Franklin Resources, Inc. (BEN) Shares Sold by Rhumbline Advisers

Rhumbline Advisers lowered its stake in Franklin Resources, Inc. (NYSE:BEN) by 15.4% during the third quarter, HoldingsChannel.com reports. The fund owned 616,479 shares of the closed-end fund’s stock after selling 111,851 shares during the quarter. Rhumbline Advisers’ holdings in Franklin Resources were worth $18,747,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Pinebridge Investments L.P. acquired a new stake in Franklin Resources in the 2nd quarter valued at $471,000. Royal London Asset Management Ltd. acquired a new stake in Franklin Resources in the 2nd quarter valued at $4,272,000. Insight 2811 Inc. grew its stake in Franklin Resources by 63.4% in the 2nd quarter. Insight 2811 Inc. now owns 26,554 shares of the closed-end fund’s stock valued at $851,000 after acquiring an additional 10,300 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in Franklin Resources by 24.5% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,808 shares of the closed-end fund’s stock valued at $571,000 after acquiring an additional 3,500 shares during the period. Finally, Teacher Retirement System of Texas grew its stake in Franklin Resources by 115.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 158,400 shares of the closed-end fund’s stock valued at $5,077,000 after acquiring an additional 84,790 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

In other Franklin Resources news, insider Jed A. Plafker sold 4,820 shares of the firm’s stock in a transaction on Friday, September 21st. The stock was sold at an average price of $32.85, for a total value of $158,337.00. Following the transaction, the insider now owns 56,369 shares in the company, valued at approximately $1,851,721.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $31.35, for a total value of $350,022.75. The disclosure for this sale can be found here. Company insiders own 22.20% of the company’s stock.

Shares of BEN stock opened at $32.58 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.71 and a current ratio of 3.71. The firm has a market capitalization of $16.56 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 1.12 and a beta of 1.28. Franklin Resources, Inc. has a fifty-two week low of $28.12 and a fifty-two week high of $45.96.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Thursday, October 25th. The closed-end fund reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.39. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Franklin Resources had a return on equity of 16.26% and a net margin of 12.10%. Sell-side analysts expect that Franklin Resources, Inc. will post 2.88 EPS for the current year.

A number of research firms recently issued reports on BEN. Wells Fargo & Co dropped their price target on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating on the stock in a research note on Monday, July 30th. Zacks Investment Research raised shares of Franklin Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, August 24th. Deutsche Bank dropped their price target on shares of Franklin Resources from $33.00 to $32.00 and set a “hold” rating on the stock in a research note on Thursday, August 16th. Credit Suisse Group dropped their price target on shares of Franklin Resources from $28.00 to $26.00 and set an “underperform” rating on the stock in a research note on Friday, October 26th. Finally, ValuEngine upgraded Franklin Resources from a “strong sell” rating to a “sell” rating in a report on Tuesday. Six analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $34.18.

TRADEMARK VIOLATION NOTICE: This story was originally published by WKRB News and is owned by of WKRB News. If you are viewing this story on another website, it was illegally copied and republished in violation of United States & international trademark & copyright law. The original version of this story can be viewed at https://www.wkrb13.com/2018/11/24/franklin-resources-inc-ben-shares-sold-by-rhumbline-advisers.html.

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.

Featured Article: Cash Flow

Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).

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

Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply