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.
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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.
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