Franklin Resources (BEN) Raised to “Buy” at ValuEngine

Franklin Resources (NYSE:BEN) was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

Other equities research analysts have also issued reports about the stock. 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 report on Tuesday, October 3rd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $44.00 price objective on shares of Franklin Resources in a report on Sunday, September 3rd. Wells Fargo & Company reduced their price objective on shares of Franklin Resources from $50.00 to $48.00 and set a “market perform” rating on the stock in a report on Friday, October 27th. UBS raised their price objective on shares of Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, October 27th. Finally, Citigroup reduced their price objective on shares of Franklin Resources from $45.00 to $44.00 and set a “neutral” rating on the stock in a report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. Franklin Resources presently has a consensus rating of “Hold” and an average target price of $44.45.

Shares of Franklin Resources (NYSE BEN) traded up $0.13 on Friday, hitting $43.48. 2,917,426 shares of the stock were exchanged, compared to its average volume of 2,252,277. Franklin Resources has a fifty-two week low of $38.93 and a fifty-two week high of $47.65. The firm has a market cap of $24,083.92, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 1.49 and a beta of 1.76. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.75 and a quick ratio of 8.75.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.04. Franklin Resources had a net margin of 26.54% and a return on equity of 13.48%. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period last year, the business earned $0.82 EPS. The company’s revenue was up .3% on a year-over-year basis. equities research analysts expect that Franklin Resources will post 2.92 EPS for the current year.

In related news, Chairman Gregory E. Johnson sold 56,825 shares of Franklin Resources stock in a transaction on Monday, October 30th. The shares were sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the sale, the chairman now directly owns 2,047,273 shares in the company, valued at approximately $87,684,702.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 21.60% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in Franklin Resources by 225.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,153,748 shares of the closed-end fund’s stock worth $140,499,000 after purchasing an additional 2,184,863 shares during the last quarter. Ameriprise Financial Inc. grew its position in Franklin Resources by 138.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,372,129 shares of the closed-end fund’s stock worth $150,106,000 after purchasing an additional 1,959,427 shares during the last quarter. APG Asset Management N.V. grew its position in Franklin Resources by 57.3% during the 3rd quarter. APG Asset Management N.V. now owns 3,906,627 shares of the closed-end fund’s stock worth $173,884,000 after purchasing an additional 1,422,900 shares during the last quarter. Bank of New York Mellon Corp grew its position in Franklin Resources by 35.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,874,451 shares of the closed-end fund’s stock worth $216,961,000 after purchasing an additional 1,288,818 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in Franklin Resources by 70.2% during the 2nd quarter. Nordea Investment Management AB now owns 1,689,754 shares of the closed-end fund’s stock worth $75,684,000 after purchasing an additional 696,730 shares during the last quarter. Hedge funds and other institutional investors own 44.77% of the company’s stock.

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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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Analyst Recommendations for Franklin Resources (NYSE:BEN)

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