Franklin Resources (NYSE:BEN) Price Target Raised to $40.00

Franklin Resources (NYSE:BEN) had its price objective lifted by investment analysts at TD Cowen from $37.00 to $40.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the closed-end fund’s stock. TD Cowen’s price target indicates a potential upside of 16.77% from the company’s current price.

A number of other equities research analysts have also commented on the company. The Goldman Sachs Group upped their price target on Franklin Resources from $30.50 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Wall Street Zen raised Franklin Resources from a “hold” rating to a “buy” rating in a research note on Sunday, June 14th. Weiss Ratings upgraded Franklin Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. Evercore reaffirmed an “underperform” rating and issued a $32.00 price objective on shares of Franklin Resources in a research note on Monday, June 8th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Franklin Resources from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Four equities 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $30.33.

Franklin Resources Trading Up 3.6%

NYSE BEN traded up $1.21 during trading hours on Monday, reaching $34.26. The company’s stock had a trading volume of 2,421,581 shares, compared to its average volume of 5,202,860. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.87 and a quick ratio of 1.87. Franklin Resources has a 52 week low of $21.10 and a 52 week high of $34.42. The firm has a fifty day simple moving average of $30.19 and a 200-day simple moving average of $26.89. The stock has a market cap of $17.80 billion, a P/E ratio of 26.15, a P/E/G ratio of 0.87 and a beta of 1.55.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Tuesday, April 28th. The closed-end fund reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.16. Franklin Resources had a net margin of 8.12% and a return on equity of 10.58%. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the business earned $0.47 earnings per share. Franklin Resources’s revenue was up 8.7% compared to the same quarter last year. Equities analysts forecast that Franklin Resources will post 2.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Franklin Resources

Several institutional investors have recently made changes to their positions in the stock. Prana Capital Management LP boosted its stake in shares of Franklin Resources by 135.8% in the third quarter. Prana Capital Management LP now owns 860,762 shares of the closed-end fund’s stock worth $19,909,000 after buying an additional 495,747 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Franklin Resources by 35.9% during the third quarter. JPMorgan Chase & Co. now owns 2,101,000 shares of the closed-end fund’s stock worth $48,596,000 after acquiring an additional 554,842 shares during the last quarter. Xponance Inc. increased its holdings in shares of Franklin Resources by 234.0% in the third quarter. Xponance Inc. now owns 99,631 shares of the closed-end fund’s stock valued at $2,304,000 after purchasing an additional 69,802 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Franklin Resources by 5.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 10,065,908 shares of the closed-end fund’s stock worth $232,833,000 after acquiring an additional 553,184 shares during the period. Finally, Board of the Pension Protection Fund grew its stake in shares of Franklin Resources by 413.8% in the 4th quarter. Board of the Pension Protection Fund now owns 66,800 shares of the closed-end fund’s stock valued at $1,596,000 after buying an additional 53,800 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

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.