Franklin Resources (NYSE:BEN) Given New $17.00 Price Target at Bank of America

Franklin Resources (NYSE:BEN) had its target price decreased by analysts at Bank of America from $20.00 to $17.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “underperform” rating on the closed-end fund’s stock. Bank of America‘s price objective indicates a potential downside of 12.64% from the stock’s previous close.

A number of other research analysts have also weighed in on the company. Morgan Stanley raised their price objective on Franklin Resources from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Friday, December 20th. JPMorgan Chase & Co. reduced their price target on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. The Goldman Sachs Group upgraded shares of Franklin Resources from a “sell” rating to a “neutral” rating and upped their price target for the stock from $21.00 to $22.00 in a research note on Monday, January 6th. Barclays increased their price objective on shares of Franklin Resources from $19.00 to $22.00 and gave the company an “underweight” rating in a research report on Monday, February 3rd. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a report on Monday, February 3rd. Five investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $20.54.

Franklin Resources Stock Up 0.8 %

NYSE:BEN opened at $19.46 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.66 and a quick ratio of 1.66. The firm’s 50-day moving average price is $20.12 and its 200-day moving average price is $20.56. The company has a market capitalization of $10.22 billion, a PE ratio of 29.94, a P/E/G ratio of 2.31 and a beta of 1.42. Franklin Resources has a 1-year low of $18.74 and a 1-year high of $28.08.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. During the same period in the previous year, the firm earned $0.65 EPS. On average, equities analysts predict that Franklin Resources will post 2.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Franklin Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company increased its position in Franklin Resources by 28.8% during the third quarter. The Manufacturers Life Insurance Company now owns 245,148 shares of the closed-end fund’s stock valued at $4,940,000 after acquiring an additional 54,765 shares during the last quarter. FMR LLC grew its stake in shares of Franklin Resources by 27.1% during the 3rd quarter. FMR LLC now owns 39,678 shares of the closed-end fund’s stock valued at $800,000 after purchasing an additional 8,468 shares during the period. Public Sector Pension Investment Board increased its position in shares of Franklin Resources by 6.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 53,951 shares of the closed-end fund’s stock valued at $1,087,000 after purchasing an additional 3,400 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Franklin Resources by 1.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,596,762 shares of the closed-end fund’s stock worth $32,175,000 after purchasing an additional 22,228 shares during the period. Finally, Benjamin Edwards Inc. purchased a new position in shares of Franklin Resources in the third quarter worth approximately $1,461,000. 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.