California Public Employees Retirement System decreased its stake in Franklin Resources, Inc. (NYSE:BEN) by 4.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 783,249 shares of the closed-end fund’s stock after selling 37,858 shares during the quarter. California Public Employees Retirement System’s holdings in Franklin Resources were worth $25,957,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. CWM LLC raised its holdings in shares of Franklin Resources by 22.5% during the 4th quarter. CWM LLC now owns 1,772 shares of the closed-end fund’s stock valued at $53,000 after purchasing an additional 325 shares in the last quarter. CWM Advisors LLC raised its holdings in shares of Franklin Resources by 3.2% during the 4th quarter. CWM Advisors LLC now owns 10,925 shares of the closed-end fund’s stock valued at $324,000 after purchasing an additional 339 shares in the last quarter. Boenning & Scattergood Inc. raised its holdings in shares of Franklin Resources by 3.3% during the 1st quarter. Boenning & Scattergood Inc. now owns 10,850 shares of the closed-end fund’s stock valued at $360,000 after purchasing an additional 350 shares in the last quarter. Ingalls & Snyder LLC raised its holdings in shares of Franklin Resources by 1.5% during the 4th quarter. Ingalls & Snyder LLC now owns 25,325 shares of the closed-end fund’s stock valued at $751,000 after purchasing an additional 375 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Franklin Resources by 3.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 11,700 shares of the closed-end fund’s stock valued at $388,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 49.87% of the company’s stock.

In related news, EVP Craig Steven Tyle sold 10,663 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $32.82, for a total value of $349,959.66. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 22.20% of the company’s stock.

NYSE:BEN opened at $33.58 on Friday. Franklin Resources, Inc. has a 1 year low of $27.34 and a 1 year 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. The firm has a market capitalization of $16.92 billion, a P/E ratio of 11.91, a PEG ratio of 1.85 and a beta of 1.18.

Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, April 26th. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.08. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the business posted $0.78 EPS. Franklin Resources’s revenue was down 11.4% compared to the same quarter last year. Research analysts forecast that Franklin Resources, Inc. will post 2.58 EPS for the current year.

A number of research firms have recently weighed in on BEN. Keefe, Bruyette & Woods restated a “hold” rating and set a $33.00 price target on shares of Franklin Resources in a report on Tuesday, February 26th. Zacks Investment Research upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. Citigroup upgraded shares of Franklin Resources from a “sell” rating to a “neutral” rating and raised their price target for the company from $28.00 to $35.00 in a report on Monday, April 15th. ValuEngine upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a report on Friday, March 1st. Finally, TheStreet upgraded shares of Franklin Resources from a “c+” rating to a “b” rating in a report on Friday, April 26th. Seven equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $30.55.

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Franklin Resources Profile

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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