TD Cowen Issues Pessimistic Forecast for Franklin Resources (NYSE:BEN) Stock Price

Franklin Resources (NYSE:BEN) had its price target reduced by TD Cowen from $20.00 to $18.50 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the closed-end fund’s stock. TD Cowen’s price objective would suggest a potential downside of 11.23% from the stock’s previous close.

A number of other equities analysts have also weighed in on BEN. Morgan Stanley decreased their price target on shares of Franklin Resources from $21.00 to $19.00 and set an “underweight” rating on the stock in a report on Friday, October 18th. UBS Group lowered their price target on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Wells Fargo & Company raised their price objective on Franklin Resources from $19.00 to $19.50 and gave the stock an “equal weight” rating in a report on Tuesday. Barclays reduced their price objective on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a research note on Monday, October 14th. Finally, BMO Capital Markets dropped their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research report on Monday, July 29th. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $20.20.

Franklin Resources Price Performance

Shares of BEN stock traded up $0.68 during midday trading on Tuesday, reaching $20.84. 3,038,310 shares of the company traded hands, compared to its average volume of 4,042,455. The firm has a market cap of $10.90 billion, a PE ratio of 12.80, a price-to-earnings-growth ratio of 2.81 and a beta of 1.38. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71. The firm’s 50 day simple moving average is $20.20 and its two-hundred day simple moving average is $21.99. Franklin Resources has a 1-year low of $18.94 and a 1-year high of $30.32.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The firm had revenue of $2.21 billion during the quarter, compared to analyst estimates of $1.70 billion. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 EPS. On average, equities research analysts expect that Franklin Resources will post 2.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jennifer M. Johnson purchased 18,900 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average price of $20.95 per share, with a total value of $395,955.00. Following the acquisition, the chief executive officer now owns 216,900 shares in the company, valued at approximately $4,544,055. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, major shareholder Charles B. Johnson acquired 100,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was acquired at an average price of $19.84 per share, for a total transaction of $1,984,000.00. Following the completion of the acquisition, the insider now directly owns 89,208,192 shares in the company, valued at $1,769,890,529.28. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jennifer M. Johnson purchased 18,900 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was acquired at an average price of $20.95 per share, for a total transaction of $395,955.00. Following the completion of the transaction, the chief executive officer now owns 216,900 shares of the company’s stock, valued at $4,544,055. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. 24.13% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Franklin Resources

Hedge funds have recently modified their holdings of the stock. Verus Capital Partners LLC lifted its position in shares of Franklin Resources by 65.2% in the 3rd quarter. Verus Capital Partners LLC now owns 31,898 shares of the closed-end fund’s stock valued at $643,000 after acquiring an additional 12,592 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Franklin Resources by 1.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 806,901 shares of the closed-end fund’s stock valued at $16,259,000 after buying an additional 11,371 shares during the period. GSA Capital Partners LLP grew its stake in Franklin Resources by 14.2% during the 3rd quarter. GSA Capital Partners LLP now owns 21,675 shares of the closed-end fund’s stock valued at $437,000 after acquiring an additional 2,689 shares in the last quarter. Versor Investments LP boosted its holdings in shares of Franklin Resources by 21.9% during the third quarter. Versor Investments LP now owns 51,500 shares of the closed-end fund’s stock worth $1,038,000 after purchasing an additional 9,247 shares during the period. Finally, State of New Jersey Common Pension Fund D grew its position in Franklin Resources by 6.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 100,834 shares of the closed-end fund’s stock valued at $2,032,000 after purchasing an additional 6,524 shares in the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

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.