CIBC Asset Management Inc increased its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,270 shares of the closed-end fund’s stock after acquiring an additional 723 shares during the period. CIBC Asset Management Inc’s holdings in Franklin Resources were worth $1,262,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of BEN. Vigilant Capital Management LLC acquired a new stake in shares of Franklin Resources during the 1st quarter valued at about $39,000. Clean Yield Group acquired a new stake in shares of Franklin Resources during the 4th quarter valued at about $44,000. CWM LLC boosted its position in shares of Franklin Resources by 22.5% during the 4th quarter. CWM LLC now owns 1,772 shares of the closed-end fund’s stock valued at $53,000 after acquiring an additional 325 shares in the last quarter. Investors Research Corp acquired a new stake in shares of Franklin Resources during the 1st quarter valued at about $56,000. Finally, Bronfman E.L. Rothschild L.P. boosted its position in shares of Franklin Resources by 102.2% during the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 1,943 shares of the closed-end fund’s stock valued at $58,000 after acquiring an additional 982 shares in the last quarter. Institutional investors and hedge funds own 49.87% of the company’s stock.
Several brokerages have recently weighed in on BEN. Citigroup upgraded shares of Franklin Resources from a “sell” rating to a “neutral” rating and lifted their target price for the company from $28.00 to $35.00 in a research report on Monday, April 15th. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research report on Wednesday, April 3rd. ValuEngine upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Morgan Stanley set a $28.00 target price on shares of Franklin Resources and gave the company a “sell” rating in a research report on Friday, February 8th. Finally, TheStreet upgraded shares of Franklin Resources from a “c+” rating to a “b” rating in a research report on Friday, April 26th. Seven analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $30.55.
NYSE:BEN opened at $33.73 on Wednesday. The stock has a market capitalization of $16.86 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 1.84 and a beta of 1.18. Franklin Resources, Inc. has a 12 month low of $27.34 and a 12 month high of $35.82. The company has a current ratio of 3.54, a quick ratio of 3.54 and a debt-to-equity ratio of 0.07.
Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, April 26th. The closed-end fund reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.08. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. Franklin Resources had a net margin of 26.10% and a return on equity of 14.24%. The company’s revenue for the quarter was down 11.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 earnings per share. Research analysts predict that Franklin Resources, Inc. will post 2.58 earnings per share for the current fiscal year.
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.
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).
Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.