Franklin Resources, Inc. (BEN) Downgraded by ValuEngine
ValuEngine downgraded shares of Franklin Resources, Inc. (NYSE:BEN) from a buy rating to a hold rating in a research report released on Friday.
Several other analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods reissued a hold rating and issued a $46.00 price target on shares of Franklin Resources in a research note on Wednesday, November 1st. Zacks Investment Research cut shares of Franklin Resources from a buy rating to a hold rating in a research note on Monday, October 30th. UBS AG increased their price target on shares of Franklin Resources from $46.00 to $48.00 and gave the company a neutral rating in a research note on Friday, October 27th. Citigroup Inc. dropped their price target on shares of Franklin Resources from $45.00 to $44.00 and set a neutral rating for the company in a research note on Friday, October 27th. Finally, Wells Fargo & Company dropped their price target on shares of Franklin Resources from $50.00 to $48.00 and set a market perform rating for the company in a research note on Friday, October 27th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. Franklin Resources currently has an average rating of Hold and an average target price of $44.45.
Shares of Franklin Resources (NYSE BEN) opened at $40.76 on Friday. Franklin Resources has a one year low of $38.54 and a one year high of $47.65. The stock has a market cap of $22,422.19, a PE ratio of 13.49, a P/E/G ratio of 1.39 and a beta of 1.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.75 and a current ratio of 8.75.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.04. Franklin Resources had a net margin of 26.54% and a return on equity of 13.48%. The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter in the prior year, the company posted $0.82 EPS. The business’s revenue for the quarter was up .3% on a year-over-year basis. equities analysts expect that Franklin Resources will post 2.91 earnings per share for the current year.
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In other Franklin Resources news, Chairman Gregory E. Johnson sold 56,825 shares of the stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $42.83, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available through this link. 21.60% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in BEN. IFP Advisors Inc lifted its holdings in Franklin Resources by 16.1% during the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after buying an additional 372 shares in the last quarter. Mountain Capital Investment Advisors Inc acquired a new stake in Franklin Resources during the 2nd quarter worth approximately $123,000. Benjamin F. Edwards & Company Inc. acquired a new stake in Franklin Resources during the 3rd quarter worth approximately $127,000. First Midwest Bank Trust Division acquired a new stake in Franklin Resources during the 2nd quarter worth approximately $204,000. Finally, NBT Bank N A NY acquired a new stake in Franklin Resources during the 2nd quarter worth approximately $206,000. Institutional investors own 46.43% of the company’s stock.
About Franklin Resources
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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