Wells Fargo & Company Boosts Franklin Resources (NYSE:BEN) Price Target to $22.50

Franklin Resources (NYSE:BEN) had its price target boosted by analysts at Wells Fargo & Company from $19.50 to $22.50 in a research note issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the closed-end fund’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 0.04% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Evercore ISI dropped their target price on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a report on Friday, October 4th. Barclays lifted their price objective on Franklin Resources from $19.00 to $21.00 and gave the stock an “underweight” rating in a report on Monday. The Goldman Sachs Group reduced their target price on Franklin Resources from $23.75 to $21.25 and set a “sell” rating for the company in a research note on Monday, September 30th. TD Cowen cut their price target on shares of Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods restated an “underperform” rating and issued a $19.00 target price (down previously from $20.00) on shares of Franklin Resources in a research note on Tuesday, November 5th. Five research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, Franklin Resources presently has a consensus rating of “Hold” and an average target price of $20.66.

Franklin Resources Trading Up 0.4 %

Shares of NYSE BEN traded up $0.10 during midday trading on Thursday, hitting $22.49. The stock had a trading volume of 277,954 shares, compared to its average volume of 4,013,840. The company has a fifty day moving average price of $21.16 and a 200 day moving average price of $21.61. The company has a market capitalization of $11.78 billion, a price-to-earnings ratio of 26.28, a PEG ratio of 2.38 and a beta of 1.39. Franklin Resources has a 1-year low of $18.94 and a 1-year high of $30.32. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.92.

Franklin Resources (NYSE:BEN) last posted its earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share 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 business 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 firm posted $0.84 EPS. The business’s revenue was up 11.3% compared to the same quarter last year. On average, analysts predict that Franklin Resources will post 2.39 earnings per share for the current year.

Insider Activity

In other Franklin Resources news, insider Franklin Resources Inc sold 7,657 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $43.90, for a total value of $336,142.30. Following the transaction, the insider now owns 65,862 shares of the company’s stock, valued at approximately $2,891,341.80. This represents a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have sold 24,024 shares of company stock worth $1,051,375. 24.13% of the stock is owned by company insiders.

Hedge Funds Weigh In On Franklin Resources

A number of hedge funds and other institutional investors have recently modified their holdings of BEN. Interval Partners LP lifted its stake in Franklin Resources by 0.4% during the second quarter. Interval Partners LP now owns 108,894 shares of the closed-end fund’s stock valued at $2,434,000 after buying an additional 483 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Franklin Resources by 0.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 69,585 shares of the closed-end fund’s stock valued at $1,402,000 after acquiring an additional 572 shares in the last quarter. State of Michigan Retirement System boosted its stake in Franklin Resources by 0.7% in the 2nd quarter. State of Michigan Retirement System now owns 88,195 shares of the closed-end fund’s stock worth $1,971,000 after purchasing an additional 600 shares during the period. Anchor Investment Management LLC grew its position in Franklin Resources by 30.2% during the 3rd quarter. Anchor Investment Management LLC now owns 2,604 shares of the closed-end fund’s stock worth $52,000 after purchasing an additional 604 shares in the last quarter. Finally, SkyView Investment Advisors LLC raised its stake in Franklin Resources by 3.2% during the 3rd quarter. SkyView Investment Advisors LLC now owns 19,485 shares of the closed-end fund’s stock valued at $393,000 after purchasing an additional 609 shares during the period. Institutional investors and hedge funds own 47.56% of the company’s stock.

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.