Evercore ISI Forecasts Strong Price Appreciation for Franklin Resources (NYSE:BEN) Stock

Franklin Resources (NYSE:BEN) had its target price hoisted by equities researchers at Evercore ISI from $26.00 to $28.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “underperform” rating on the closed-end fund’s stock. Evercore ISI’s price objective would suggest a potential upside of 5.40% from the stock’s current price.

Several other equities research analysts have also recently commented on the stock. Wall Street Zen raised shares of Franklin Resources from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings restated a “hold (c+)” rating on shares of Franklin Resources in a research report on Monday, December 29th. TD Cowen lowered their price objective on Franklin Resources from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Wednesday, January 14th. JPMorgan Chase & Co. dropped their target price on shares of Franklin Resources from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Monday, November 10th. Finally, Barclays increased their price target on shares of Franklin Resources from $22.00 to $25.00 and gave the stock an “underweight” rating in a research note on Thursday, January 15th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, Franklin Resources has a consensus rating of “Reduce” and a consensus price target of $25.09.

Franklin Resources Stock Up 2.6%

Shares of NYSE BEN opened at $26.57 on Monday. The firm’s fifty day moving average is $24.28 and its 200 day moving average is $24.02. Franklin Resources has a 52 week low of $16.25 and a 52 week high of $26.90. The company has a market cap of $13.85 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 1.28 and a beta of 1.46. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.95.

Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, January 30th. The closed-end fund reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.15. The company had revenue of $1.75 billion during the quarter, compared to analyst estimates of $2.23 billion. Franklin Resources had a net margin of 6.97% and a return on equity of 9.59%. Franklin Resources’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. On average, equities research analysts expect that Franklin Resources will post 2.16 earnings per share for the current year.

Hedge Funds Weigh In On Franklin Resources

A number of hedge funds have recently added to or reduced their stakes in BEN. Capital A Wealth Management LLC boosted its stake in shares of Franklin Resources by 3,869.2% in the 2nd quarter. Capital A Wealth Management LLC now owns 1,032 shares of the closed-end fund’s stock worth $25,000 after buying an additional 1,006 shares during the last quarter. Root Financial Partners LLC purchased a new stake in Franklin Resources in the 3rd quarter worth approximately $25,000. Danske Bank A S bought a new stake in shares of Franklin Resources during the 4th quarter valued at $26,000. Total Investment Management Inc. purchased a new stake in Franklin Resources in the 2nd quarter worth $27,000. Finally, Rakuten Securities Inc. grew its position in shares of Franklin Resources by 277.0% during the fourth quarter. Rakuten Securities Inc. now owns 1,150 shares of the closed-end fund’s stock worth $27,000 after purchasing an additional 845 shares in the last quarter. 47.56% of the stock is currently owned by hedge funds and other 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.