Franklin Resources (NYSE:BEN) Stock Rating Upgraded by Zacks Research

Franklin Resources (NYSE:BEN) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the company. Morgan Stanley upgraded Franklin Resources from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $21.00 to $31.00 in a report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price target on Franklin Resources from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. The Goldman Sachs Group raised their target price on Franklin Resources from $30.50 to $34.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Evercore restated an “underperform” rating and issued a $32.00 target price on shares of Franklin Resources in a research note on Monday, June 8th. Finally, Barclays set a $31.00 target price on Franklin Resources and gave the stock an “equal weight” rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $30.33.

Franklin Resources Price Performance

BEN opened at $33.79 on Monday. Franklin Resources has a 1 year low of $21.10 and a 1 year high of $34.42. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.87 and a current ratio of 1.87. The company’s 50 day simple moving average is $30.54 and its 200 day simple moving average is $27.05. The stock has a market capitalization of $17.56 billion, a PE ratio of 25.79, a P/E/G ratio of 0.88 and a beta of 1.55.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Tuesday, April 28th. The closed-end fund reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.16. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.70 billion. Franklin Resources had a net margin of 8.12% and a return on equity of 10.58%. Franklin Resources’s revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share. As a group, sell-side analysts expect that Franklin Resources will post 2.77 EPS for the current year.

Hedge Funds Weigh In On Franklin Resources

Several large investors have recently added to or reduced their stakes in BEN. Dimensional Fund Advisors LP raised its holdings in shares of Franklin Resources by 8.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,882,860 shares of the closed-end fund’s stock worth $259,988,000 after purchasing an additional 816,952 shares during the period. Invesco Ltd. boosted its holdings in shares of Franklin Resources by 8.2% in the 4th quarter. Invesco Ltd. now owns 10,122,937 shares of the closed-end fund’s stock valued at $241,837,000 after buying an additional 768,707 shares during the period. Geode Capital Management LLC grew its position in shares of Franklin Resources by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 8,069,495 shares of the closed-end fund’s stock valued at $192,774,000 after buying an additional 272,335 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Franklin Resources by 3.6% during the 4th quarter. ProShare Advisors LLC now owns 7,083,168 shares of the closed-end fund’s stock valued at $169,217,000 after buying an additional 243,836 shares during the last quarter. Finally, Azora Capital LP lifted its holdings in Franklin Resources by 78.8% in the fourth quarter. Azora Capital LP now owns 5,796,575 shares of the closed-end fund’s stock worth $138,480,000 after acquiring an additional 2,554,105 shares during the last quarter. 47.56% of the stock is currently owned by institutional investors.

Franklin Resources Company Profile

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm’s core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton’s product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.