Franklin Resources, Inc. (NYSE:BEN) Downgraded by Wells Fargo & Company to Market Perform
Franklin Resources, Inc. (NYSE:BEN) was downgraded by analysts at Wells Fargo & Company from an “outperform” rating to a “market perform” rating in a report released on Monday.
Several other equities research analysts also recently weighed in on the stock. Jefferies Group LLC reissued a “hold” rating and issued a $44.00 target price on shares of Franklin Resources in a research report on Friday, July 14th. BidaskClub raised shares of Franklin Resources from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Morgan Stanley reissued an “underweight” rating and issued a $40.00 target price (up previously from $39.00) on shares of Franklin Resources in a research report on Monday, July 10th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 target price on shares of Franklin Resources in a research report on Thursday, July 6th. Finally, Deutsche Bank AG boosted their target price on shares of Franklin Resources from $41.00 to $42.00 and gave the stock a “hold” rating in a research report on Tuesday, July 4th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Franklin Resources currently has a consensus rating of “Hold” and a consensus price target of $42.10.
Franklin Resources (NYSE:BEN) opened at 46.67 on Monday. Franklin Resources has a 1-year low of $33.02 and a 1-year high of $47.05. The firm has a 50-day moving average of $44.62 and a 200 day moving average of $42.47. The firm has a market cap of $26.20 billion, a P/E ratio of 15.04 and a beta of 1.73.
Franklin Resources (NYSE:BEN) last released its earnings results on Friday, April 28th. The closed-end fund reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.07. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.57 billion. Franklin Resources had a net margin of 27.77% and a return on equity of 14.34%. The company’s revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.61 EPS. On average, analysts predict that Franklin Resources will post $2.93 EPS for the current year.
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In other news, CFO Kenneth A. Lewis sold 17,141 shares of Franklin Resources stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total value of $762,945.91. Following the completion of the transaction, the chief financial officer now directly owns 124,021 shares of the company’s stock, valued at approximately $5,520,174.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 21.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of BEN. Federated Investors Inc. PA raised its position in Franklin Resources by 0.6% in the fourth quarter. Federated Investors Inc. PA now owns 9,148 shares of the closed-end fund’s stock worth $362,000 after buying an additional 56 shares during the last quarter. Teachers Advisors LLC raised its position in Franklin Resources by 5.8% in the fourth quarter. Teachers Advisors LLC now owns 542,960 shares of the closed-end fund’s stock worth $21,490,000 after buying an additional 29,824 shares during the last quarter. Kentucky Retirement Systems purchased a new position in Franklin Resources during the fourth quarter worth about $997,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Franklin Resources during the fourth quarter worth about $445,000. Finally, Philadelphia Trust Co. purchased a new position in Franklin Resources during the fourth quarter worth about $1,029,000. 45.48% of the stock is owned by institutional investors and hedge funds.
About Franklin Resources
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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