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.
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
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