Franklin Resources, Inc. (NYSE:BEN – Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $31.45 and last traded at $31.4740, with a volume of 1470435 shares changing hands. The stock had previously closed at $31.05.
Analyst Ratings Changes
A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Franklin Resources from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. TD Cowen increased their price objective on Franklin Resources from $33.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. The Goldman Sachs Group lifted their target price on Franklin Resources from $30.50 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Wall Street Zen upgraded Franklin Resources from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Finally, Weiss Ratings upgraded shares of Franklin Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $29.56.
Check Out Our Latest Stock Analysis on BEN
Franklin Resources Price Performance
Franklin Resources (NYSE:BEN – Get Free Report) last issued its earnings results on Tuesday, April 28th. The closed-end fund reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.16. Franklin Resources had a return on equity of 10.58% and a net margin of 8.12%.The firm had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. Analysts anticipate that Franklin Resources, Inc. will post 2.71 EPS for the current fiscal year.
Hedge Funds Weigh In On Franklin Resources
A number of hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in Franklin Resources by 8.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,882,860 shares of the closed-end fund’s stock valued at $259,988,000 after acquiring an additional 816,952 shares in the last quarter. Invesco Ltd. grew its position in Franklin Resources by 8.2% in the fourth quarter. Invesco Ltd. now owns 10,122,937 shares of the closed-end fund’s stock worth $241,837,000 after acquiring an additional 768,707 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Franklin Resources by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 8,069,495 shares of the closed-end fund’s stock worth $192,774,000 after purchasing an additional 272,335 shares during the last quarter. ProShare Advisors LLC raised its holdings in shares of Franklin Resources by 3.6% during the 4th quarter. ProShare Advisors LLC now owns 7,083,168 shares of the closed-end fund’s stock valued at $169,217,000 after purchasing an additional 243,836 shares in the last quarter. Finally, Azora Capital LP raised its holdings in shares of Franklin Resources by 78.8% during the 4th quarter. Azora Capital LP now owns 5,796,575 shares of the closed-end fund’s stock valued at $138,480,000 after purchasing an additional 2,554,105 shares in the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.
About Franklin Resources
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.
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