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.
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.
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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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