UBS Group Trims Franklin Resources (NYSE:BEN) Target Price to $24.00

Franklin Resources (NYSE:BEN) had its price target lowered by investment analysts at UBS Group from $25.00 to $24.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the closed-end fund’s stock. UBS Group’s target price would suggest a potential upside of 8.40% from the company’s current price.

Several other brokerages have also weighed in on BEN. TD Cowen cut their target price on Franklin Resources from $25.50 to $23.00 and set a “hold” rating on the stock in a research report on Monday. Morgan Stanley increased their target price on Franklin Resources from $24.00 to $25.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 17th. BMO Capital Markets cut their target price on Franklin Resources from $30.00 to $27.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 30th. Evercore ISI cut their target price on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 30th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Franklin Resources from $29.00 to $24.00 and set a “hold” rating on the stock in a research report on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat.com, Franklin Resources presently has a consensus rating of “Hold” and a consensus target price of $25.15.

Franklin Resources Trading Up 0.4 %

Shares of Franklin Resources stock traded up $0.08 during trading hours on Wednesday, reaching $22.14. 360,327 shares of the company’s stock were exchanged, compared to its average volume of 3,657,260. Franklin Resources has a 52-week low of $21.57 and a 52-week high of $30.32. The firm has a market capitalization of $11.65 billion, a price-to-earnings ratio of 12.65, a price-to-earnings-growth ratio of 1.94 and a beta of 1.43. The company has a fifty day moving average of $23.04 and a 200-day moving average of $25.79. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.90.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Monday, April 29th. The closed-end fund reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). Franklin Resources had a return on equity of 10.82% and a net margin of 11.09%. The business had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the prior year, the company earned $0.61 EPS. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. Sell-side analysts forecast that Franklin Resources will post 2.45 EPS for the current fiscal year.

Insider Buying and Selling at Franklin Resources

In related news, major shareholder Charles B. Johnson acquired 200,000 shares of Franklin Resources stock in a transaction that occurred on Friday, June 21st. The stock was acquired at an average price of $22.80 per share, for a total transaction of $4,560,000.00. Following the transaction, the insider now directly owns 88,703,192 shares of the company’s stock, valued at approximately $2,022,432,777.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 24.13% of the stock is owned by insiders.

Institutional Investors Weigh In On Franklin Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. increased its position in shares of Franklin Resources by 240.5% during the 4th quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock valued at $26,000 after purchasing an additional 623 shares during the period. Creative Financial Designs Inc. ADV bought a new stake in shares of Franklin Resources in the 4th quarter worth approximately $31,000. Headlands Technologies LLC acquired a new stake in Franklin Resources during the first quarter valued at approximately $32,000. Massmutual Trust Co. FSB ADV boosted its holdings in 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 worth $33,000 after buying an additional 665 shares in the last quarter. Finally, Tobam grew its position in Franklin Resources by 2,170.0% in the fourth quarter. Tobam now owns 1,135 shares of the closed-end fund’s stock worth $34,000 after buying an additional 1,085 shares during the last quarter. 47.56% of the stock is currently owned by institutional investors.

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.