JPMorgan Chase & Co. Issues Pessimistic Forecast for Franklin Resources (NYSE:BEN) Stock Price

Franklin Resources (NYSE:BEN) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $22.00 to $21.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the closed-end fund’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 2.46% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Barclays cut their price objective on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a research report on Monday, October 14th. BMO Capital Markets cut their price target 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. Evercore ISI decreased their price objective on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a report on Friday, October 4th. UBS Group lowered their price objective 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. Finally, The Goldman Sachs Group reduced their target price on Franklin Resources from $23.75 to $21.25 and set a “sell” rating on the stock in a research report on Monday, September 30th. Six analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $20.20.

Franklin Resources Stock Up 2.8 %

Shares of NYSE BEN opened at $21.53 on Tuesday. The stock has a market capitalization of $11.26 billion, a PE ratio of 25.03, a price-to-earnings-growth ratio of 2.81 and a beta of 1.38. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93. Franklin Resources has a 12-month low of $18.94 and a 12-month high of $30.32. The stock’s fifty day simple moving average is $20.25 and its two-hundred day simple moving average is $21.95.

Franklin Resources (NYSE:BEN) last issued 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 company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $1.70 billion. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. Franklin Resources’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS. As a group, analysts expect that Franklin Resources will post 2.41 EPS for the current fiscal year.

Insider Transactions at Franklin Resources

In other news, CEO Jennifer M. Johnson bought 12,700 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were purchased at an average price of $19.66 per share, for a total transaction of $249,682.00. Following the completion of the transaction, the chief executive officer now directly owns 2,637,700 shares in the company, valued at approximately $51,857,182. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Charles B. Johnson purchased 100,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were bought at an average cost of $19.84 per share, with a total value of $1,984,000.00. Following the transaction, the insider now owns 89,208,192 shares of the company’s stock, valued at approximately $1,769,890,529.28. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jennifer M. Johnson acquired 12,700 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was bought at an average cost of $19.66 per share, with a total value of $249,682.00. Following the acquisition, the chief executive officer now owns 2,637,700 shares in the company, valued at approximately $51,857,182. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders bought 231,600 shares of company stock worth $4,537,637 and sold 24,024 shares worth $1,051,375. Company insiders own 24.13% of the company’s stock.

Institutional Trading of Franklin Resources

Several hedge funds and other institutional investors have recently bought and sold shares of BEN. MFA Wealth Advisors LLC acquired a new position in Franklin Resources in the third quarter valued at approximately $26,000. Altshuler Shaham Ltd purchased a new position in shares of Franklin Resources during the 2nd quarter valued at approximately $27,000. Matrix Trust Co purchased a new position in shares of Franklin Resources during the 3rd quarter valued at approximately $29,000. Sentry Investment Management LLC acquired a new position in shares of Franklin Resources in the 2nd quarter valued at $30,000. Finally, Headlands Technologies LLC purchased a new stake in Franklin Resources during the first quarter worth $32,000. 47.56% of the stock is 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.