Franklin Resources (NYSE:BEN) Given New $36.00 Price Target at Barclays

Franklin Resources (NYSE:BEN) had its price objective upped by stock analysts at Barclays from $34.00 to $36.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the closed-end fund’s stock. Barclays‘s price target would suggest a potential upside of 0.61% from the company’s current price.

Other research analysts have also recently issued research reports about the company. UBS Group began coverage on Franklin Resources in a research report on Wednesday, October 7th. They issued a “buy” rating and a $40.00 price objective on the stock. Morgan Stanley raised their target price on Franklin Resources from $34.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, September 25th. JPMorgan Chase & Co. lifted their target price on Franklin Resources from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, October 12th. TD Cowen lowered their target price on Franklin Resources from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. Finally, Keefe, Bruyette & Woods began coverage on shares of Franklin Resources in a report on Wednesday, September 9th. They issued a “hold” rating and a $38.00 price target on the stock. Four analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Franklin Resources has an average rating of “Hold” and a consensus target price of $36.11.

Franklin Resources Stock Performance

Shares of NYSE BEN traded up $2.05 during midday trading on Monday, reaching $35.78. The company’s stock had a trading volume of 521,168 shares, compared to its average volume of 4,692,212. Franklin Resources has a 12-month low of $21.10 and a 12-month high of $36.28. The firm has a 50 day moving average price of $32.58 and a 200-day moving average price of $30.38. The stock has a market capitalization of $18.18 billion, a P/E ratio of 18.05, a PEG ratio of 0.60 and a beta of 1.56. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.48 and a quick ratio of 1.48.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, November 6th. The closed-end fund reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.17. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.86 billion. Franklin Resources had a return on equity of 12.59% and a net margin of 11.42%. Franklin Resources’s revenue was up 3.9% on a year-over-year basis. During the same period last year, the business posted $0.67 earnings per share. As a group, equities analysts predict that Franklin Resources will post 3.20 earnings per share for the current year.

Hedge Funds Weigh In On Franklin Resources

Several institutional investors and hedge funds have recently bought and sold shares of BEN. BlackRock Inc. bought a new stake in shares of Franklin Resources in the second quarter valued at $961,845,000. Azora Capital LP bought a new position in shares of Franklin Resources during the 2nd quarter worth $229,850,000. Bank of New York Mellon Corp bought a new position in shares of Franklin Resources during the 2nd quarter worth $152,692,000. Kopernik Global Investors LLC increased its holdings in Franklin Resources by 4.6% in the 1st quarter. Kopernik Global Investors LLC now owns 3,522,587 shares of the closed-end fund’s stock worth $83,204,000 after acquiring an additional 153,422 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Franklin Resources by 37.3% in the 1st quarter. Bank of America Corp DE now owns 1,964,424 shares of the closed-end fund’s stock worth $46,400,000 after acquiring an additional 533,192 shares during the last quarter. 47.56% of the stock is owned by institutional investors.

About Franklin Resources

Franklin Resources, Inc is a global investment management company that operates under the Franklin Templeton name. It offers investment products and services to individual investors, financial professionals, institutions and other clients, including mutual funds, exchange-traded funds and separately managed accounts.

The company invests across a range of asset classes and strategies, including equities, fixed income, multi-asset portfolios and alternative investments. Its services also include retirement solutions and wealth management.

Founded in 1947, Franklin Resources has grown through acquisitions, including its 2020 acquisition of Legg Mason.