Cresset Asset Management LLC Has $4.27 Million Stake in Franklin Resources, Inc. $BEN

Key Points

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Cresset Asset Management LLC boosted its stake in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 13.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 218,062 shares of the closed-end fund's stock after purchasing an additional 26,385 shares during the period. Cresset Asset Management LLC's holdings in Franklin Resources were worth $4,267,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its position in shares of Franklin Resources by 22.5% in the first quarter. Principal Financial Group Inc. now owns 464,238 shares of the closed-end fund's stock valued at $8,937,000 after buying an additional 85,407 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Franklin Resources in the first quarter valued at approximately $203,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Franklin Resources by 5.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,576 shares of the closed-end fund's stock valued at $1,573,000 after buying an additional 4,530 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Franklin Resources in the first quarter valued at approximately $811,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Franklin Resources by 230.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 291,821 shares of the closed-end fund's stock valued at $5,921,000 after buying an additional 203,414 shares during the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Barclays reaffirmed an "underweight" rating and issued a $23.00 price objective (up from $20.00) on shares of Franklin Resources in a research report on Monday, August 4th. JPMorgan Chase & Co. increased their target price on Franklin Resources from $22.00 to $29.00 and gave the stock a "neutral" rating in a research note on Monday, August 4th. Zacks Research lowered Franklin Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday. The Goldman Sachs Group upgraded Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 target price on the stock in a research note on Friday, June 27th. Finally, TD Cowen upgraded Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 target price on the stock in a research note on Wednesday, May 14th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $23.58.

Franklin Resources Price Performance

Franklin Resources stock traded up $0.8220 during mid-day trading on Friday, reaching $25.3420. 3,951,222 shares of the company were exchanged, compared to its average volume of 4,022,641. The company has a fifty day simple moving average of $24.42 and a 200-day simple moving average of $21.55. Franklin Resources, Inc. has a 12 month low of $16.25 and a 12 month high of $26.08. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a market cap of $13.16 billion, a PE ratio of 49.69, a PEG ratio of 1.42 and a beta of 1.46.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its earnings results on Friday, August 1st. The closed-end fund reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. The firm had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.38 billion. Franklin Resources had a return on equity of 8.76% and a net margin of 3.73%.The company's revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 EPS. As a group, equities research analysts expect that Franklin Resources, Inc. will post 2.16 earnings per share for the current fiscal year.

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.