Franklin Resources (BEN) Price Target Cut to $29.00

Franklin Resources (NYSE:BEN) had its price objective lowered by Deutsche Bank from $32.00 to $29.00 in a report released on Thursday, Stock Target Advisor reports. The brokerage presently has a “hold” rating on the closed-end fund’s stock. Deutsche Bank’s price target would suggest a potential upside of 1.61% from the stock’s current price.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. downgraded shares of Franklin Resources from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $32.00 to $29.00 in a report on Thursday, September 6th. Zacks Investment Research downgraded shares of Franklin Resources from a “hold” rating to a “sell” rating in a report on Tuesday, September 11th. Morgan Stanley dropped their target price on shares of Franklin Resources from $32.00 to $30.00 and set an “underweight” rating on the stock in a report on Thursday, August 2nd. Wells Fargo & Co dropped their target price on shares of Franklin Resources from $35.00 to $34.00 and set a “market perform” rating on the stock in a report on Monday, July 30th. Finally, UBS Group dropped their target price on shares of Franklin Resources from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Monday, October 8th. Five research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Franklin Resources currently has a consensus rating of “Hold” and an average price target of $35.75.

Shares of BEN opened at $28.54 on Thursday. The firm has a market capitalization of $16.03 billion, a P/E ratio of 9.64, a PEG ratio of 1.58 and a beta of 1.49. Franklin Resources has a one year low of $28.12 and a one year high of $45.96. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 0.07.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, July 27th. The closed-end fund reported $0.75 EPS for the quarter, hitting the consensus estimate of $0.75. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.57 billion. Franklin Resources had a net margin of 10.72% and a return on equity of 15.40%. The business’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.73 EPS. On average, research analysts expect that Franklin Resources will post 3.14 EPS for the current fiscal year.

In other Franklin Resources news, insider Jed A. Plafker sold 4,820 shares of the firm’s stock in a transaction on Friday, September 21st. The shares were sold at an average price of $32.85, for a total value of $158,337.00. Following the sale, the insider now directly owns 56,369 shares in the company, valued at approximately $1,851,721.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Craig Steven Tyle sold 11,165 shares of the firm’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $31.35, for a total transaction of $350,022.75. The disclosure for this sale can be found here. Company insiders own 22.20% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Pinebridge Investments L.P. acquired a new stake in Franklin Resources in the 2nd quarter worth $471,000. Teacher Retirement System of Texas grew its position in Franklin Resources by 115.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 158,400 shares of the closed-end fund’s stock worth $5,077,000 after purchasing an additional 84,790 shares during the last quarter. Insight 2811 Inc. grew its position in Franklin Resources by 63.4% in the 2nd quarter. Insight 2811 Inc. now owns 26,554 shares of the closed-end fund’s stock worth $851,000 after purchasing an additional 10,300 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in Franklin Resources by 24.5% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,808 shares of the closed-end fund’s stock worth $571,000 after purchasing an additional 3,500 shares during the last quarter. Finally, Comerica Bank grew its position in Franklin Resources by 2.3% in the 2nd quarter. Comerica Bank now owns 92,660 shares of the closed-end fund’s stock worth $2,975,000 after purchasing an additional 2,071 shares during the last quarter. Institutional investors own 46.82% 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.

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