Research analysts at Barclays PLC assumed coverage on shares of Franklin Resources, Inc. (NYSE:BEN) in a research note issued to investors on Friday, September 8th, MarketBeat reports. The brokerage set an “underweight” rating and a $40.00 price target on the closed-end fund’s stock. Barclays PLC’s price objective indicates a potential downside of 6.48% from the stock’s current price.
A number of other brokerages have also recently commented on BEN. Zacks Investment Research cut Franklin Resources from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Wells Fargo & Company cut Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target for the company. in a research note on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating and issued a $44.00 price target on shares of Franklin Resources in a research note on Friday, July 14th. Morgan Stanley reaffirmed an “underweight” rating and set a $40.00 target price (up from $39.00) on shares of Franklin Resources in a research report on Monday, July 10th. Finally, BidaskClub raised Franklin Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Four research 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 company has a consensus rating of “Hold” and an average price target of $44.09.
Franklin Resources (NYSE:BEN) opened at 42.77 on Friday. Franklin Resources has a 1-year low of $33.02 and a 1-year high of $47.65. The firm has a market cap of $23.85 billion, a P/E ratio of 13.92 and a beta of 1.73. The stock’s 50 day moving average is $42.70 and its 200-day moving average is $43.09.
Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The company’s revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 EPS. Analysts forecast that Franklin Resources will post $2.95 EPS for the current year.
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In related news, CFO Kenneth A. Lewis sold 17,141 shares of Franklin Resources stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the sale, the chief financial officer now owns 124,021 shares of the company’s stock, valued at approximately $5,520,174.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 21.60% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Frontier Investment Mgmt Co. bought a new stake in shares of Franklin Resources in the 2nd quarter worth approximately $358,000. Intl Fcstone Inc. bought a new stake in shares of Franklin Resources in the 2nd quarter worth approximately $281,000. Toronto Dominion Bank raised its holdings in shares of Franklin Resources by 24.1% in the 2nd quarter. Toronto Dominion Bank now owns 116,374 shares of the closed-end fund’s stock worth $5,212,000 after purchasing an additional 22,622 shares during the period. Mountain Capital Investment Advisors Inc bought a new stake in shares of Franklin Resources in the 2nd quarter worth approximately $123,000. Finally, Colony Group LLC bought a new stake in shares of Franklin Resources in the 2nd quarter worth approximately $212,000. 44.96% of the stock is currently owned by institutional investors.
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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