ValuEngine downgraded shares of Franklin Resources, Inc. (NYSE:BEN) from a buy rating to a hold rating in a report issued on Friday morning.
Several other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $46.00 price target on shares of Franklin Resources in a research report on Wednesday, November 1st. Zacks Investment Research cut shares of Franklin Resources from a buy rating to a hold rating in a research report on Monday, October 30th. UBS AG upped their price target on shares of Franklin Resources from $46.00 to $48.00 and gave the stock a neutral rating in a research report on Friday, October 27th. Citigroup Inc. lowered their price target on shares of Franklin Resources from $45.00 to $44.00 and set a neutral rating for the company in a research report on Friday, October 27th. Finally, Wells Fargo & Company reduced their price objective on shares of Franklin Resources from $50.00 to $48.00 and set a market perform rating for the company in a research note on Friday, October 27th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $44.45.
Shares of Franklin Resources (NYSE BEN) opened at $40.48 on Friday. Franklin Resources has a 52-week low of $38.54 and a 52-week high of $47.65. The firm has a market cap of $22,422.19, a P/E ratio of 13.49, a PEG ratio of 1.39 and a beta of 1.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.75 and a quick ratio of 8.75.
Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.04. Franklin Resources had a net margin of 26.54% and a return on equity of 13.48%. The firm had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter in the prior year, the company earned $0.82 EPS. The company’s revenue was up .3% compared to the same quarter last year. research analysts expect that Franklin Resources will post 2.91 earnings per share for the current fiscal year.
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In other Franklin Resources news, Chairman Gregory E. Johnson sold 56,825 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the transaction, the chairman now owns 2,047,273 shares in the company, valued at approximately $87,684,702.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 21.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Smith Shellnut Wilson LLC ADV acquired a new position in Franklin Resources during the 3rd quarter valued at approximately $250,000. Sterling Capital Management LLC increased its stake in shares of Franklin Resources by 5.6% in the third quarter. Sterling Capital Management LLC now owns 86,900 shares of the closed-end fund’s stock worth $3,868,000 after acquiring an additional 4,600 shares during the period. Neuberger Berman Group LLC increased its stake in shares of Franklin Resources by 17.2% in the third quarter. Neuberger Berman Group LLC now owns 15,952 shares of the closed-end fund’s stock worth $710,000 after acquiring an additional 2,345 shares during the period. Piedmont Investment Advisors LLC increased its stake in shares of Franklin Resources by 1.6% in the third quarter. Piedmont Investment Advisors LLC now owns 226,671 shares of the closed-end fund’s stock worth $10,089,000 after acquiring an additional 3,537 shares during the period. Finally, California Public Employees Retirement System increased its stake in shares of Franklin Resources by 0.3% in the third quarter. California Public Employees Retirement System now owns 1,071,576 shares of the closed-end fund’s stock worth $47,696,000 after acquiring an additional 3,160 shares during the period. Institutional investors and hedge funds own 46.43% 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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