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

Franklin Resources (NYSE:BEN) had its target price cut by Bank of America from $20.00 to $17.00 in a report released on Thursday,Benzinga reports. The firm presently has an “underperform” rating on the closed-end fund’s stock. Bank of America‘s price target would suggest a potential downside of 12.64% from the stock’s current price.

Other research analysts also recently issued research reports about the company. UBS Group raised their target price on Franklin Resources from $19.00 to $23.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Barclays increased their target price on shares of Franklin Resources from $19.00 to $22.00 and gave the stock an “underweight” rating in a research note on Monday, February 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Franklin Resources from $19.00 to $21.00 and gave the company an “underperform” rating in a research report 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 report on Thursday, January 16th. Finally, BMO Capital Markets boosted their target price on Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Monday, February 3rd. 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.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 $19.46 on Thursday. 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 company has a market capitalization of $10.22 billion, a PE ratio of 29.94, a price-to-earnings-growth ratio of 2.31 and a beta of 1.42. The company has a 50-day simple moving average of $20.12 and a 200 day simple moving average of $20.56. Franklin Resources has a 52-week low of $18.74 and a 52-week high of $28.08.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, beating the consensus estimate 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 quarter last year, the business earned $0.65 earnings per share. On average, research analysts predict that Franklin Resources will post 2.16 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. CoreCap Advisors LLC boosted its holdings in Franklin Resources by 147.1% during the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund’s stock valued at $25,000 after acquiring an additional 737 shares during the period. GeoWealth Management LLC lifted its position in Franklin Resources by 350.4% in the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund’s stock valued at $26,000 after purchasing an additional 981 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in Franklin Resources by 44.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock valued at $33,000 after purchasing an additional 505 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Franklin Resources during the fourth quarter valued at approximately $34,000. Finally, Principal Securities Inc. boosted its stake in shares of Franklin Resources by 561.1% during the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock valued at $40,000 after purchasing an additional 1,661 shares in the last quarter. 47.56% of the stock is owned by institutional investors.

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.