ING Groep NV raised its stake in Franklin Resources, Inc. (NYSE:BEN) by 8.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,073 shares of the closed-end fund’s stock after buying an additional 2,637 shares during the quarter. ING Groep NV’s holdings in Franklin Resources were worth $1,433,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. PGGM Investments raised its holdings in shares of Franklin Resources by 13.3% in the third quarter. PGGM Investments now owns 869,933 shares of the closed-end fund’s stock valued at $38,721,000 after purchasing an additional 102,328 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Franklin Resources by 17.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 267,431 shares of the closed-end fund’s stock valued at $11,903,000 after purchasing an additional 39,878 shares during the last quarter. Toronto Dominion Bank raised its holdings in shares of Franklin Resources by 8.3% in the third quarter. Toronto Dominion Bank now owns 126,061 shares of the closed-end fund’s stock valued at $5,610,000 after purchasing an additional 9,687 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Franklin Resources by 225.5% in the third quarter. JPMorgan Chase & Co. now owns 3,153,748 shares of the closed-end fund’s stock valued at $140,499,000 after purchasing an additional 2,184,863 shares during the last quarter. Finally, Pensionfund Sabic acquired a new stake in shares of Franklin Resources in the fourth quarter valued at approximately $1,517,000. 45.19% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on the stock. ValuEngine downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $46.00 price objective on shares of Franklin Resources in a report on Wednesday, November 1st. Citigroup lowered their price objective on shares of Franklin Resources from $45.00 to $44.00 and set a “neutral” rating on the stock in a report on Friday, October 27th. Zacks Investment Research downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Finally, UBS Group lifted their price objective on shares of Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $44.45.
In related news, insider Jed A. Plafker sold 7,790 shares of the business’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $43.92, for a total transaction of $342,136.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the business’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $42.95, for a total transaction of $17,180,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 457,778 shares of company stock worth $19,700,614. 22.20% of the stock is owned by corporate insiders.
Franklin Resources, Inc. (NYSE:BEN) opened at $38.22 on Monday. The firm has a market cap of $21,086.11, a price-to-earnings ratio of 12.29, a P/E/G ratio of 1.29 and a beta of 1.63. Franklin Resources, Inc. has a fifty-two week low of $37.01 and a fifty-two week high of $47.65. The company has a current ratio of 4.28, a quick ratio of 4.28 and a debt-to-equity ratio of 0.09.
Franklin Resources (NYSE:BEN) last issued its earnings results on Tuesday, January 30th. The closed-end fund reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.13. The business had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a net margin of 10.44% and a return on equity of 13.88%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.77 earnings per share. analysts anticipate that Franklin Resources, Inc. will post 3.25 EPS for the current year.
TRADEMARK VIOLATION NOTICE: This piece was first posted by The Lincolnian Online and is owned by of The Lincolnian Online. If you are accessing this piece on another domain, it was copied illegally and reposted in violation of US & international copyright laws. The correct version of this piece can be read at https://www.thelincolnianonline.com/2018/02/12/ing-groep-nv-increases-holdings-in-franklin-resources-inc-ben.html.
About Franklin Resources
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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.