Brokerages Set Franklin Resources, Inc. (BEN) Target Price at $43.90
Shares of Franklin Resources, Inc. (NYSE:BEN) have received a consensus recommendation of “Hold” from the fifteen research firms that are presently covering the firm, Marketbeat reports. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $43.90.
A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company cut shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target on the stock. in a research report on Monday, July 24th. UBS AG reissued a “neutral” rating and set a $45.00 price target (down from $46.00) on shares of Franklin Resources in a research report on Monday, July 31st. ValuEngine cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Friday. Keefe, Bruyette & Woods reissued a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a research report on Thursday, August 3rd. Finally, Zacks Investment Research cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd.
In other Franklin Resources news, Chairman Gregory E. Johnson sold 56,825 shares of Franklin Resources stock in a transaction on Monday, October 30th. The shares were sold at an average price of $42.83, for a total value of $2,433,814.75. Following the sale, the chairman now directly owns 2,047,273 shares in the company, valued at approximately $87,684,702.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 21.60% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the business. Smith Shellnut Wilson LLC ADV acquired a new stake in Franklin Resources in the 3rd quarter valued at $250,000. Sterling Capital Management LLC increased its stake in Franklin Resources by 5.6% in the 3rd quarter. Sterling Capital Management LLC now owns 86,900 shares of the closed-end fund’s stock valued at $3,868,000 after buying an additional 4,600 shares during the last quarter. Neuberger Berman Group LLC increased its stake in Franklin Resources by 17.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 15,952 shares of the closed-end fund’s stock valued at $710,000 after buying an additional 2,345 shares during the last quarter. Piedmont Investment Advisors LLC increased its stake in Franklin Resources by 1.6% in the 3rd quarter. Piedmont Investment Advisors LLC now owns 226,671 shares of the closed-end fund’s stock valued at $10,089,000 after buying an additional 3,537 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in Franklin Resources by 0.3% in the 3rd quarter. California Public Employees Retirement System now owns 1,071,576 shares of the closed-end fund’s stock valued at $47,696,000 after buying an additional 3,160 shares during the last quarter. Hedge funds and other institutional investors own 46.43% of the company’s stock.
Shares of Franklin Resources (NYSE:BEN) traded down $0.08 during midday trading on Thursday, hitting $40.48. 1,830,000 shares of the stock were exchanged, compared to its average volume of 2,412,354. The company has a market capitalization of $22,422.19, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.39 and a beta of 1.75. Franklin Resources has a 52 week low of $38.54 and a 52 week high of $47.65. The company has a current ratio of 8.75, a quick ratio of 8.75 and a debt-to-equity ratio of 0.08.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.64 billion. Franklin Resources had a net margin of 26.54% and a return on equity of 13.48%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the firm posted $0.82 earnings per share. analysts forecast that Franklin Resources will post 2.91 EPS for the current fiscal year.
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Franklin Resources Company 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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