Franklin Resources (NYSE:BEN) PT Lowered to $23.00 at Deutsche Bank Aktiengesellschaft

Franklin Resources (NYSE:BEN) had its target price cut by stock analysts at Deutsche Bank Aktiengesellschaft from $24.00 to $23.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “hold” rating on the closed-end fund’s stock. Deutsche Bank Aktiengesellschaft’s price target points to a potential upside of 2.09% from the stock’s previous close.

BEN has been the topic of a number of other reports. Evercore ISI decreased their price target on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a report on Tuesday, April 30th. BMO Capital Markets decreased their target price on Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research note on Monday. Keefe, Bruyette & Woods lowered their price target on Franklin Resources from $25.00 to $23.00 and set an “underperform” rating on the stock in a report on Monday. Morgan Stanley increased their price objective on shares of Franklin Resources from $24.00 to $25.00 and gave the company an “underweight” rating in a report on Wednesday, April 17th. Finally, TD Cowen lowered their target price on shares of Franklin Resources from $25.50 to $23.00 and set a “hold” rating on the stock in a report on Monday, July 8th. Four investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Franklin Resources presently has an average rating of “Hold” and a consensus price target of $24.86.

Franklin Resources Stock Performance

Franklin Resources stock traded down $0.55 during midday trading on Monday, hitting $22.53. The stock had a trading volume of 1,942,307 shares, compared to its average volume of 3,662,684. 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 has a 52-week low of $21.57 and a 52-week high of $30.32. The company has a market capitalization of $11.85 billion, a PE ratio of 12.78, a P/E/G ratio of 2.66 and a beta of 1.43. The firm’s fifty day moving average is $22.93 and its two-hundred day moving average is $25.23.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Monday, April 29th. The closed-end fund reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). Franklin Resources had a return on equity of 10.74% and a net margin of 10.24%. The firm had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the company earned $0.61 earnings per share. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. On average, research analysts forecast that Franklin Resources will post 2.43 EPS for the current year.

Insider Activity at Franklin Resources

In other Franklin Resources news, major shareholder Charles B. Johnson acquired 200,000 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 88,703,192 shares of the company’s stock, valued at $2,022,432,777.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 24.13% of the stock is owned by insiders.

Institutional Investors Weigh In On Franklin Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Franklin Resources by 45.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 85,703 shares of the closed-end fund’s stock valued at $1,915,000 after acquiring an additional 26,735 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in Franklin Resources by 13.7% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 8,300 shares of the closed-end fund’s stock worth $185,000 after purchasing an additional 1,000 shares during the last quarter. Wright Investors Service Inc. boosted its position in shares of Franklin Resources by 47.4% during the second quarter. Wright Investors Service Inc. now owns 92,869 shares of the closed-end fund’s stock valued at $2,076,000 after buying an additional 29,878 shares during the period. AustralianSuper Pty Ltd bought a new position in shares of Franklin Resources during the second quarter valued at approximately $6,522,000. Finally, Gold Investment Management Ltd. raised its holdings in shares of Franklin Resources by 2.5% in the second quarter. Gold Investment Management Ltd. now owns 26,032 shares of the closed-end fund’s stock worth $582,000 after buying an additional 644 shares during the period. 47.56% of the stock is currently owned by hedge funds and other 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.