Evercore ISI Lowers Franklin Resources (NYSE:BEN) Price Target to $26.00

Franklin Resources (NYSE:BEN) had its price objective lowered by equities researchers at Evercore ISI from $29.00 to $26.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “underperform” rating on the closed-end fund’s stock. Evercore ISI’s price target indicates a potential upside of 14.19% from the company’s previous close.

Several other research firms also recently issued reports on BEN. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Franklin Resources from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Tuesday, January 30th. BMO Capital Markets upped their price objective on shares of Franklin Resources from $27.00 to $30.00 and gave the company a “market perform” rating in a report on Tuesday, January 30th. StockNews.com downgraded shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Thursday, February 1st. Morgan Stanley upped their price objective on shares of Franklin Resources from $24.00 to $25.00 and gave the company an “underweight” rating in a report on Wednesday, April 17th. Finally, TD Cowen assumed coverage on shares of Franklin Resources in a report on Thursday, January 4th. They set a “market perform” rating and a $32.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $26.00.

Franklin Resources Stock Performance

Shares of Franklin Resources stock opened at $22.77 on Tuesday. The company has a market capitalization of $11.99 billion, a PE ratio of 13.01, a P/E/G ratio of 1.23 and a beta of 1.40. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.92 and a current ratio of 1.92. The company has a 50-day simple moving average of $26.62 and a two-hundred day simple moving average of $26.35. Franklin Resources has a one year low of $21.88 and a one year high of $30.32.

Franklin Resources (NYSE:BEN) last announced its earnings results on Monday, April 29th. The closed-end fund reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $1.66 billion. Franklin Resources had a return on equity of 11.04% and a net margin of 11.09%. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.61 earnings per share. Research analysts expect that Franklin Resources will post 2.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Franklin Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. increased its holdings in Franklin Resources by 240.5% in the 4th quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock worth $26,000 after buying an additional 623 shares during the period. Peoples Bank KS purchased a new stake in Franklin Resources in the 3rd quarter worth approximately $25,000. Creative Financial Designs Inc. ADV purchased a new stake in Franklin Resources in the 4th quarter worth approximately $31,000. Massmutual Trust Co. FSB ADV boosted its position in Franklin Resources by 149.1% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,111 shares of the closed-end fund’s stock worth $33,000 after purchasing an additional 665 shares in the last quarter. Finally, Tobam boosted its position in Franklin Resources by 2,170.0% in the 4th quarter. Tobam now owns 1,135 shares of the closed-end fund’s stock worth $34,000 after purchasing an additional 1,085 shares in the last quarter. Institutional investors and hedge funds own 47.56% of the company’s stock.

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.