Pallas Capital Advisors LLC purchased a new stake in Franklin Resources, Inc. (NYSE:BEN – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 16,450 shares of the closed-end fund’s stock, valued at approximately $388,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Headlands Technologies LLC acquired a new stake in Franklin Resources during the 1st quarter worth $32,000. Principal Securities Inc. acquired a new position in Franklin Resources in the 4th quarter valued at about $35,000. Denali Advisors LLC purchased a new stake in Franklin Resources during the 1st quarter valued at approximately $44,000. Trust Co. of Vermont acquired a new stake in Franklin Resources during the 4th quarter worth approximately $45,000. Finally, Montag A & Associates Inc. purchased a new position in shares of Franklin Resources in the 4th quarter valued at approximately $51,000. Institutional investors and hedge funds own 47.56% of the company’s stock.
Franklin Resources Price Performance
Shares of NYSE:BEN traded down $1.42 on Wednesday, hitting $21.20. The company had a trading volume of 5,256,567 shares, compared to its average volume of 3,696,259. The company has a market cap of $11.15 billion, a PE ratio of 12.11, a PEG ratio of 2.46 and a beta of 1.43. The business has a 50 day moving average of $22.56 and a 200 day moving average of $24.59. Franklin Resources, Inc. has a 52-week low of $20.92 and a 52-week high of $30.32. The company has a current ratio of 1.71, a quick ratio of 1.82 and a debt-to-equity ratio of 0.93.
Wall Street Analyst Weigh In
BEN has been the subject of several recent research reports. Evercore ISI decreased their price target on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating for the company in a report on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a report on Monday, July 29th. UBS Group dropped their target price on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Keefe, Bruyette & Woods cut their price objective on Franklin Resources from $25.00 to $23.00 and set an “underperform” rating for the company in a research report on Monday, July 29th. Finally, BMO Capital Markets cut their price target on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a report on Monday, July 29th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $24.90.
Insider Transactions at Franklin Resources
In related news, major shareholder Charles B. Johnson acquired 200,000 shares of the stock in a transaction dated Friday, June 21st. The stock was bought at an average cost of $22.80 per share, with a total value of $4,560,000.00. Following the purchase, the insider now directly owns 88,703,192 shares of the company’s stock, valued at $2,022,432,777.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 24.13% of the company’s stock.
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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