Franklin Resources, Inc. (BEN) Position Increased by Wells Fargo & Company MN
Wells Fargo & Company MN boosted its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 4.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,136,090 shares of the closed-end fund’s stock after purchasing an additional 45,695 shares during the quarter. Wells Fargo & Company MN owned about 0.20% of Franklin Resources worth $50,569,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. IFP Advisors Inc increased its stake in Franklin Resources by 16.1% in the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after acquiring an additional 372 shares during the last quarter. Mountain Capital Investment Advisors Inc bought a new stake in Franklin Resources in the 2nd quarter worth approximately $123,000. Benjamin F. Edwards & Company Inc. bought a new stake in Franklin Resources in the 3rd quarter worth approximately $127,000. NBT Bank N A NY bought a new stake in Franklin Resources in the 2nd quarter worth approximately $206,000. Finally, BB&T Securities LLC bought a new stake in Franklin Resources in the 2nd quarter worth approximately $208,000. 44.77% of the stock is currently owned by institutional investors.
In related news, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the business’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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Gregory E. Johnson sold 56,825 shares of the business’s stock in a transaction on Monday, October 30th. The shares were 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 of the company’s stock, valued at approximately $87,684,702.59. The disclosure for this sale can be found here. 21.60% of the stock is owned by insiders.
Franklin Resources, Inc. (NYSE BEN) traded up $0.17 during midday trading on Friday, hitting $44.67. The stock had a trading volume of 1,498,539 shares, compared to its average volume of 2,243,150. The company has a market cap of $24,743.07, a P/E ratio of 14.89, a P/E/G ratio of 2.45 and a beta of 1.75. The company has a current ratio of 8.75, a quick ratio of 8.75 and a debt-to-equity ratio of 0.08. Franklin Resources, Inc. has a 52-week low of $38.93 and a 52-week high of $47.65.
Franklin Resources (NYSE:BEN) last released its earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the previous year, the company posted $0.82 EPS. The company’s revenue for the quarter 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 fiscal year.
A number of analysts have issued reports on BEN shares. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a research note on Thursday, October 12th. Wells Fargo & Company cut their target price on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating on the stock in a research report on Friday, October 27th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, October 3rd. Citigroup cut their target price on Franklin Resources from $45.00 to $44.00 and set a “neutral” rating on the stock in a research report on Friday, October 27th. Finally, UBS boosted their target price on Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Franklin Resources currently has an average rating of “Hold” and a consensus price target of $44.45.
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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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