Franklin Resources (BEN) Price Target Cut to $34.00 by Analysts at Deutsche Bank

Franklin Resources (NYSE:BEN) had its target price trimmed by Deutsche Bank from $37.00 to $34.00 in a report published on Friday morning. They currently have a hold rating on the closed-end fund’s stock.

A number of other equities research analysts have also commented on the company. Zacks Investment Research lowered Franklin Resources from a buy rating to a hold rating in a research report on Monday, March 12th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $47.00 price target on shares of Franklin Resources in a research report on Friday, December 22nd. ValuEngine lowered Franklin Resources from a buy rating to a hold rating in a research report on Friday, February 2nd. Finally, Credit Suisse Group reduced their price target on Franklin Resources from $57.00 to $34.00 and set an underperform rating on the stock in a research report on Thursday. Four investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $42.80.

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Shares of NYSE BEN traded down $0.83 during trading on Friday, reaching $33.22. The company had a trading volume of 4,056,547 shares, compared to its average volume of 3,591,539. Franklin Resources has a 12 month low of $32.91 and a 12 month high of $47.65. The firm has a market capitalization of $18,785.51, a PE ratio of 11.04, a price-to-earnings-growth ratio of 1.15 and a beta of 1.60. The company has a current ratio of 4.28, a quick ratio of 4.28 and a debt-to-equity ratio of 0.09.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Tuesday, January 30th. The closed-end fund reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.13. Franklin Resources had a return on equity of 13.88% and a net margin of 10.44%. The firm had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the previous year, the company posted $0.77 EPS. The business’s revenue was up 3.5% on a year-over-year basis. analysts forecast that Franklin Resources will post 3.26 earnings per share for the current fiscal year.

The firm also recently announced a special dividend, which will be paid on Thursday, April 12th. Investors of record on Thursday, March 29th will be given a dividend of $3.00 per share. This is a positive change from Franklin Resources’s previous special dividend of $0.50. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a dividend yield of 2.35%. Franklin Resources’s dividend payout ratio is presently 30.56%.

Several institutional investors have recently made changes to their positions in the stock. Xact Kapitalforvaltning AB boosted its position in shares of Franklin Resources by 12.5% during the 4th quarter. Xact Kapitalforvaltning AB now owns 169,337 shares of the closed-end fund’s stock valued at $7,337,000 after purchasing an additional 18,806 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Franklin Resources by 3.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 64,923 shares of the closed-end fund’s stock valued at $2,813,000 after purchasing an additional 2,128 shares in the last quarter. We Are One Seven LLC bought a new stake in shares of Franklin Resources during the 4th quarter valued at about $113,000. MetLife Investment Advisors LLC acquired a new position in Franklin Resources during the 4th quarter worth approximately $4,381,000. Finally, Gotham Asset Management LLC raised its stake in Franklin Resources by 15.3% during the 4th quarter. Gotham Asset Management LLC now owns 84,880 shares of the closed-end fund’s stock worth $3,678,000 after buying an additional 11,250 shares during the period. Institutional investors own 46.96% of the company’s stock.

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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.

Analyst Recommendations for Franklin Resources (NYSE:BEN)

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