Franklin Resources, Inc. (NYSE:BEN) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA reduced its holdings in Franklin Resources, Inc. (NYSE:BEN) by 9.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,090 shares of the closed-end fund’s stock after selling 4,583 shares during the quarter. Glenmede Trust Co. NA’s holdings in Franklin Resources were worth $868,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BEN. ProShare Advisors LLC lifted its position in shares of Franklin Resources by 10.5% during the 2nd quarter. ProShare Advisors LLC now owns 7,095,390 shares of the closed-end fund’s stock valued at $158,582,000 after acquiring an additional 676,760 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Franklin Resources by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,183,950 shares of the closed-end fund’s stock valued at $71,171,000 after purchasing an additional 54,063 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Franklin Resources by 44.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,998,574 shares of the closed-end fund’s stock valued at $60,421,000 after purchasing an additional 925,590 shares during the period. AQR Capital Management LLC increased its stake in Franklin Resources by 250.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,450,190 shares of the closed-end fund’s stock worth $54,664,000 after purchasing an additional 1,751,587 shares in the last quarter. Finally, Vest Financial LLC raised its holdings in Franklin Resources by 22.9% during the 3rd quarter. Vest Financial LLC now owns 2,213,663 shares of the closed-end fund’s stock worth $44,605,000 after buying an additional 411,931 shares during the period. 47.56% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Franklin Resources

In other Franklin Resources news, major shareholder Charles B. Johnson purchased 100,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was bought at an average cost of $19.08 per share, for a total transaction of $1,908,000.00. Following the completion of the acquisition, the insider now directly owns 89,308,192 shares in the company, valued at $1,704,000,303.36. This represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Franklin Resources Inc sold 7,657 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $43.90, for a total transaction of $336,142.30. Following the transaction, the insider now owns 65,862 shares of the company’s stock, valued at approximately $2,891,341.80. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,024 shares of company stock worth $1,051,375 over the last three months. Corporate insiders own 24.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on BEN shares. The Goldman Sachs Group decreased their target price on shares of Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Barclays reduced their target price on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a report on Monday, October 14th. Wells Fargo & Company upped their price target on Franklin Resources from $19.00 to $19.50 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Evercore ISI decreased their price objective on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a research report on Friday, October 4th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.20.

Franklin Resources Trading Down 0.7 %

NYSE:BEN opened at $22.60 on Tuesday. The company has a market capitalization of $11.83 billion, a P/E ratio of 26.28, a P/E/G ratio of 2.47 and a beta of 1.38. The stock’s 50 day moving average price is $20.93 and its 200 day moving average price is $21.67. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63. Franklin Resources, Inc. has a 52 week low of $18.94 and a 52 week high of $30.32.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the company earned $0.84 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, research analysts forecast that Franklin Resources, Inc. will post 2.39 EPS for the current fiscal year.

Franklin Resources Company 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.