Bank of America Lowers Franklin Resources (NYSE:BEN) Price Target to $17.00

Franklin Resources (NYSE:BEN) had its target price reduced by equities researchers at Bank of America from $20.00 to $17.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “underperform” rating on the closed-end fund’s stock. Bank of America‘s target price would indicate a potential downside of 2.78% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Keefe, Bruyette & Woods raised their target price on Franklin Resources from $19.00 to $21.00 and gave the company an “underperform” rating in a report on Monday, February 3rd. UBS Group upped their target price on shares of Franklin Resources from $19.00 to $23.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Morgan Stanley lifted their price target on shares of Franklin Resources from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Friday, December 20th. Wells Fargo & Company boosted their price objective on shares of Franklin Resources from $20.50 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. lowered their target price on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Five 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 currently has an average rating of “Hold” and an average target price of $20.54.

Franklin Resources Stock Performance

NYSE BEN opened at $17.49 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.66 and a quick ratio of 1.66. Franklin Resources has a 1-year low of $17.19 and a 1-year high of $27.55. The firm has a market capitalization of $9.19 billion, a P/E ratio of 26.90, a P/E/G ratio of 2.31 and a beta of 1.36. The business’s 50-day simple moving average is $20.03 and its 200-day simple moving average is $20.52.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. During the same quarter in the prior year, the company earned $0.65 earnings per share. Equities analysts predict that Franklin Resources will post 2.16 EPS 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 stock. The Manufacturers Life Insurance Company boosted its position in Franklin Resources by 28.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 245,148 shares of the closed-end fund’s stock valued at $4,940,000 after purchasing an additional 54,765 shares during the period. FMR LLC boosted its holdings in shares of Franklin Resources by 27.1% during the third quarter. FMR LLC now owns 39,678 shares of the closed-end fund’s stock valued at $800,000 after acquiring an additional 8,468 shares during the period. Public Sector Pension Investment Board grew its position in shares of Franklin Resources by 6.7% during the third quarter. Public Sector Pension Investment Board now owns 53,951 shares of the closed-end fund’s stock worth $1,087,000 after acquiring an additional 3,400 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Franklin Resources by 1.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,596,762 shares of the closed-end fund’s stock worth $32,175,000 after acquiring an additional 22,228 shares during the period. Finally, Benjamin Edwards Inc. bought a new position in Franklin Resources in the 3rd quarter worth about $1,461,000. 47.56% of the stock is currently owned by institutional investors and hedge funds.

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.