Evercore ISI Lowers Franklin Resources (NYSE:BEN) Price Target to $17.00

Franklin Resources (NYSE:BEN) had its target price decreased by equities research analysts at Evercore ISI from $19.00 to $17.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “underperform” rating on the closed-end fund’s stock. Evercore ISI’s target price indicates a potential downside of 4.95% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company decreased their price target on shares of Franklin Resources from $24.00 to $20.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. BMO Capital Markets increased their price target on Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. lowered their price objective on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. The Goldman Sachs Group raised shares of Franklin Resources from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $21.00 to $22.00 in a report on Monday, January 6th. Finally, Morgan Stanley decreased their price objective on Franklin Resources from $18.00 to $15.00 and set an “underweight” rating on the stock in a research note on Monday, April 7th. Five research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, Franklin Resources has a consensus rating of “Hold” and an average target price of $19.63.

Franklin Resources Stock Up 0.9 %

Franklin Resources stock opened at $17.89 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a market cap of $9.39 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 2.31 and a beta of 1.36. Franklin Resources has a fifty-two week low of $16.25 and a fifty-two week high of $26.16. The firm’s 50-day simple moving average is $19.60 and its 200 day simple moving average is $20.37.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the prior year, the firm posted $0.65 earnings per share. Research analysts predict that Franklin Resources will post 2.16 EPS for the current fiscal year.

Institutional Trading of Franklin Resources

A number of hedge funds have recently made changes to their positions in BEN. Gateway Investment Advisers LLC purchased a new stake in Franklin Resources during the first quarter valued at about $426,000. Matrix Trust Co raised its holdings in shares of Franklin Resources by 50.7% during the 1st quarter. Matrix Trust Co now owns 17,188 shares of the closed-end fund’s stock valued at $331,000 after buying an additional 5,784 shares in the last quarter. Clare Market Investments LLC bought a new stake in Franklin Resources in the 1st quarter worth approximately $248,000. Contravisory Investment Management Inc. purchased a new stake in Franklin Resources in the first quarter worth approximately $46,000. Finally, Czech National Bank grew its position in Franklin Resources by 6.3% during the first quarter. Czech National Bank now owns 71,198 shares of the closed-end fund’s stock valued at $1,371,000 after acquiring an additional 4,197 shares during the last quarter. 47.56% of the stock is owned by institutional investors.

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.