Glenmede Trust Co. NA Has $868,000 Position in Franklin Resources, Inc. (NYSE:BEN)

Glenmede Trust Co. NA lowered its position in Franklin Resources, Inc. (NYSE:BEN) by 9.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,090 shares of the closed-end fund’s stock after selling 4,583 shares during the period. Glenmede Trust Co. NA’s holdings in Franklin Resources were worth $868,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. AQR Capital Management LLC lifted its position in shares of Franklin Resources by 250.7% during the second 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. Marshall Wace LLP grew its position in shares of Franklin Resources by 517.5% during the 2nd quarter. Marshall Wace LLP now owns 1,406,324 shares of the closed-end fund’s stock worth $31,431,000 after buying an additional 1,178,594 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Franklin Resources by 44.7% during the third 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. Millennium Management LLC increased its position in shares of Franklin Resources by 110.3% in the 2nd quarter. Millennium Management LLC now owns 1,623,236 shares of the closed-end fund’s stock valued at $36,279,000 after buying an additional 851,442 shares in the last quarter. Finally, Squarepoint Ops LLC increased its holdings in shares of Franklin Resources by 325.1% in the second quarter. Squarepoint Ops LLC now owns 906,270 shares of the closed-end fund’s stock worth $20,255,000 after acquiring an additional 693,074 shares in the last quarter. Institutional investors own 47.56% of the company’s stock.

Insider Activity at Franklin Resources

In other news, major shareholder Charles B. Johnson acquired 100,000 shares of Franklin Resources stock in a transaction dated Wednesday, September 11th. The stock was bought at an average price 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 approximately $1,704,000,303.36. The trade was a 0.11 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Franklin Resources Inc sold 7,657 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $43.90, for a total value of $336,142.30. Following the completion of the transaction, the insider now directly owns 65,862 shares in the company, valued at $2,891,341.80. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,024 shares of company stock worth $1,051,375. Insiders own 24.13% of the company’s stock.

Franklin Resources Price Performance

Shares of NYSE BEN opened at $22.60 on Tuesday. Franklin Resources, Inc. has a twelve month low of $18.94 and a twelve month high of $30.32. The company has a market cap of $11.83 billion, a PE ratio of 26.28, a price-to-earnings-growth ratio of 2.47 and a beta of 1.38. The business’s 50 day moving average price is $20.93 and its two-hundred day moving average price is $21.67. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.92.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BEN shares. Keefe, Bruyette & Woods restated an “underperform” rating and set a $19.00 price objective (down from $20.00) on shares of Franklin Resources in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. TD Cowen cut their price objective on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. JPMorgan Chase & Co. decreased their target price on shares of Franklin Resources from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Finally, StockNews.com upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, Franklin Resources presently has an average rating of “Hold” and an average price target of $20.20.

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.