Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in Franklin Resources, Inc. (NYSE:BEN) by 22.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 85,987 shares of the closed-end fund’s stock after selling 24,203 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Franklin Resources were worth $2,545,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in BEN. Perigon Wealth Management LLC acquired a new position in shares of Franklin Resources in the 4th quarter valued at $27,000. Childress Capital Advisors LLC acquired a new position in shares of Franklin Resources in the 4th quarter valued at $27,000. Regent Peak Wealth Advisors LLC acquired a new position in shares of Franklin Resources in the 4th quarter valued at $31,000. International Assets Investment Management LLC acquired a new position in shares of Franklin Resources in the 4th quarter valued at $33,000. Finally, AdvisorNet Financial Inc increased its holdings in shares of Franklin Resources by 229.9% in the 1st quarter. AdvisorNet Financial Inc now owns 1,300 shares of the closed-end fund’s stock valued at $38,000 after acquiring an additional 906 shares during the period. 45.74% of the stock is currently owned by institutional investors and hedge funds.

In related news, insider Alok Sethi sold 39,890 shares of the business’s stock in a transaction dated Tuesday, March 2nd. The shares were sold at an average price of $27.09, for a total value of $1,080,620.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Gwen L. Shaneyfelt sold 5,000 shares of the business’s stock in a transaction dated Thursday, March 18th. The stock was sold at an average price of $30.32, for a total transaction of $151,600.00. Following the completion of the sale, the chief accounting officer now owns 68,749 shares in the company, valued at $2,084,469.68. The disclosure for this sale can be found here. Insiders sold a total of 70,672 shares of company stock worth $1,994,290 over the last quarter. Insiders own 23.10% of the company’s stock.

A number of equities analysts have recently commented on the stock. BMO Capital Markets raised shares of Franklin Resources from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $22.00 to $36.00 in a report on Monday, March 29th. TheStreet raised shares of Franklin Resources from a “c+” rating to a “b” rating in a research note on Tuesday, February 2nd. Barclays boosted their price objective on shares of Franklin Resources from $21.00 to $24.00 and gave the company an “underweight” rating in a research note on Monday, January 25th. Morgan Stanley boosted their price objective on shares of Franklin Resources from $24.00 to $26.00 and gave the company an “underweight” rating in a research note on Tuesday, May 11th. Finally, Credit Suisse Group boosted their price objective on shares of Franklin Resources from $26.00 to $27.00 and gave the company an “underperform” rating in a research note on Tuesday, May 11th. Five analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Franklin Resources currently has an average rating of “Hold” and a consensus price target of $25.90.

Shares of NYSE BEN opened at $34.54 on Monday. The firm has a market capitalization of $17.42 billion, a P/E ratio of 21.59, a PEG ratio of 1.38 and a beta of 1.25. Franklin Resources, Inc. has a one year low of $17.36 and a one year high of $35.54. The company’s fifty day moving average is $30.70 and its two-hundred day moving average is $26.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.60 and a current ratio of 1.60.

Franklin Resources (NYSE:BEN) last issued its earnings results on Tuesday, May 4th. The closed-end fund reported $0.79 EPS for the quarter, topping the consensus estimate of $0.74 by $0.05. Franklin Resources had a net margin of 14.15% and a return on equity of 12.15%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the firm earned $0.66 EPS. The business’s revenue was up 58.4% on a year-over-year basis. On average, sell-side analysts forecast that Franklin Resources, Inc. will post 3.01 earnings per share for the current fiscal year.

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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