TD Asset Management Inc. decreased its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 24.8% during the second quarter, HoldingsChannel reports. The institutional investor owned 96,856 shares of the closed-end fund’s stock after selling 32,004 shares during the quarter. TD Asset Management Inc.’s holdings in Franklin Resources were worth $3,104,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Dupont Capital Management Corp lifted its position in shares of Franklin Resources by 61.2% in the second quarter. Dupont Capital Management Corp now owns 4,168 shares of the closed-end fund’s stock worth $134,000 after buying an additional 1,582 shares during the last quarter. Elmwood Wealth Management Inc. acquired a new stake in shares of Franklin Resources in the first quarter worth about $164,000. IMS Capital Management acquired a new stake in shares of Franklin Resources in the second quarter worth about $161,000. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Franklin Resources in the first quarter worth about $222,000. Finally, IBM Retirement Fund lifted its position in shares of Franklin Resources by 46.4% in the first quarter. IBM Retirement Fund now owns 7,273 shares of the closed-end fund’s stock worth $252,000 after buying an additional 2,305 shares during the last quarter. Institutional investors and hedge funds own 46.33% of the company’s stock.

Shares of BEN opened at $32.34 on Friday. Franklin Resources, Inc. has a 12-month low of $31.28 and a 12-month high of $45.96. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market cap of $16.91 billion, a P/E ratio of 10.74, a PEG ratio of 1.59 and a beta of 1.56.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, July 27th. The closed-end fund reported $0.75 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.75. Franklin Resources had a return on equity of 15.40% and a net margin of 10.72%. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same period in the previous year, the company posted $0.73 earnings per share. The company’s quarterly revenue was down 3.4% compared to the same quarter last year. analysts anticipate that Franklin Resources, Inc. will post 3.14 EPS for the current fiscal year.

A number of analysts have weighed in on BEN shares. Morgan Stanley reduced their price target on Franklin Resources from $33.00 to $32.00 and set an “underweight” rating for the company in a research report on Thursday, July 12th. Zacks Investment Research raised Franklin Resources from a “sell” rating to a “hold” rating in a research report on Monday, April 30th. Deutsche Bank reduced their price target on Franklin Resources from $33.00 to $32.00 and set a “hold” rating for the company in a research report on Thursday. Barclays reduced their price target on Franklin Resources from $32.00 to $30.00 and set an “underweight” rating for the company in a research report on Monday, July 30th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $33.00 price objective on shares of Franklin Resources in a research note on Friday, July 13th. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $38.00.

Franklin Resources Profile

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

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