Franklin Resources (NYSE:BEN) PT Lowered to $19.00

Franklin Resources (NYSE:BEN) had its price objective decreased by equities research analysts at Wells Fargo & Company from $20.00 to $19.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the closed-end fund’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 5.94% from the stock’s previous close.

A number of other brokerages have also recently issued reports on BEN. UBS Group dropped their price target on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $23.00 price objective on shares of Franklin Resources in a report on Thursday, August 22nd. BMO Capital Markets cut their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a report on Monday, July 29th. Finally, TD Cowen raised their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a report on Monday, July 29th. Five analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Franklin Resources has an average rating of “Hold” and an average price target of $22.43.

Franklin Resources Trading Up 3.0 %

Shares of Franklin Resources stock opened at $20.20 on Wednesday. The firm has a market cap of $10.63 billion, a PE ratio of 11.54, a PEG ratio of 2.62 and a beta of 1.39. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71. Franklin Resources has a 1 year low of $18.94 and a 1 year high of $30.32. The company has a 50 day simple moving average of $20.65 and a two-hundred day simple moving average of $22.80.

Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.09 billion. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. Analysts expect that Franklin Resources will post 2.41 earnings per share for the current fiscal year.

Insider Activity at Franklin Resources

In other news, major shareholder Charles B. Johnson acquired 100,000 shares of Franklin Resources stock in a transaction that occurred on Thursday, August 29th. The stock was purchased at an average cost of $19.84 per share, with a total value of $1,984,000.00. Following the purchase, the insider now owns 89,208,192 shares in the company, valued at $1,769,890,529.28. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Jennifer M. Johnson bought 12,700 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was bought at an average cost of $19.66 per share, for a total transaction of $249,682.00. Following the acquisition, the chief executive officer now directly owns 2,637,700 shares of the company’s stock, valued at $51,857,182. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Charles B. Johnson bought 100,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were purchased at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the acquisition, the insider now directly owns 89,208,192 shares in the company, valued at $1,769,890,529.28. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 231,600 shares of company stock valued at $4,537,637. 24.13% of the stock is owned by insiders.

Hedge Funds Weigh In On Franklin Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Altshuler Shaham Ltd acquired a new position in Franklin Resources during the second quarter worth approximately $27,000. Matrix Trust Co purchased a new stake in Franklin Resources during the third quarter worth $29,000. Sentry Investment Management LLC purchased a new stake in Franklin Resources during the second quarter worth $30,000. Headlands Technologies LLC purchased a new stake in Franklin Resources during the first quarter worth $32,000. Finally, Denali Advisors LLC acquired a new position in shares of Franklin Resources in the first quarter worth $44,000. Hedge funds and other institutional investors own 47.56% of the company’s stock.

Franklin Resources Company Profile

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.