Insider Selling: Gregory E. Johnson Sells 50,000 Shares of Franklin Resources Stock (BEN)
Franklin Resources (NYSE:BEN) CEO Gregory E. Johnson sold 50,000 shares of the stock on the open market in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $56.77, for a total transaction of $2,838,500.00. Following the transaction, the chief executive officer now directly owns 1,801,747 shares in the company, valued at approximately $102,285,177. The transaction was disclosed in a filing with the SEC, which is available at this link.
Franklin Resources (NYSE:BEN) traded up 0.04% on Thursday, hitting $56.51. The stock had a trading volume of 1,233,985 shares. Franklin Resources has a 52 week low of $45.95 and a 52 week high of $58.87. The stock has a 50-day moving average of $55.82 and a 200-day moving average of $54.77. The company has a market cap of $35.335 billion and a price-to-earnings ratio of 15.83.
Franklin Resources (NYSE:BEN) last announced its earnings results on Wednesday, July 30th. The company reported $0.92 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.95 by $0.03. The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter last year, the company posted $0.86 earnings per share. Franklin Resources’s revenue was up 2.2% compared to the same quarter last year. Analysts expect that Franklin Resources will post $3.73 EPS for the current fiscal year.
A number of research firms have recently commented on BEN. Analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Franklin Resources in a research note on Thursday, July 31st. They now have a $58.00 price target on the stock, down previously from $61.00. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of Franklin Resources in a research note on Thursday, July 31st. They now have a $58.00 price target on the stock, down previously from $60.00. Finally, analysts at Morgan Stanley cut their price target on shares of Franklin Resources from $63.00 to $61.00 in a research note on Thursday, July 31st. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Franklin Resources has a consensus rating of “Hold” and an average price target of $60.67.
Franklin Resources, Inc (NYSE:BEN) is a holding company.
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