Zurcher Kantonalbank Zurich Cantonalbank Lowers Stake in Franklin Resources, Inc. (BEN)
Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in Franklin Resources, Inc. (NYSE:BEN) by 9.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 61,207 shares of the closed-end fund’s stock after selling 6,151 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Franklin Resources were worth $2,652,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in BEN. Mountain Capital Investment Advisors Inc acquired a new stake in shares of Franklin Resources in the second quarter valued at $123,000. Cerebellum GP LLC acquired a new stake in shares of Franklin Resources in the fourth quarter valued at $125,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Franklin Resources in the third quarter valued at $127,000. Chicago Equity Partners LLC acquired a new stake in shares of Franklin Resources in the third quarter valued at $209,000. Finally, Highbridge Capital Management LLC acquired a new stake in shares of Franklin Resources in the third quarter valued at $210,000. Institutional investors own 45.03% of the company’s stock.
Franklin Resources, Inc. (BEN) opened at $38.22 on Friday. The company has a current ratio of 4.28, a quick ratio of 4.28 and a debt-to-equity ratio of 0.09. Franklin Resources, Inc. has a 1-year low of $37.01 and a 1-year high of $47.65. The stock has a market capitalization of $21,086.13, a PE ratio of 12.29, a price-to-earnings-growth ratio of 1.29 and a beta of 1.63.
In other Franklin Resources news, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $42.95, for a total transaction of $17,180,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jed A. Plafker sold 7,790 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $43.92, for a total value of $342,136.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 457,778 shares of company stock worth $19,700,614. Company insiders own 22.20% of the company’s stock.
A number of brokerages recently commented on BEN. ValuEngine lowered Franklin Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 17th. Wells Fargo & Co lowered their price objective on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating for the company in a research report on Friday, October 27th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price objective on shares of Franklin Resources in a research report on Friday, December 22nd. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Thursday, January 11th. Finally, UBS Group lifted their price objective on Franklin Resources from $46.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. Franklin Resources has an average rating of “Hold” and an average target price of $44.45.
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Franklin Resources Profile
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.
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