Quantbot Technologies LP Sells 107,384 Shares of Franklin Resources, Inc. $BEN

Key Points

• Quantbot Technologies LP reduced its holdings in Franklin Resources, Inc. by 48.8%, selling 107,384 shares and now owning 112,483 shares valued at $2,165,000.
• Recent analyst ratings for Franklin Resources include upgrades from TD Cowen to a "buy" rating and an increased price target by JPMorgan Chase & Co. from $22.00 to $29.00.
• Franklin Resources reported earnings per share (EPS) of $0.49 for the last quarter, exceeding estimates but showing a decline from the previous year's EPS of $0.60.

Quantbot Technologies LP trimmed its holdings in shares of Franklin Resources, Inc. (NYSE:BEN - Free Report) by 48.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 112,483 shares of the closed-end fund's stock after selling 107,384 shares during the period. Quantbot Technologies LP's holdings in Franklin Resources were worth $2,165,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BEN. CoreCap Advisors LLC grew its position in shares of Franklin Resources by 147.1% in the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock valued at $25,000 after acquiring an additional 737 shares during the period. GeoWealth Management LLC grew its position in shares of Franklin Resources by 350.4% in the 4th quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock valued at $26,000 after acquiring an additional 981 shares during the period. Manchester Capital Management LLC grew its position in shares of Franklin Resources by 49.9% in the 1st quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund's stock valued at $32,000 after acquiring an additional 555 shares during the period. Contravisory Investment Management Inc. bought a new position in shares of Franklin Resources in the 1st quarter valued at about $46,000. Finally, Signaturefd LLC grew its position in shares of Franklin Resources by 39.4% in the 1st quarter. Signaturefd LLC now owns 2,592 shares of the closed-end fund's stock valued at $50,000 after acquiring an additional 732 shares during the period. Institutional investors own 47.56% of the company's stock.

Franklin Resources Price Performance

Shares of NYSE:BEN traded up $0.25 during midday trading on Wednesday, hitting $25.54. The stock had a trading volume of 533,641 shares, compared to its average volume of 4,465,267. The company's 50-day moving average price is $24.53 and its 200-day moving average price is $21.63. The company has a market capitalization of $13.26 billion, a P/E ratio of 50.07, a price-to-earnings-growth ratio of 1.47 and a beta of 1.46. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.94. Franklin Resources, Inc. has a fifty-two week low of $16.25 and a fifty-two week high of $26.08.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on BEN shares. Morgan Stanley raised their target price on shares of Franklin Resources from $20.00 to $21.00 and gave the stock an "underweight" rating in a research note on Tuesday, August 12th. The Goldman Sachs Group upgraded shares of Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 target price for the company in a research note on Friday, June 27th. JPMorgan Chase & Co. raised their target price on shares of Franklin Resources from $22.00 to $29.00 and gave the stock a "neutral" rating in a research note on Monday, August 4th. Evercore ISI raised their target price on shares of Franklin Resources from $24.00 to $25.00 and gave the stock an "underperform" rating in a research note on Monday, August 4th. Finally, Wells Fargo & Company raised their target price on shares of Franklin Resources from $21.50 to $26.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $23.58.

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.