Keybank National Association OH reduced its position in Franklin Resources, Inc. (NYSE:BEN) by 11.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 71,317 shares of the closed-end fund’s stock after selling 9,610 shares during the period. Keybank National Association OH’s holdings in Franklin Resources were worth $2,286,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Sciencast Management LP grew its stake in Franklin Resources by 6.6% in the 1st quarter. Sciencast Management LP now owns 25,001 shares of the closed-end fund’s stock worth $849,000 after acquiring an additional 1,538 shares during the period. Wesbanco Bank Inc. grew its stake in shares of Franklin Resources by 9.7% during the 1st quarter. Wesbanco Bank Inc. now owns 17,566 shares of the closed-end fund’s stock valued at $609,000 after buying an additional 1,554 shares during the period. Dupont Capital Management Corp grew its stake in shares of Franklin Resources by 61.2% during the 2nd quarter. Dupont Capital Management Corp now owns 4,168 shares of the closed-end fund’s stock valued at $134,000 after buying an additional 1,582 shares during the period. World Asset Management Inc grew its stake in shares of Franklin Resources by 6.7% during the 2nd quarter. World Asset Management Inc now owns 26,689 shares of the closed-end fund’s stock valued at $855,000 after buying an additional 1,672 shares during the period. Finally, IFG Advisory LLC grew its stake in shares of Franklin Resources by 9.8% during the 2nd quarter. IFG Advisory LLC now owns 18,830 shares of the closed-end fund’s stock valued at $603,000 after buying an additional 1,676 shares during the period. 45.78% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE BEN opened at $32.68 on Friday. Franklin Resources, Inc. has a 52-week low of $31.28 and a 52-week high of $45.96. The firm has a market cap of $17.44 billion, a PE ratio of 10.44, a P/E/G ratio of 1.64 and a beta of 1.56. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.37 and a quick ratio of 3.37.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, July 27th. The closed-end fund reported $0.75 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.75. The company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Franklin Resources had a net margin of 10.72% and a return on equity of 15.40%. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.73 EPS. sell-side analysts expect that Franklin Resources, Inc. will post 3.14 EPS for the current fiscal year.

Several brokerages have recently issued reports on BEN. Zacks Investment Research raised shares of Franklin Resources from a “strong sell” rating to a “hold” rating in a research note on Friday. Deutsche Bank lowered their price objective on shares of Franklin Resources from $33.00 to $32.00 and set a “hold” rating for the company in a research note on Thursday, August 16th. Morgan Stanley lowered their price objective on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating for the company in a research note on Thursday, August 2nd. Wells Fargo & Co lowered their price objective on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating for the company in a research note on Monday, July 30th. Finally, Barclays lowered their price objective on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating for the company in a research note on Monday, July 30th. Four research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Franklin Resources currently has an average rating of “Hold” and a consensus target price of $38.00.

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

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