Franklin Resources, Inc. (BEN) Cut to “Market Perform” at Wells Fargo & Company

Franklin Resources, Inc. (NYSE:BEN) was downgraded by research analysts at Wells Fargo & Company from an “outperform” rating to a “market perform” rating in a research report issued on Monday, July 24th, MarketBeat reports. They presently have a $50.00 target price on the closed-end fund’s stock. Wells Fargo & Company’s target price suggests a potential upside of 16.96% from the stock’s current price.

BEN has been the topic of several other research reports. Credit Suisse Group set a $33.00 price objective on Franklin Resources and gave the stock a “sell” rating in a report on Monday, March 27th. Zacks Investment Research upgraded Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Wednesday, June 28th. Morgan Stanley restated an “underweight” rating and set a $40.00 price objective (up previously from $39.00) on shares of Franklin Resources in a report on Monday, July 10th. Deutsche Bank AG raised their price objective on Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a report on Thursday, April 6th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a report on Thursday, July 6th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $43.18.

Franklin Resources (NYSE BEN) opened at 42.75 on Monday. The company has a market capitalization of $23.84 billion, a P/E ratio of 13.91 and a beta of 1.73. Franklin Resources has a 52 week low of $33.02 and a 52 week high of $47.65. The company’s 50 day moving average price is $45.10 and its 200-day moving average price is $42.93.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, meeting analysts’ consensus estimates of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. Franklin Resources’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 EPS. Equities research analysts expect that Franklin Resources will post $2.95 earnings per share for the current year.

COPYRIGHT VIOLATION NOTICE: “Franklin Resources, Inc. (BEN) Cut to “Market Perform” at Wells Fargo & Company” was first posted by Community Financial News and is owned by of Community Financial News. If you are accessing this news story on another website, it was illegally copied and republished in violation of US and international copyright legislation. The correct version of this news story can be viewed at https://www.com-unik.info/2017/08/12/franklin-resources-inc-ben-downgraded-by-wells-fargo-company-to-market-perform-updated-updated.html.

In other news, CFO Kenneth A. Lewis sold 17,141 shares of Franklin Resources stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total transaction of $762,945.91. Following the sale, the chief financial officer now directly owns 124,021 shares of the company’s stock, valued at $5,520,174.71. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 21.60% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of BEN. Federated Investors Inc. PA increased its position in Franklin Resources by 0.6% in the fourth quarter. Federated Investors Inc. PA now owns 9,148 shares of the closed-end fund’s stock worth $362,000 after buying an additional 56 shares during the period. Alpha Windward LLC increased its position in Franklin Resources by 1.0% in the first quarter. Alpha Windward LLC now owns 5,921 shares of the closed-end fund’s stock worth $250,000 after buying an additional 57 shares during the period. Conning Inc. increased its position in Franklin Resources by 0.9% in the second quarter. Conning Inc. now owns 8,696 shares of the closed-end fund’s stock worth $389,000 after buying an additional 80 shares during the period. Creative Planning increased its position in Franklin Resources by 1.8% in the first quarter. Creative Planning now owns 5,664 shares of the closed-end fund’s stock worth $239,000 after buying an additional 98 shares during the period. Finally, Mutual of America Capital Management LLC increased its position in Franklin Resources by 0.3% in the first quarter. Mutual of America Capital Management LLC now owns 40,840 shares of the closed-end fund’s stock worth $1,721,000 after buying an additional 104 shares during the period. Institutional investors and hedge funds own 45.80% of the company’s stock.

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.

Analyst Recommendations for Franklin Resources (NYSE:BEN)

What are top analysts saying about Franklin Resources Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Franklin Resources Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit