Franklin Resources (NYSE:BEN) Price Target Cut to $18.50 by Analysts at TD Cowen

Franklin Resources (NYSE:BEN) had its price objective lowered by stock analysts at TD Cowen from $20.00 to $18.50 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the closed-end fund’s stock. TD Cowen’s price objective indicates a potential downside of 11.23% from the company’s current price.

BEN has been the subject of several other research reports. BMO Capital Markets dropped their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research note on Monday, July 29th. The Goldman Sachs Group reduced their price objective on Franklin Resources from $23.75 to $21.25 and set a “sell” rating on the stock in a research report on Monday, September 30th. JPMorgan Chase & Co. cut their price target on Franklin Resources from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $19.00 price objective (down previously from $20.00) on shares of Franklin Resources in a research note on Tuesday. Finally, Wells Fargo & Company lifted their target price on shares of Franklin Resources from $19.00 to $19.50 and gave the stock an “equal weight” rating in a research report on Tuesday. Five equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, Franklin Resources currently has an average rating of “Hold” and an average target price of $20.20.

Franklin Resources Stock Up 3.4 %

BEN traded up $0.68 on Tuesday, hitting $20.84. 3,038,310 shares of the company were exchanged, compared to its average volume of 4,042,455. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.71 and a current ratio of 1.71. The stock’s fifty day moving average is $20.20 and its 200-day moving average is $21.99. The company has a market cap of $10.90 billion, a PE ratio of 12.80, a PEG ratio of 2.81 and a beta of 1.38. Franklin Resources has a 12 month low of $18.94 and a 12 month high of $30.32.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $1.70 billion. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.84 EPS. Equities research analysts predict that Franklin Resources will post 2.41 EPS for the current fiscal year.

Insider Transactions at Franklin Resources

In other Franklin Resources news, major shareholder Charles B. Johnson purchased 100,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were purchased at an average cost of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the purchase, the insider now owns 89,208,192 shares in the company, valued at $1,769,890,529.28. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Charles B. Johnson purchased 100,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was purchased at an average cost of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the purchase, the insider now owns 89,208,192 shares in the company, valued at approximately $1,769,890,529.28. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Franklin Resources Inc sold 7,657 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $43.90, for a total transaction of $336,142.30. Following the transaction, the insider now owns 65,862 shares in the company, valued at $2,891,341.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 231,600 shares of company stock valued at $4,537,637 and sold 24,024 shares valued at $1,051,375. Corporate insiders own 24.13% of the company’s stock.

Institutional Trading of Franklin Resources

Several hedge funds have recently bought and sold shares of the business. State of Alaska Department of Revenue raised its holdings in shares of Franklin Resources by 7.0% in the 1st quarter. State of Alaska Department of Revenue now owns 32,567 shares of the closed-end fund’s stock worth $915,000 after acquiring an additional 2,125 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Franklin Resources by 15.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 63,473 shares of the closed-end fund’s stock valued at $1,734,000 after buying an additional 8,712 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Franklin Resources by 16.3% during the first quarter. BNP Paribas Financial Markets now owns 522,985 shares of the closed-end fund’s stock valued at $14,701,000 after buying an additional 73,245 shares during the last quarter. Capstone Investment Advisors LLC raised its position in Franklin Resources by 18.9% in the 1st quarter. Capstone Investment Advisors LLC now owns 13,429 shares of the closed-end fund’s stock valued at $377,000 after buying an additional 2,138 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. lifted its stake in Franklin Resources by 25.4% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 12,067 shares of the closed-end fund’s stock valued at $339,000 after acquiring an additional 2,445 shares in the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Company Profile

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.