Franklin Resources, Inc. (BEN) Now Covered by Barclays PLC
Analysts at Barclays PLC initiated coverage on shares of Franklin Resources, Inc. (NYSE:BEN) in a report released on Friday, MarketBeat reports. The brokerage set an “underweight” rating and a $40.00 price target on the closed-end fund’s stock. Barclays PLC’s price target indicates a potential downside of 2.53% from the company’s previous close.
BEN has been the topic of several other reports. BidaskClub upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Wednesday, June 28th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $47.00 price objective on shares of Franklin Resources in a research report on Thursday, July 6th. Deutsche Bank AG lifted their price objective 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. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $44.00 price objective on shares of Franklin Resources in a research report on Friday, July 14th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. Franklin Resources currently has an average rating of “Hold” and a consensus price target of $44.09.
Shares of Franklin Resources (NYSE BEN) traded down 0.24% during midday trading on Friday, reaching $41.04. The company’s stock had a trading volume of 1,662,978 shares. The stock has a market capitalization of $22.89 billion, a PE ratio of 13.36 and a beta of 1.73. Franklin Resources has a 12 month low of $33.02 and a 12 month high of $47.65. The stock’s 50 day moving average is $43.42 and its 200 day moving average is $43.12.
Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, July 28th. The closed-end fund reported $0.73 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Franklin Resources had a net margin of 27.30% and a return on equity of 13.96%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.77 earnings per share. On average, analysts forecast that Franklin Resources will post $2.95 EPS for the current fiscal year.
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In other news, CFO Kenneth A. Lewis sold 17,141 shares of the business’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $44.51, for a total transaction of $762,945.91. Following the transaction, the chief financial officer now directly owns 124,021 shares in the company, valued at approximately $5,520,174.71. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 21.60% of the company’s stock.
Several institutional investors have recently bought and sold shares of BEN. Acadian Asset Management LLC purchased a new position in shares of Franklin Resources during the 1st quarter valued at $193,000. Wells Fargo & Company MN grew its holdings in shares of Franklin Resources by 8.4% during the 1st quarter. Wells Fargo & Company MN now owns 1,183,761 shares of the closed-end fund’s stock valued at $49,883,000 after acquiring an additional 92,169 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Franklin Resources by 54.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 145,181 shares of the closed-end fund’s stock valued at $6,118,000 after acquiring an additional 51,239 shares in the last quarter. Tyers Asset Management LLC grew its holdings in shares of Franklin Resources by 4.3% during the 1st quarter. Tyers Asset Management LLC now owns 8,496 shares of the closed-end fund’s stock valued at $358,000 after acquiring an additional 352 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Franklin Resources by 32.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 41,619 shares of the closed-end fund’s stock valued at $1,820,000 after acquiring an additional 10,226 shares in the last quarter. Institutional investors and hedge funds own 44.97% 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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