Parallel Advisors LLC Reduces Stake in Franklin Resources, Inc. (BEN)

Parallel Advisors LLC trimmed its stake in Franklin Resources, Inc. (NYSE:BEN) by 20.7% during the first quarter, Holdings Channel reports. The fund owned 1,629 shares of the closed-end fund’s stock after selling 424 shares during the period. Parallel Advisors LLC’s holdings in Franklin Resources were worth $54,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Alpha Omega Wealth Management LLC grew its stake in Franklin Resources by 120.8% in the fourth quarter. Alpha Omega Wealth Management LLC now owns 1,325 shares of the closed-end fund’s stock valued at $39,000 after purchasing an additional 725 shares in the last quarter. Vigilant Capital Management LLC purchased a new position in Franklin Resources in the first quarter valued at about $39,000. Clean Yield Group purchased a new position in Franklin Resources in the fourth quarter valued at about $44,000. CWM LLC grew its stake in Franklin Resources by 22.5% in the fourth quarter. CWM LLC now owns 1,772 shares of the closed-end fund’s stock valued at $53,000 after purchasing an additional 325 shares in the last quarter. Finally, Investors Research Corp purchased a new position in Franklin Resources in the first quarter valued at about $56,000. Institutional investors and hedge funds own 49.87% of the company’s stock.

In other Franklin Resources news, EVP Craig Steven Tyle sold 10,663 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $32.82, for a total value of $349,959.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 23.90% of the stock is owned by insiders.



BEN has been the topic of a number of recent research reports. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research note on Wednesday, April 3rd. Morgan Stanley set a $28.00 target price on Franklin Resources and gave the company a “sell” rating in a research note on Friday, February 8th. Bank of America set a $32.00 target price on Franklin Resources and gave the company a “sell” rating in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods downgraded Franklin Resources from a “market perform” rating to an “underperform” rating and lowered their target price for the company from $34.00 to $33.00 in a research note on Monday, April 29th. Finally, Citigroup boosted their target price on Franklin Resources from $25.00 to $28.00 and gave the company a “sell” rating in a research note on Thursday, March 14th. Seven analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Franklin Resources currently has a consensus rating of “Hold” and an average target price of $30.55.

Shares of NYSE:BEN opened at $33.42 on Thursday. Franklin Resources, Inc. has a fifty-two week low of $27.34 and a fifty-two week high of $35.82. The stock has a market capitalization of $16.92 billion, a price-to-earnings ratio of 10.48, a P/E/G ratio of 1.82 and a beta of 1.18. The company has a quick ratio of 3.54, a current ratio of 3.54 and a debt-to-equity ratio of 0.07.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, April 26th. The closed-end fund reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.08. Franklin Resources had a return on equity of 14.24% and a net margin of 26.10%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm earned $0.78 earnings per share. The business’s quarterly revenue was down 11.4% compared to the same quarter last year. As a group, analysts predict that Franklin Resources, Inc. will post 2.58 EPS for the current fiscal year.

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About Franklin Resources

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.

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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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