Trustcore Financial Services LLC acquired a new position in shares of Franklin Resources, Inc. (NYSE:BEN) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 761 shares of the closed-end fund’s stock, valued at approximately $25,000.
A number of other hedge funds also recently added to or reduced their stakes in BEN. Bank of America Corp DE raised its holdings in Franklin Resources by 526.8% during the fourth quarter. Bank of America Corp DE now owns 6,705,633 shares of the closed-end fund’s stock worth $198,889,000 after purchasing an additional 5,635,864 shares in the last quarter. Vanguard Group Inc grew its position in shares of Franklin Resources by 17.1% during the third quarter. Vanguard Group Inc now owns 32,666,942 shares of the closed-end fund’s stock worth $993,402,000 after acquiring an additional 4,764,162 shares during the last quarter. London Co. of Virginia purchased a new position in shares of Franklin Resources during the fourth quarter worth approximately $107,975,000. Norges Bank purchased a new position in shares of Franklin Resources during the fourth quarter worth approximately $100,182,000. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Franklin Resources by 2,525.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,046,540 shares of the closed-end fund’s stock worth $69,000 after acquiring an additional 1,968,602 shares during the last quarter. 49.87% of the stock is currently owned by institutional investors.
In related news, EVP Craig Steven Tyle sold 10,663 shares of Franklin Resources 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 the SEC website. Company insiders own 22.20% of the company’s stock.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, April 26th. The closed-end fund reported $0.72 earnings per share 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 firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the firm posted $0.78 EPS. Franklin Resources’s quarterly revenue was down 11.4% on a year-over-year basis. Analysts forecast that Franklin Resources, Inc. will post 2.58 earnings per share for the current fiscal year.
A number of equities analysts have recently issued reports on BEN shares. Morgan Stanley set a $28.00 target price on shares of Franklin Resources and gave the stock a “sell” rating in a research report on Friday, February 8th. Keefe, Bruyette & Woods restated a “hold” rating and set a $33.00 target price on shares of Franklin Resources in a research report on Tuesday, February 26th. ValuEngine upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Zacks Investment Research upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Finally, Citigroup raised their target price on shares of Franklin Resources from $25.00 to $28.00 and gave the stock a “sell” rating in a research report on Thursday, March 14th. Seven equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Franklin Resources currently has an average rating of “Hold” and an average target price of $30.55.
About Franklin Resources
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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