Franklin Resources, Inc. (BEN) Stock Rating Reaffirmed by Keefe, Bruyette & Woods
Franklin Resources, Inc. (NYSE:BEN)‘s stock had its “hold” rating reissued by stock analysts at Keefe, Bruyette & Woods in a research note issued on Sunday. They currently have a $44.00 price objective on the closed-end fund’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 1.38% from the stock’s current price.
Other analysts have also issued reports about the stock. BidaskClub raised shares of Franklin Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. UBS Group AG reissued a “neutral” rating and set a $45.00 target price (down from $46.00) on shares of Franklin Resources in a research note on Monday, July 31st. Wells Fargo & Company lowered shares of Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 target price for the company. in a research note on Monday, July 24th. Jefferies Group LLC reissued a “hold” rating and set a $44.00 target price on shares of Franklin Resources in a research note on Friday, July 14th. Finally, Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 target price for the company in a research note on Wednesday, May 17th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $43.18.
Shares of Franklin Resources (NYSE BEN) opened at 43.40 on Friday. Franklin Resources has a 12 month low of $33.02 and a 12 month high of $47.65. The stock has a market cap of $24.20 billion, a PE ratio of 14.12 and a beta of 1.73. The firm’s 50-day moving average is $44.06 and its 200 day moving average is $43.15.
Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.73. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The business’s revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.77 earnings per share. On average, equities analysts predict that Franklin Resources will post $2.95 EPS for the current year.
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In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the completion of the transaction, the chief financial officer now directly owns 124,021 shares in the company, valued at $5,520,174.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 21.60% of the company’s stock.
A number of institutional investors have recently made changes to their positions in BEN. BlackRock Inc. raised its holdings in Franklin Resources by 1,550.0% in the first quarter. BlackRock Inc. now owns 21,119,419 shares of the closed-end fund’s stock worth $889,973,000 after purchasing an additional 19,839,472 shares in the last quarter. Vanguard Group Inc. raised its holdings in Franklin Resources by 5.2% in the first quarter. Vanguard Group Inc. now owns 26,930,042 shares of the closed-end fund’s stock worth $1,134,833,000 after purchasing an additional 1,337,903 shares in the last quarter. Nordea Investment Management AB raised its holdings in Franklin Resources by 70.2% in the second quarter. Nordea Investment Management AB now owns 1,689,754 shares of the closed-end fund’s stock worth $75,684,000 after purchasing an additional 696,730 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Franklin Resources by 92.8% in the second quarter. Ameriprise Financial Inc. now owns 1,412,702 shares of the closed-end fund’s stock worth $63,289,000 after purchasing an additional 680,059 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Franklin Resources by 996.3% in the first quarter. JPMorgan Chase & Co. now owns 716,720 shares of the closed-end fund’s stock worth $30,203,000 after purchasing an additional 651,346 shares in the last quarter. Institutional investors and hedge funds own 44.97% of the company’s stock.
About Franklin Resources
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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