LS Investment Advisors LLC raised its holdings in Franklin Resources, Inc. (NYSE:BEN) by 3.1% in the second quarter, Holdings Channel reports. The fund owned 110,974 shares of the closed-end fund’s stock after buying an additional 3,318 shares during the period. LS Investment Advisors LLC’s holdings in Franklin Resources were worth $3,862,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in BEN. Advisory Services Network LLC raised its stake in Franklin Resources by 232.6% during the 2nd quarter. Advisory Services Network LLC now owns 725 shares of the closed-end fund’s stock worth $25,000 after acquiring an additional 507 shares in the last quarter. Trustcore Financial Services LLC acquired a new stake in shares of Franklin Resources in the first quarter worth $25,000. Knuff & Co LLC acquired a new stake in shares of Franklin Resources in the first quarter worth $33,000. Liberty Wealth Management LLC increased its position in shares of Franklin Resources by 3,680.0% in the second quarter. Liberty Wealth Management LLC now owns 1,134 shares of the closed-end fund’s stock worth $39,000 after acquiring an additional 1,104 shares in the last quarter. Finally, TRUE Private Wealth Advisors acquired a new stake in shares of Franklin Resources in the second quarter worth $43,000. Institutional investors own 48.31% of the company’s stock.
NYSE BEN traded down $0.10 during trading hours on Tuesday, reaching $25.83. 1,006,709 shares of the company traded hands, compared to its average volume of 3,908,469. Franklin Resources, Inc. has a 12 month low of $25.84 and a 12 month high of $35.82. The company has a current ratio of 3.35, a quick ratio of 3.35 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $13.26 billion, a PE ratio of 8.10, a PEG ratio of 1.44 and a beta of 1.17. The company has a 50 day moving average of $31.61 and a two-hundred day moving average of $33.01.
In other news, EVP Craig Steven Tyle sold 10,924 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $32.04, for a total value of $350,004.96. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 23.90% of the company’s stock.
Several research firms have recently issued reports on BEN. JPMorgan Chase & Co. increased their price objective on shares of Franklin Resources from $33.00 to $34.00 and gave the stock an “underweight” rating in a research report on Friday, July 12th. Citigroup upped their target price on shares of Franklin Resources from $35.00 to $37.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. ValuEngine downgraded shares of Franklin Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Barclays set a $27.00 target price on shares of Franklin Resources and gave the company a “sell” rating in a research note on Wednesday, July 31st. Finally, TheStreet downgraded shares of Franklin Resources from a “b-” rating to a “c+” rating in a research note on Friday, August 9th. Eight research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Sell” and a consensus price target of $31.18.
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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