Cerity Partners LLC increased its position in Franklin Resources, Inc. (NYSE:BEN – Get Rating) by 5.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 15,094 shares of the closed-end fund’s stock after acquiring an additional 714 shares during the period. Cerity Partners LLC’s holdings in Franklin Resources were worth $352,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Beacon Financial Group boosted its position in Franklin Resources by 1.5% during the second quarter. Beacon Financial Group now owns 26,674 shares of the closed-end fund’s stock worth $673,000 after purchasing an additional 397 shares during the period. First National Trust Co boosted its position in Franklin Resources by 2.2% during the first quarter. First National Trust Co now owns 19,297 shares of the closed-end fund’s stock worth $539,000 after purchasing an additional 417 shares during the period. Mutual of America Capital Management LLC boosted its position in Franklin Resources by 1.1% during the first quarter. Mutual of America Capital Management LLC now owns 37,526 shares of the closed-end fund’s stock worth $1,048,000 after purchasing an additional 422 shares during the period. Geneos Wealth Management Inc. boosted its position in Franklin Resources by 6.9% during the second quarter. Geneos Wealth Management Inc. now owns 7,429 shares of the closed-end fund’s stock worth $175,000 after purchasing an additional 479 shares during the period. Finally, Kinneret Advisory LLC boosted its position in Franklin Resources by 2.2% during the second quarter. Kinneret Advisory LLC now owns 22,731 shares of the closed-end fund’s stock worth $536,000 after purchasing an additional 481 shares during the period. Institutional investors and hedge funds own 45.57% of the company’s stock.
Franklin Resources Stock Up 0.1 %
Shares of BEN stock opened at $26.15 on Monday. The stock has a market cap of $13.06 billion, a P/E ratio of 10.38, a price-to-earnings-growth ratio of 6.33 and a beta of 1.22. Franklin Resources, Inc. has a one year low of $20.24 and a one year high of $36.45. The stock has a fifty day moving average price of $23.53 and a 200 day moving average price of $24.96. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.34 and a quick ratio of 1.99.
Franklin Resources Dividend Announcement
Insider Buying and Selling
In other news, insider Franklin Resources Inc bought 61,729 shares of Franklin Resources stock in a transaction that occurred on Wednesday, October 19th. The stock was purchased at an average cost of $4.06 per share, with a total value of $250,619.74. Following the completion of the transaction, the insider now directly owns 9,238,892 shares in the company, valued at $37,509,901.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought a total of 5,967,999 shares of company stock valued at $42,481,572 over the last ninety days. 23.30% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on BEN shares. JPMorgan Chase & Co. decreased their target price on Franklin Resources from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Tuesday, October 18th. Bank of America cut Franklin Resources from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $28.00 to $25.00 in a research report on Thursday, September 8th. StockNews.com assumed coverage on Franklin Resources in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Credit Suisse Group reduced their price objective on Franklin Resources from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, November 2nd. Finally, Morgan Stanley reduced their price objective on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research report on Thursday, October 20th. Four research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $23.40.
Franklin Resources Company 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.
- Get a free copy of the StockNews.com research report on Franklin Resources (BEN)
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