WEALTHFRONT Corp grew its position in shares of Franklin Resources, Inc. (NYSE:BEN) by 113.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,234 shares of the closed-end fund’s stock after acquiring an additional 28,858 shares during the quarter. WEALTHFRONT Corp’s holdings in Franklin Resources were worth $1,649,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Abrams Capital Management L.P. increased its holdings in shares of Franklin Resources by 25.2% during the third quarter. Abrams Capital Management L.P. now owns 9,945,023 shares of the closed-end fund’s stock valued at $302,428,000 after acquiring an additional 2,000,000 shares in the last quarter. Kiltearn Partners LLP increased its holdings in shares of Franklin Resources by 0.6% during the third quarter. Kiltearn Partners LLP now owns 8,089,794 shares of the closed-end fund’s stock valued at $246,011,000 after acquiring an additional 50,694 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Franklin Resources by 27.4% during the third quarter. Bank of New York Mellon Corp now owns 4,340,194 shares of the closed-end fund’s stock valued at $131,985,000 after acquiring an additional 932,439 shares in the last quarter. Fiduciary Management Inc. WI bought a new stake in shares of Franklin Resources during the third quarter valued at approximately $126,946,000. Finally, Schroder Investment Management Group increased its holdings in shares of Franklin Resources by 30.2% during the second quarter. Schroder Investment Management Group now owns 3,790,481 shares of the closed-end fund’s stock valued at $120,537,000 after acquiring an additional 879,164 shares in the last quarter. Hedge funds and other institutional investors own 47.83% of the company’s stock.

Shares of NYSE:BEN opened at $33.10 on Friday. The company has a market cap of $17.07 billion, a P/E ratio of 10.38, a P/E/G ratio of 1.38 and a beta of 1.30. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.71 and a current ratio of 3.71. Franklin Resources, Inc. has a 12-month low of $28.12 and a 12-month high of $45.96.

Franklin Resources (NYSE:BEN) last announced its earnings results on Thursday, October 25th. The closed-end fund reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.39. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.55 billion. Franklin Resources had a return on equity of 16.26% and a net margin of 12.10%. As a group, research analysts predict that Franklin Resources, Inc. will post 2.84 earnings per share for the current fiscal year.

In other Franklin Resources news, Vice Chairman Rupert H. Johnson, Jr. sold 323,000 shares of the business’s stock in a transaction on Friday, November 23rd. The stock was sold at an average price of $32.42, for a total value of $10,471,660.00. Following the transaction, the insider now owns 103,653,045 shares of the company’s stock, valued at $3,360,431,718.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Craig Steven Tyle sold 10,216 shares of the business’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $34.26, for a total value of $350,000.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 338,036 shares of company stock worth $10,979,997. 22.20% of the stock is owned by insiders.

BEN has been the subject of several recent research reports. JPMorgan Chase & Co. downgraded Franklin Resources from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $32.00 to $29.00 in a report on Thursday, September 6th. UBS Group cut their target price on Franklin Resources from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, October 8th. Deutsche Bank lifted their target price on Franklin Resources from $31.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, September 27th. Zacks Investment Research cut Franklin Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, September 11th. Finally, Credit Suisse Group cut their target price on Franklin Resources from $28.00 to $26.00 and set an “underperform” rating on the stock in a research report on Friday, October 26th. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $34.18.

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Franklin Resources Company 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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