Franklin Resources (NYSE:BEN) Downgraded to Hold Rating by Zacks Research

Franklin Resources (NYSE:BEN) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Franklin Resources from $28.00 to $31.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Barclays lifted their price target on Franklin Resources from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Monday, August 3rd. Evercore restated an “underperform” rating and set a $35.00 price objective on shares of Franklin Resources in a research report on Friday, July 10th. Wall Street Zen raised Franklin Resources from a “hold” rating to a “buy” rating in a research note on Sunday, June 14th. Finally, The Goldman Sachs Group lifted their target price on Franklin Resources from $30.50 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Franklin Resources presently has a consensus rating of “Hold” and a consensus target price of $32.44.

Franklin Resources Stock Up 0.1%

Shares of BEN opened at $35.06 on Tuesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.48 and a quick ratio of 1.48. The stock has a market capitalization of $17.81 billion, a price-to-earnings ratio of 23.85, a price-to-earnings-growth ratio of 0.70 and a beta of 1.55. Franklin Resources has a 1 year low of $21.10 and a 1 year high of $36.28. The business’s 50 day simple moving average is $33.63 and its 200-day simple moving average is $29.90.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.06. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the business posted $0.49 earnings per share. Franklin Resources’s quarterly revenue was up 14.3% on a year-over-year basis. As a group, equities analysts expect that Franklin Resources will post 2.88 earnings per share for the current fiscal year.

Institutional Trading of Franklin Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BEN. United Community Bank lifted its position in Franklin Resources by 0.9% during the 2nd quarter. United Community Bank now owns 37,849 shares of the closed-end fund’s stock worth $1,259,000 after acquiring an additional 320 shares in the last quarter. Mariner LLC grew its position in Franklin Resources by 0.7% in the fourth quarter. Mariner LLC now owns 56,151 shares of the closed-end fund’s stock valued at $1,341,000 after acquiring an additional 377 shares in the last quarter. Lido Advisors LLC raised its stake in shares of Franklin Resources by 4.0% during the first quarter. Lido Advisors LLC now owns 10,194 shares of the closed-end fund’s stock valued at $244,000 after purchasing an additional 395 shares during the period. Zions Bancorporation National Association UT raised its stake in shares of Franklin Resources by 35.5% during the fourth quarter. Zions Bancorporation National Association UT now owns 1,512 shares of the closed-end fund’s stock valued at $36,000 after purchasing an additional 396 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in shares of Franklin Resources by 12.2% during the first quarter. Geneos Wealth Management Inc. now owns 3,671 shares of the closed-end fund’s stock worth $87,000 after purchasing an additional 400 shares in the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

About Franklin Resources

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.