Ally Financial Inc. purchased a new position in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 140,000 shares of the closed-end fund's stock, valued at approximately $4,658,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Mariner LLC increased its position in shares of Franklin Resources by 0.7% during the fourth quarter. Mariner LLC now owns 56,151 shares of the closed-end fund's stock worth $1,341,000 after acquiring an additional 377 shares during the period. Lido Advisors LLC boosted its stake in shares of Franklin Resources by 4.0% in the 1st quarter. Lido Advisors LLC now owns 10,194 shares of the closed-end fund's stock valued at $244,000 after buying an additional 395 shares during the period. Zions Bancorporation National Association UT grew its position in shares of Franklin Resources by 35.5% during the fourth quarter. Zions Bancorporation National Association UT now owns 1,512 shares of the closed-end fund's stock worth $36,000 after buying an additional 396 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Franklin Resources by 12.2% during the first quarter. Geneos Wealth Management Inc. now owns 3,671 shares of the closed-end fund's stock worth $87,000 after buying an additional 400 shares during the period. Finally, Sigma Planning Corp increased its stake in shares of Franklin Resources by 0.6% during the first quarter. Sigma Planning Corp now owns 67,747 shares of the closed-end fund's stock worth $1,600,000 after buying an additional 407 shares during the period. Hedge funds and other institutional investors own 47.56% of the company's stock.
Franklin Resources Stock Up 0.0%
BEN opened at $34.32 on Monday. Franklin Resources, Inc. has a 1 year low of $21.10 and a 1 year high of $36.28. The firm has a 50 day moving average price of $33.51 and a 200 day moving average price of $29.74. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market cap of $17.44 billion, a PE ratio of 23.35, a price-to-earnings-growth ratio of 0.69 and a beta of 1.55.
Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.06. Franklin Resources had a return on equity of 11.55% and a net margin of 8.72%.The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the prior year, the firm earned $0.49 EPS. The firm's quarterly revenue was up 14.3% compared to the same quarter last year. Sell-side analysts expect that Franklin Resources, Inc. will post 2.88 earnings per share for the current year.
Wall Street Analyst Weigh In
BEN has been the topic of several recent analyst reports. The Goldman Sachs Group increased their target price on Franklin Resources from $30.50 to $34.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Evercore restated an "underperform" rating and set a $35.00 price objective on shares of Franklin Resources in a research report on Friday, July 10th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $34.00 price objective on shares of Franklin Resources in a research note on Monday, August 3rd. TD Cowen boosted their price objective on Franklin Resources from $37.00 to $40.00 and gave the company a "buy" rating in a research note on Monday, June 22nd. Finally, Weiss Ratings upgraded shares of Franklin Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Franklin Resources currently has an average rating of "Hold" and an average target price of $32.44.
Read Our Latest Report on Franklin Resources
About Franklin Resources
(
Free Report)
Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm's core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton's product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.
Founded in 1947 by Rupert H.
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