Franklin Resources, Inc. (BEN) Now Covered by Barclays PLC
Equities researchers at Barclays PLC assumed coverage on shares of Franklin Resources, Inc. (NYSE:BEN) in a report released on Friday. The firm set an “underweight” rating and a $40.00 price target on the closed-end fund’s stock. Barclays PLC’s price objective indicates a potential downside of 2.53% from the company’s current price.
Other equities analysts have also issued research reports about the company. BidaskClub raised Franklin Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Wells Fargo & Company lowered Franklin Resources from an “outperform” rating to a “market perform” rating and set a $50.00 price target on the stock. in a research note on Monday, July 24th. Jefferies Group LLC reaffirmed a “hold” rating and set a $44.00 price target on shares of Franklin Resources in a research note on Friday, July 14th. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “strong-buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, May 17th. Finally, UBS AG reaffirmed a “neutral” rating and set a $45.00 price target (down previously from $46.00) on shares of Franklin Resources in a research note on Monday, July 31st. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Franklin Resources has a consensus rating of “Hold” and a consensus price target of $44.09.
Franklin Resources (BEN) opened at 41.04 on Friday. Franklin Resources has a 12-month low of $33.02 and a 12-month high of $47.65. The firm has a market capitalization of $22.89 billion, a price-to-earnings ratio of 13.36 and a beta of 1.73. The company’s 50-day moving average price is $43.42 and its 200-day moving average price is $43.12.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Friday, July 28th. The closed-end fund reported $0.73 EPS for the quarter, hitting analysts’ consensus estimates of $0.73. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a return on equity of 13.96% and a net margin of 27.30%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 earnings per share. Equities analysts expect that Franklin Resources will post $2.95 EPS for the current fiscal year.
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In other Franklin Resources news, CFO Kenneth A. Lewis sold 17,141 shares of the stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $44.51, for a total value of $762,945.91. Following the completion of the sale, 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 can be accessed through this hyperlink. 21.60% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in BEN. IFP Advisors Inc increased its holdings in shares of Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock worth $120,000 after acquiring an additional 372 shares in the last quarter. Mountain Capital Investment Advisors Inc bought a new stake in shares of Franklin Resources in the second quarter worth about $123,000. TrimTabs Asset Management LLC increased its holdings in shares of Franklin Resources by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 2,991 shares of the closed-end fund’s stock worth $126,000 after acquiring an additional 1,408 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Franklin Resources in the first quarter worth about $193,000. Finally, Global X Management Co. LLC increased its holdings in shares of Franklin Resources by 7.9% in the first quarter. Global X Management Co. LLC now owns 4,589 shares of the closed-end fund’s stock worth $193,000 after acquiring an additional 337 shares in the last quarter. Institutional investors own 44.97% of the company’s stock.
Franklin Resources Company Profile
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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