Evercore ISI Reiterates Sell Rating for Franklin Resources (NYSE:BEN)

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Evercore ISI reissued their sell rating on shares of Franklin Resources (NYSE:BEN) in a report issued on Wednesday morning, AnalystRatings.com reports. The brokerage currently has a $25.00 target price on the closed-end fund’s stock.

A number of other analysts also recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Franklin Resources from an underweight rating to a neutral rating and set a $32.00 price target for the company in a report on Thursday, September 12th. Barclays reissued a sell rating and issued a $24.00 price target on shares of Franklin Resources in a report on Wednesday, October 9th. ValuEngine raised shares of Franklin Resources from a sell rating to a hold rating in a report on Friday, October 25th. Morgan Stanley reduced their price target on shares of Franklin Resources from $31.00 to $28.00 and set an underweight rating for the company in a report on Tuesday, October 8th. Finally, TheStreet downgraded shares of Franklin Resources from a b- rating to a c+ rating in a report on Friday, August 9th. Seven analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $28.92.

Franklin Resources stock traded up $0.50 during mid-day trading on Wednesday, reaching $27.73. The company had a trading volume of 1,790,229 shares, compared to its average volume of 3,627,813. The company has a quick ratio of 3.35, a current ratio of 2.96 and a debt-to-equity ratio of 0.07. Franklin Resources has a 52 week low of $25.57 and a 52 week high of $35.82. The company has a 50 day moving average of $27.75 and a 200-day moving average of $30.89. The firm has a market cap of $13.75 billion, a price-to-earnings ratio of 11.00, a PEG ratio of 1.50 and a beta of 1.23.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, October 25th. The closed-end fund reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.03). Franklin Resources had a net margin of 20.71% and a return on equity of 12.28%. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period last year, the company earned $0.96 earnings per share. Franklin Resources’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, analysts predict that Franklin Resources will post 2.6 earnings per share for the current fiscal year.

In other news, EVP Craig Steven Tyle sold 5,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $26.01, for a total value of $130,050.00. Following the completion of the transaction, the executive vice president now 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 link. Corporate insiders own 22.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Advisory Services Network LLC raised its stake in shares of Franklin Resources by 232.6% in the 2nd quarter. Advisory Services Network LLC now owns 725 shares of the closed-end fund’s stock valued at $25,000 after buying an additional 507 shares in the last quarter. Rational Advisors LLC increased its position 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 purchasing an additional 864 shares in the last quarter. Smith Asset Management Group LP acquired a new stake in shares of Franklin Resources during the 2nd quarter worth about $32,000. Liberty Wealth Management LLC increased its position in shares of Franklin Resources by 3,680.0% during the 2nd quarter. Liberty Wealth Management LLC now owns 1,134 shares of the closed-end fund’s stock worth $39,000 after purchasing an additional 1,104 shares in the last quarter. Finally, TRUE Private Wealth Advisors acquired a new stake in shares of Franklin Resources during the 2nd quarter worth about $43,000. Institutional investors own 49.79% 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.

Further Reading: 52-Week Highs and Lows

Analyst Recommendations for Franklin Resources (NYSE:BEN)

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