Franklin Resources, Inc. (BEN) Position Reduced by Wedbush Securities Inc.
Wedbush Securities Inc. lowered its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 26.9% during the second quarter, Holdings Channel reports. The institutional investor owned 12,733 shares of the closed-end fund’s stock after selling 4,690 shares during the period. Wedbush Securities Inc.’s holdings in Franklin Resources were worth $570,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the stock. Sigma Planning Corp raised its position in shares of Franklin Resources by 12.0% in the second quarter. Sigma Planning Corp now owns 7,161 shares of the closed-end fund’s stock valued at $321,000 after buying an additional 765 shares during the period. Teacher Retirement System of Texas bought a new position in shares of Franklin Resources during the second quarter valued at approximately $1,758,000. DekaBank Deutsche Girozentrale raised its position in shares of Franklin Resources by 7.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 44,802 shares of the closed-end fund’s stock valued at $2,080,000 after buying an additional 3,183 shares during the period. First Trust Advisors LP raised its position in shares of Franklin Resources by 3.1% in the second quarter. First Trust Advisors LP now owns 672,624 shares of the closed-end fund’s stock valued at $30,127,000 after buying an additional 20,257 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Franklin Resources by 15.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,343,749 shares of the closed-end fund’s stock valued at $60,187,000 after buying an additional 178,659 shares during the period. Institutional investors own 45.68% of the company’s stock.
Shares of Franklin Resources, Inc. (BEN) opened at 42.89 on Wednesday. The firm’s 50-day moving average is $45.03 and its 200-day moving average is $42.98. Franklin Resources, Inc. has a 1-year low of $33.02 and a 1-year high of $47.65. The company has a market cap of $23.92 billion, a PE ratio of 13.96 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.73. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. Franklin Resources’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 earnings per share. On average, equities analysts forecast that Franklin Resources, Inc. will post $2.95 earnings per share for the current fiscal year.
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Several research analysts have commented on BEN shares. Zacks Investment Research lowered shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. BidaskClub raised shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Wells Fargo & Company downgraded shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price on the stock. in a research report on Monday, July 24th. Citigroup Inc. reaffirmed a “neutral” rating and issued a $43.00 target price (up from $42.00) on shares of Franklin Resources in a research report on Friday, June 9th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $44.00 target price on shares of Franklin Resources in a research report on Thursday, August 3rd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Franklin Resources presently has a consensus rating of “Hold” and a consensus target price of $43.18.
In other news, CFO Kenneth A. Lewis sold 17,141 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total transaction of $762,945.91. Following the sale, the chief financial officer now owns 124,021 shares of the company’s stock, valued at approximately $5,520,174.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.60% of the stock is currently owned by company insiders.
About Franklin Resources
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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