Hsbc Holdings PLC Has $23.80 Million Position in Franklin Resources, Inc. $BEN

Key Points

• Hsbc Holdings PLC reduced its stake in Franklin Resources, Inc. by 33.2%, selling 615,017 shares and holding 1,237,497 shares worth approximately $23.8 million.
• Several other hedge funds have increased their positions in Franklin Resources, including ProShare Advisors and Dimensional Fund Advisors, indicating growing interest among institutional investors.
• Analysts have mixed ratings on Franklin Resources, with Zacks downgrading the stock to "hold," while TD Cowen upgraded it to "buy" with a target price of $27.00.

Hsbc Holdings PLC cut its stake in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 33.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,237,497 shares of the closed-end fund's stock after selling 615,017 shares during the period. Hsbc Holdings PLC owned 0.24% of Franklin Resources worth $23,798,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in BEN. Mariner LLC increased its position in Franklin Resources by 61.7% in the fourth quarter. Mariner LLC now owns 54,764 shares of the closed-end fund's stock worth $1,111,000 after buying an additional 20,905 shares during the period. GeoWealth Management LLC grew its stake in shares of Franklin Resources by 350.4% in the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock worth $26,000 after purchasing an additional 981 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Franklin Resources by 8.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,002,950 shares of the closed-end fund's stock worth $121,797,000 after purchasing an additional 460,270 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Franklin Resources in the fourth quarter worth $165,000. Finally, MetLife Investment Management LLC grew its stake in shares of Franklin Resources by 1.9% in the fourth quarter. MetLife Investment Management LLC now owns 81,351 shares of the closed-end fund's stock worth $1,651,000 after purchasing an additional 1,533 shares in the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Stock Up 1.8%

NYSE BEN traded up $0.47 during trading on Wednesday, reaching $25.76. 2,042,377 shares of the company's stock were exchanged, compared to its average volume of 4,475,094. Franklin Resources, Inc. has a fifty-two week low of $16.25 and a fifty-two week high of $26.08. The company's fifty day simple moving average is $24.53 and its 200-day simple moving average is $21.63. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $13.37 billion, a PE ratio of 50.50, a P/E/G ratio of 1.47 and a beta of 1.46.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its quarterly earnings data 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 business 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 firm's revenue was down 2.2% compared to the same quarter last year. During the same period last year, the business earned $0.60 EPS. Sell-side analysts predict that Franklin Resources, Inc. will post 2.16 EPS for the current year.

Wall Street Analyst Weigh In

BEN has been the subject of several recent analyst reports. Wells Fargo & Company increased their price target on Franklin Resources from $21.50 to $26.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Zacks Research cut Franklin Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Evercore ISI increased their price target on Franklin Resources from $24.00 to $25.00 and gave the stock an "underperform" rating in a research note on Monday, August 4th. Cowen reissued a "buy" rating on shares of Franklin Resources in a research note on Monday, June 16th. Finally, JPMorgan Chase & Co. increased their price target on Franklin Resources from $22.00 to $29.00 and gave the stock a "neutral" rating in a research note on Monday, August 4th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, Franklin Resources currently has a consensus rating of "Reduce" and a consensus target price 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.