Franklin Resources (NYSE:BEN) Given New $17.00 Price Target at Barclays

Franklin Resources (NYSE:BEN) had its target price lowered by equities researchers at Barclays from $22.00 to $17.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the closed-end fund’s stock. Barclays‘s target price would suggest a potential downside of 5.48% from the company’s previous close.

Several other equities analysts also recently weighed in on BEN. UBS Group lifted their target price on Franklin Resources from $19.00 to $23.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Evercore ISI cut their price target on Franklin Resources from $19.00 to $17.00 and set an “underperform” rating on the stock in a research note on Friday, April 11th. BMO Capital Markets upped their price objective on Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Monday, February 3rd. Bank of America cut their target price on Franklin Resources from $20.00 to $17.00 and set an “underperform” rating on the stock in a research report on Thursday, April 3rd. Finally, TD Cowen cut their price objective on shares of Franklin Resources from $20.00 to $17.50 and set a “hold” rating on the stock in a report on Wednesday, April 9th. Five research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $18.96.

Franklin Resources Trading Down 0.4 %

Shares of BEN stock opened at $17.99 on Wednesday. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89. Franklin Resources has a twelve month low of $16.25 and a twelve month high of $25.69. The company’s 50-day moving average price is $19.49 and its 200-day moving average price is $20.33. The stock has a market cap of $9.45 billion, a price-to-earnings ratio of 27.67, a PEG ratio of 2.31 and a beta of 1.36.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same period last year, the business earned $0.65 earnings per share. As a group, equities analysts predict that Franklin Resources will post 2.16 earnings per share for the current year.

Hedge Funds Weigh In On Franklin Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Franklin Resources in the 4th quarter worth $53,676,000. Two Sigma Advisers LP boosted its holdings in Franklin Resources by 173.7% in the 4th quarter. Two Sigma Advisers LP now owns 3,531,700 shares of the closed-end fund’s stock valued at $71,658,000 after purchasing an additional 2,241,500 shares in the last quarter. Two Sigma Investments LP increased its position in Franklin Resources by 132.7% during the 4th quarter. Two Sigma Investments LP now owns 2,935,292 shares of the closed-end fund’s stock worth $59,557,000 after purchasing an additional 1,673,971 shares during the period. First Trust Advisors LP raised its stake in shares of Franklin Resources by 33.1% during the 4th quarter. First Trust Advisors LP now owns 6,438,863 shares of the closed-end fund’s stock worth $130,645,000 after buying an additional 1,599,849 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Franklin Resources by 19.6% in the 4th quarter. ProShare Advisors LLC now owns 9,403,875 shares of the closed-end fund’s stock valued at $190,805,000 after buying an additional 1,542,478 shares during the period. 47.56% of the stock is currently owned by hedge funds and other institutional investors.

Franklin Resources Company Profile

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.