StockNews.com Upgrades Franklin Resources (NYSE:BEN) to Hold

Franklin Resources (NYSE:BEN) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Other analysts have also recently issued reports about the stock. BMO Capital Markets dropped their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a report on Monday, July 29th. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $19.00 price target (down from $20.00) on shares of Franklin Resources in a report on Tuesday, November 5th. Morgan Stanley reduced their price objective on shares of Franklin Resources from $21.00 to $19.00 and set an “underweight” rating for the company in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company upped their price target on shares of Franklin Resources from $19.00 to $19.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.20.

Franklin Resources Price Performance

BEN stock opened at $21.67 on Thursday. The stock has a 50-day simple moving average of $20.42 and a 200-day simple moving average of $21.82. The firm has a market cap of $11.35 billion, a P/E ratio of 25.00, a price-to-earnings-growth ratio of 2.32 and a beta of 1.38. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.71 and a current ratio of 1.39. Franklin Resources has a 1 year low of $18.94 and a 1 year high of $30.32.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the company earned $0.84 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities analysts predict that Franklin Resources will post 2.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Charles B. Johnson bought 100,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was bought at an average cost of $19.08 per share, for a total transaction of $1,908,000.00. Following the completion of the acquisition, the insider now directly owns 89,308,192 shares in the company, valued at $1,704,000,303.36. This represents a 0.11 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jennifer M. Johnson bought 12,700 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were purchased at an average cost of $19.66 per share, for a total transaction of $249,682.00. Following the completion of the purchase, the chief executive officer now owns 2,637,700 shares in the company, valued at approximately $51,857,182. This trade represents a 0.48 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. Insiders own 24.13% of the company’s stock.

Hedge Funds Weigh In On Franklin Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Power Corp of Canada raised its position in Franklin Resources by 18,266.0% during the first quarter. Power Corp of Canada now owns 31,557,117 shares of the closed-end fund’s stock valued at $887,071,000 after acquiring an additional 31,385,293 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Franklin Resources by 11.1% in the 1st quarter. Vanguard Group Inc. now owns 35,889,477 shares of the closed-end fund’s stock valued at $1,008,853,000 after purchasing an additional 3,592,943 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Franklin Resources by 250.7% in the second quarter. AQR Capital Management LLC now owns 2,450,190 shares of the closed-end fund’s stock worth $54,664,000 after purchasing an additional 1,751,587 shares in the last quarter. Marshall Wace LLP increased its position in Franklin Resources by 517.5% during the second quarter. Marshall Wace LLP now owns 1,406,324 shares of the closed-end fund’s stock worth $31,431,000 after buying an additional 1,178,594 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Franklin Resources by 44.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,998,574 shares of the closed-end fund’s stock valued at $60,421,000 after buying an additional 925,590 shares in the last quarter. 47.56% of the stock is currently owned by hedge funds and other 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.