Pallas Capital Advisors LLC bought a new position in shares of Franklin Resources, Inc. (NYSE:BEN – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 16,450 shares of the closed-end fund’s stock, valued at approximately $388,000.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Franklin Resources by 11.1% in the first quarter. Vanguard Group Inc. now owns 35,889,477 shares of the closed-end fund’s stock valued at $1,008,853,000 after buying an additional 3,592,943 shares during the period. Power Corp of Canada increased its position in Franklin Resources by 18,266.0% in the 1st quarter. Power Corp of Canada now owns 31,557,117 shares of the closed-end fund’s stock valued at $887,071,000 after buying an additional 31,385,293 shares in the last quarter. Capital Research Global Investors raised its stake in Franklin Resources by 17.9% during the 4th quarter. Capital Research Global Investors now owns 26,652,644 shares of the closed-end fund’s stock worth $793,983,000 after buying an additional 4,043,808 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Franklin Resources by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,067,780 shares of the closed-end fund’s stock worth $91,398,000 after acquiring an additional 154,850 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Franklin Resources by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,878,337 shares of the closed-end fund’s stock valued at $55,956,000 after acquiring an additional 37,474 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.
Franklin Resources Stock Performance
Shares of BEN stock traded down $1.42 during trading hours on Wednesday, hitting $21.20. 5,256,567 shares of the company were exchanged, compared to its average volume of 3,696,259. The company has a current ratio of 1.71, a quick ratio of 1.82 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $11.15 billion, a price-to-earnings ratio of 12.11, a P/E/G ratio of 2.46 and a beta of 1.43. The firm has a fifty day simple moving average of $22.56 and a 200 day simple moving average of $24.59. Franklin Resources, Inc. has a 52-week low of $20.92 and a 52-week high of $30.32.
Insider Activity at Franklin Resources
In other news, major shareholder Charles B. Johnson bought 200,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were acquired at an average price of $22.80 per share, with a total value of $4,560,000.00. Following the acquisition, the insider now owns 88,703,192 shares of the company’s stock, valued at approximately $2,022,432,777.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 24.13% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on BEN shares. Keefe, Bruyette & Woods cut their target price on Franklin Resources from $25.00 to $23.00 and set an “underperform” rating on the stock in a report on Monday, July 29th. UBS Group decreased their target price on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Evercore ISI dropped their price target on shares of Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 30th. BMO Capital Markets lowered their price objective on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a report on Monday, July 29th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $24.90.
View Our Latest Analysis on BEN
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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