Franklin Resources (NYSE:BEN) Price Target Cut to $26.00

Franklin Resources (NYSE:BEN) had its target price lowered by equities researchers at Evercore ISI from $29.00 to $26.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “underperform” rating on the closed-end fund’s stock. Evercore ISI’s price objective points to a potential upside of 12.99% from the company’s current price.

A number of other brokerages have also recently commented on BEN. BMO Capital Markets increased their price target on shares of Franklin Resources from $27.00 to $30.00 and gave the company a “market perform” rating in a research report on Tuesday, January 30th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Franklin Resources from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Tuesday, January 30th. TD Cowen initiated coverage on shares of Franklin Resources in a research report on Thursday, January 4th. They set a “market perform” rating and a $32.00 price target for the company. StockNews.com downgraded Franklin Resources from a “buy” rating to a “hold” rating in a report on Thursday, February 1st. Finally, UBS Group increased their target price on Franklin Resources from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $27.05.

Franklin Resources Price Performance

Franklin Resources stock traded down $0.37 during mid-day trading on Tuesday, hitting $23.01. 803,739 shares of the company traded hands, compared to its average volume of 3,644,141. The stock has a fifty day moving average price of $26.79 and a 200-day moving average price of $26.37. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.92 and a current ratio of 1.92. The stock has a market cap of $12.12 billion, a price-to-earnings ratio of 12.08, a price-to-earnings-growth ratio of 1.31 and a beta of 1.40. Franklin Resources has a one year low of $21.88 and a one year high of $30.32.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Monday, April 29th. The closed-end fund reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.01). The firm had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $1.66 billion. Franklin Resources had a return on equity of 11.15% and a net margin of 12.30%. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period last year, the firm earned $0.61 EPS. On average, equities analysts predict that Franklin Resources will post 2.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BEN. Peoples Bank KS purchased a new position in shares of Franklin Resources in the 3rd quarter worth about $25,000. Blue Trust Inc. raised its holdings in Franklin Resources by 240.5% in the fourth quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock worth $26,000 after buying an additional 623 shares during the last quarter. Bell Investment Advisors Inc lifted its stake in shares of Franklin Resources by 975.5% in the third quarter. Bell Investment Advisors Inc now owns 1,140 shares of the closed-end fund’s stock worth $28,000 after buying an additional 1,034 shares in the last quarter. Creative Financial Designs Inc. ADV purchased a new stake in shares of Franklin Resources during the fourth quarter valued at approximately $31,000. Finally, Massmutual Trust Co. FSB ADV increased its position in shares of Franklin Resources by 149.1% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,111 shares of the closed-end fund’s stock valued at $33,000 after acquiring an additional 665 shares in the last quarter. Hedge funds and other institutional investors own 47.56% of the company’s stock.

About Franklin Resources

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.