Oppenheimer & Co. Inc. lessened its stake in shares of Franklin Resources, Inc. (NYSE:BEN – Get Rating) by 17.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,787 shares of the closed-end fund’s stock after selling 6,250 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Franklin Resources were worth $759,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. RFP Financial Group LLC bought a new position in shares of Franklin Resources during the 4th quarter worth about $26,000. Eagle Bay Advisors LLC bought a new position in shares of Franklin Resources during the 2nd quarter worth about $26,000. Arcus Capital Partners LLC bought a new position in shares of Franklin Resources during the 4th quarter worth about $32,000. Wipfli Financial Advisors LLC bought a new position in shares of Franklin Resources during the 3rd quarter worth about $41,000. Finally, EWG Elevate Inc. bought a new position in shares of Franklin Resources during the 4th quarter worth about $68,000. Institutional investors own 45.47% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on the stock. Morgan Stanley upped their target price on shares of Franklin Resources from $19.00 to $23.00 and gave the stock an “underweight” rating in a report on Thursday, January 19th. JPMorgan Chase & Co. upped their target price on shares of Franklin Resources from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, January 31st. Evercore ISI lowered their target price on shares of Franklin Resources from $27.00 to $24.00 and set an “underperform” rating on the stock in a report on Thursday, April 13th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Franklin Resources from $27.00 to $29.00 and gave the stock a “hold” rating in a research report on Tuesday, January 31st. Finally, BMO Capital Markets lifted their target price on shares of Franklin Resources from $19.00 to $20.00 in a research report on Tuesday, May 2nd. Six equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat, Franklin Resources currently has an average rating of “Hold” and a consensus target price of $24.55.
Franklin Resources Trading Down 1.9 %
Franklin Resources (NYSE:BEN – Get Rating) last posted its quarterly earnings results on Monday, May 1st. The closed-end fund reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. The company had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Franklin Resources had a net margin of 10.79% and a return on equity of 11.21%. Franklin Resources’s revenue was down 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.96 EPS. Sell-side analysts expect that Franklin Resources, Inc. will post 2.33 earnings per share for the current year.
Insider Activity at Franklin Resources
In other Franklin Resources news, insider Franklin Resources Inc acquired 2,465,483 shares of Franklin Resources stock in a transaction that occurred on Friday, April 28th. The stock was acquired at an average cost of $10.14 per share, for a total transaction of $24,999,997.62. Following the purchase, the insider now owns 4,955,483 shares of the company’s stock, valued at $50,248,597.62. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 23.40% of the stock is owned by company insiders.
Franklin Resources Profile
Franklin Resources, Inc is a holding company, which engages in the provision of investment management and related services. The firm offers services and products under various distinct brand names, including, but not limited to, Franklin, Templeton, Legg Mason, Benefit Street Partners, Brandywine Global Investment Management, Clarion Partners, ClearBridge Investments, Fiduciary Trust International, Franklin Bissett, Franklin Mutual Series, K2, LibertyShares, Martin Currie, Royce Investment Partners and Western Asset Management Company.
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