Franklin Resources, Inc. (BEN) Position Increased by Cornerstone Capital Management Holdings LLC.

Cornerstone Capital Management Holdings LLC. boosted its stake in shares of Franklin Resources, Inc. (NYSE:BEN) by 119.8% during the first quarter, Holdings Channel reports. The institutional investor owned 235,021 shares of the closed-end fund’s stock after buying an additional 128,081 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Franklin Resources were worth $9,903,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in BEN. State Street Corp raised its stake in Franklin Resources by 2.8% in the fourth quarter. State Street Corp now owns 20,537,895 shares of the closed-end fund’s stock valued at $812,895,000 after buying an additional 559,012 shares in the last quarter. Credit Suisse AG raised its stake in Franklin Resources by 44.6% in the third quarter. Credit Suisse AG now owns 2,412,366 shares of the closed-end fund’s stock valued at $85,807,000 after buying an additional 744,390 shares in the last quarter. Norges Bank purchased a new stake in Franklin Resources during the fourth quarter valued at $93,377,000. APG Asset Management N.V. raised its stake in Franklin Resources by 7.7% in the first quarter. APG Asset Management N.V. now owns 2,244,827 shares of the closed-end fund’s stock valued at $94,597,000 after buying an additional 160,300 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Franklin Resources by 25.5% in the first quarter. American Century Companies Inc. now owns 1,534,117 shares of the closed-end fund’s stock valued at $64,648,000 after buying an additional 311,257 shares in the last quarter. Institutional investors own 48.31% of the company’s stock.

Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

Shares of Franklin Resources, Inc. (BEN) traded up 0.5147% on Monday, hitting $42.9801. The stock had a trading volume of 850,906 shares. The company’s 50 day moving average price is $42.32 and its 200-day moving average price is $41.27. Franklin Resources, Inc. has a 12 month low of $30.56 and a 12 month high of $44.35. The company has a market cap of $24.13 billion, a P/E ratio of 13.8467 and a beta of 1.78.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, April 28th. The closed-end fund reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.07. Franklin Resources had a return on equity of 13.88% and a net margin of 26.77%. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same period last year, the business posted $0.61 EPS. The business’s revenue was down .8% compared to the same quarter last year. On average, analysts expect that Franklin Resources, Inc. will post $2.89 earnings per share for the current year.

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BEN has been the topic of several research reports. Morgan Stanley lowered Franklin Resources from an “overweight” rating to an “equal weight” rating and set a $38.00 price target on the stock. in a research report on Thursday, March 16th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, May 17th. Credit Suisse Group AG restated a “sell” rating and set a $37.00 price target on shares of Franklin Resources in a research report on Friday, April 7th. Deutsche Bank AG lifted their price target on Franklin Resources from $41.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, April 6th. Finally, TheStreet raised Franklin Resources from a “c” rating to a “b-” rating in a report on Friday, March 3rd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Franklin Resources currently has a consensus rating of “Hold” and an average price target of $40.06.

In other news, insider Jennifer M. Johnson sold 16,835 shares of Franklin Resources stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $43.90, for a total value of $739,056.50. Following the transaction, the insider now directly owns 1,521,037 shares in the company, valued at approximately $66,773,524.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 21.60% of the company’s stock.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “BEN”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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).

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