Franklin Resources (NYSE:BEN) was upgraded by equities researchers at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research note issued to investors on Thursday, The Fly reports.
A number of other brokerages have also weighed in on BEN. Citigroup boosted their target price on Franklin Resources from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Barclays set a $27.00 target price on Franklin Resources and gave the stock a “sell” rating in a research report on Wednesday, July 31st. TheStreet lowered Franklin Resources from a “b-” rating to a “c+” rating in a research report on Friday, August 9th. Finally, ValuEngine lowered shares of Franklin Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. Seven analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $31.18.
Shares of NYSE:BEN opened at $29.48 on Thursday. Franklin Resources has a fifty-two week low of $25.57 and a fifty-two week high of $35.82. The business has a 50-day simple moving average of $28.93 and a two-hundred day simple moving average of $32.62. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.35 and a current ratio of 3.35. The firm has a market cap of $14.17 billion, a price-to-earnings ratio of 9.24, a price-to-earnings-growth ratio of 1.54 and a beta of 1.22.
Franklin Resources (NYSE:BEN) last issued its earnings results on Tuesday, July 30th. The closed-end fund reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.63 by ($0.15). Franklin Resources had a return on equity of 13.43% and a net margin of 23.80%. The business had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the firm posted $0.75 EPS. Franklin Resources’s quarterly revenue was down 5.3% compared to the same quarter last year. As a group, research analysts predict that Franklin Resources will post 2.58 earnings per share for the current year.
In related news, EVP Craig Steven Tyle sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $26.01, for a total transaction of $130,050.00. Following the completion of the transaction, the executive vice president now directly owns 100,009 shares in the company, valued at approximately $2,601,234.09. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 23.90% of the company’s stock.
Several large investors have recently made changes to their positions in BEN. Advisory Services Network LLC raised its holdings in shares of Franklin Resources by 232.6% during the 2nd quarter. Advisory Services Network LLC now owns 725 shares of the closed-end fund’s stock worth $25,000 after acquiring an additional 507 shares in the last quarter. Trustcore Financial Services LLC purchased a new stake in shares of Franklin Resources during the 1st quarter worth approximately $25,000. Rational Advisors LLC raised its holdings in shares of Franklin Resources by 5,760.0% during the 2nd quarter. Rational Advisors LLC now owns 879 shares of the closed-end fund’s stock worth $31,000 after acquiring an additional 864 shares in the last quarter. Smith Asset Management Group LP purchased a new stake in shares of Franklin Resources during the 2nd quarter worth approximately $32,000. Finally, Knuff & Co LLC purchased a new stake in shares of Franklin Resources during the 1st quarter worth approximately $33,000. Institutional investors own 50.47% of the company’s stock.
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.
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