year.
Several research analysts recently commented on the company. ValuEngine raised Franklin Resources from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $46.00 price objective on shares of Franklin Resources in a research report on Wednesday, November 1st. Zacks Investment Research cut Franklin Resources from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. UBS raised their price objective on Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Finally, Citigroup cut their price objective on Franklin Resources from $45.00 to $44.00 and set a “neutral” rating for the company in a research report on Friday, October 27th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $44.45.
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Franklin Resources 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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