Franklin Resources (NYSE:BEN) Price Target Lowered to $21.00 at JPMorgan Chase & Co.

Franklin Resources (NYSE:BEN) had its target price cut by equities researchers at JPMorgan Chase & Co. from $22.00 to $21.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the closed-end fund’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 1.84% from the company’s current price.

Several other analysts also recently commented on BEN. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $19.00 price objective (down from $20.00) on shares of Franklin Resources in a report on Tuesday. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a report on Tuesday. The Goldman Sachs Group dropped their price objective on shares of Franklin Resources from $23.75 to $21.25 and set a “sell” rating on the stock in a report on Monday, September 30th. TD Cowen upped their price objective 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. Finally, Barclays dropped their price objective on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a report on Monday, October 14th. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat, Franklin Resources currently has a consensus rating of “Hold” and a consensus price target of $20.66.

Franklin Resources Stock Performance

Franklin Resources stock traded up $0.46 during mid-day trading on Tuesday, reaching $20.62. 1,131,295 shares of the company traded hands, compared to its average volume of 4,033,543. 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 fifty-two week low of $18.94 and a fifty-two week high of $30.32. The company has a market capitalization of $10.78 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 2.81 and a beta of 1.38. The firm’s fifty day moving average is $20.20 and its two-hundred day moving average is $21.99.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the company posted $0.84 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities research analysts expect that Franklin Resources will post 2.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jennifer M. Johnson bought 18,900 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were bought at an average cost of $20.95 per share, for a total transaction of $395,955.00. Following the transaction, the chief executive officer now owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In other Franklin Resources news, CEO Jennifer M. Johnson acquired 18,900 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average cost of $20.95 per share, for a total transaction of $395,955.00. Following the transaction, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at approximately $4,544,055. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jennifer M. Johnson acquired 12,700 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was acquired at an average price of $19.66 per share, for a total transaction of $249,682.00. Following the completion of the transaction, the chief executive officer now directly owns 2,637,700 shares in the company, valued at approximately $51,857,182. This 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 have purchased 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. Insiders own 24.13% of the company’s stock.

Institutional Investors Weigh In On Franklin Resources

Several institutional investors and hedge funds have recently made changes to their positions in BEN. State of Alaska Department of Revenue lifted its holdings in Franklin Resources by 7.0% in the 1st quarter. State of Alaska Department of Revenue now owns 32,567 shares of the closed-end fund’s stock valued at $915,000 after purchasing an additional 2,125 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Franklin Resources by 15.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 63,473 shares of the closed-end fund’s stock valued at $1,734,000 after purchasing an additional 8,712 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Franklin Resources by 16.3% in the 1st quarter. BNP Paribas Financial Markets now owns 522,985 shares of the closed-end fund’s stock valued at $14,701,000 after purchasing an additional 73,245 shares in the last quarter. Capstone Investment Advisors LLC lifted its holdings in Franklin Resources by 18.9% in the 1st quarter. Capstone Investment Advisors LLC now owns 13,429 shares of the closed-end fund’s stock valued at $377,000 after purchasing an additional 2,138 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. lifted its holdings in Franklin Resources by 25.4% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 12,067 shares of the closed-end fund’s stock valued at $339,000 after purchasing an additional 2,445 shares in the last quarter. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

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.