JPMorgan Chase & Co. Cuts Franklin Resources (NYSE:BEN) Price Target to $19.00

Franklin Resources (NYSE:BEN) had its target price lowered by equities research analysts at JPMorgan Chase & Co. from $21.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the closed-end fund’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 2.84% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the stock. UBS Group decreased their price objective on shares of Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. TD Cowen reduced their price target on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Barclays upped their price target on Franklin Resources from $19.00 to $21.00 and gave the company an “underweight” rating in a research report on Monday, December 9th. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $19.00 price objective (down from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. Finally, The Goldman Sachs Group upgraded Franklin Resources from a “sell” rating to a “neutral” rating and upped their target price for the company from $21.00 to $22.00 in a report on Monday, January 6th. Four equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.18.

Franklin Resources Trading Up 0.8 %

Shares of BEN stock opened at $19.56 on Thursday. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.63 and a quick ratio of 1.63. The business has a 50-day moving average of $21.14 and a 200 day moving average of $21.17. The stock has a market capitalization of $10.25 billion, a PE ratio of 22.74, a P/E/G ratio of 2.06 and a beta of 1.41. Franklin Resources has a 1-year low of $18.83 and a 1-year high of $28.61.

Franklin Resources (NYSE:BEN) last released 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). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The company had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the company posted $0.84 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Franklin Resources will post 2.38 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. grew its holdings in Franklin Resources by 50.6% in the second quarter. Envestnet Asset Management Inc. now owns 97,950 shares of the closed-end fund’s stock worth $2,189,000 after purchasing an additional 32,904 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Franklin Resources by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,183,950 shares of the closed-end fund’s stock worth $71,171,000 after purchasing an additional 54,063 shares in the last quarter. Amalgamated Bank grew its stake in shares of Franklin Resources by 2.5% in the 2nd quarter. Amalgamated Bank now owns 83,401 shares of the closed-end fund’s stock worth $1,864,000 after buying an additional 2,059 shares during the last quarter. Hsbc Holdings PLC increased its position in Franklin Resources by 57.1% during the 2nd quarter. Hsbc Holdings PLC now owns 870,318 shares of the closed-end fund’s stock valued at $19,432,000 after buying an additional 316,211 shares in the last quarter. Finally, Altrius Capital Management Inc raised its stake in Franklin Resources by 21.5% during the second quarter. Altrius Capital Management Inc now owns 176,306 shares of the closed-end fund’s stock valued at $3,940,000 after buying an additional 31,186 shares during the last quarter. 47.56% of the stock is 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.