Franklin Resources (NYSE:BEN) Price Target Cut to $27.00 by Analysts at BMO Capital Markets

Franklin Resources (NYSE:BEN) had its price target lowered by equities researchers at BMO Capital Markets from $30.00 to $27.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “market perform” rating on the closed-end fund’s stock. BMO Capital Markets’ price objective indicates a potential upside of 17.34% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. TD Cowen started coverage on shares of Franklin Resources in a research note on Thursday, January 4th. They set a “market perform” rating and a $32.00 price objective on the stock. UBS Group boosted their price target on Franklin Resources from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 10th. Evercore ISI dropped their price objective on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating on the stock in a research note on Tuesday. StockNews.com cut Franklin Resources from a “buy” rating to a “hold” rating in a report on Thursday, February 1st. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Franklin Resources from $30.00 to $28.00 and set a “hold” rating for the company in a report on Tuesday, January 30th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat.com, Franklin Resources currently has a consensus rating of “Hold” and a consensus price target of $27.05.

Franklin Resources Stock Performance

BEN stock traded down $0.37 during mid-day trading on Tuesday, reaching $23.01. The company had a trading volume of 803,739 shares, compared to its average volume of 3,644,141. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.86. Franklin Resources has a one year low of $21.88 and a one year high of $30.32. The stock’s 50-day simple moving average is $26.79 and its two-hundred day simple moving average is $26.37. The stock has a market capitalization of $12.12 billion, a P/E ratio of 12.08, a P/E/G ratio of 1.31 and a beta of 1.40.

Franklin Resources (NYSE:BEN) last released its earnings results on Monday, April 29th. The closed-end fund reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The business had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Franklin Resources had a net margin of 12.30% and a return on equity of 11.15%. Franklin Resources’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.61 EPS. Research analysts anticipate that Franklin Resources will post 2.52 EPS for the current year.

Institutional Trading of Franklin Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BEN. Peoples Bank KS bought a new stake in Franklin Resources in the third quarter worth approximately $25,000. Blue Trust Inc. grew its stake in Franklin Resources by 240.5% in the fourth quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock valued at $26,000 after acquiring an additional 623 shares during the period. Bell Investment Advisors Inc increased its holdings in shares of Franklin Resources by 975.5% during the third quarter. Bell Investment Advisors Inc now owns 1,140 shares of the closed-end fund’s stock valued at $28,000 after acquiring an additional 1,034 shares in the last quarter. Creative Financial Designs Inc. ADV acquired a new position in shares of Franklin Resources during the fourth quarter worth approximately $31,000. Finally, Massmutual Trust Co. FSB ADV raised its holdings in Franklin Resources by 149.1% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,111 shares of the closed-end fund’s stock worth $33,000 after buying an additional 665 shares during the last quarter. Institutional investors and hedge funds own 47.56% 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.