Franklin Resources (NYSE:BEN) PT Lowered to $21.25

Franklin Resources (NYSE:BEN) had its price target cut by equities researchers at The Goldman Sachs Group from $23.75 to $21.25 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “sell” rating on the closed-end fund’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 7.81% from the stock’s previous close.

Other analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft reduced their target price on Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a report on Monday, July 29th. TD Cowen raised their target price on shares of Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Evercore ISI reduced their price target on shares of Franklin Resources from $24.00 to $20.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. UBS Group decreased their price target on shares of Franklin Resources from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods restated an “underperform” rating and issued a $23.00 price objective on shares of Franklin Resources in a research note on Thursday, August 22nd. Five analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $22.85.

Franklin Resources Stock Performance

Shares of BEN opened at $19.71 on Monday. The company has a market capitalization of $10.37 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 2.62 and a beta of 1.39. Franklin Resources has a 52-week low of $18.94 and a 52-week high of $30.32. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.93. The stock has a 50 day moving average price of $21.05 and a 200 day moving average price of $23.09.

Franklin Resources (NYSE:BEN) last posted its earnings results on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The firm had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.09 billion. Research analysts predict that Franklin Resources will post 2.41 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Franklin Resources

Large investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC purchased a new stake in shares of Franklin Resources during the first quarter valued at approximately $32,000. Altshuler Shaham Ltd purchased a new stake in shares of Franklin Resources during the second quarter worth about $27,000. Sentry Investment Management LLC acquired a new position in shares of Franklin Resources in the second quarter worth about $30,000. Trust Co. of Vermont purchased a new position in Franklin Resources in the fourth quarter valued at about $45,000. Finally, Denali Advisors LLC purchased a new stake in Franklin Resources during the 1st quarter worth approximately $44,000. 47.56% of the stock is currently owned by institutional investors and hedge funds.

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.