TD Cowen Issues Pessimistic Forecast for Franklin Resources (NYSE:BEN) Stock Price

Franklin Resources (NYSE:BEN) had its price target cut by stock analysts at TD Cowen from $40.00 to $38.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the closed-end fund’s stock. TD Cowen’s price target points to a potential upside of 21.79% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Franklin Resources in a research note on Monday, August 31st. Evercore restated an “underperform” rating and set a $35.00 price objective on shares of Franklin Resources in a research report on Friday, July 10th. Keefe, Bruyette & Woods assumed coverage on shares of Franklin Resources in a research note on Wednesday, September 9th. They issued a “hold” rating and a $38.00 price objective on the stock. Zacks Research cut shares of Franklin Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Finally, Morgan Stanley boosted their target price on shares of Franklin Resources from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, September 25th. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $36.11.

Franklin Resources Price Performance

Shares of NYSE:BEN opened at $31.20 on Monday. Franklin Resources has a 12 month low of $21.10 and a 12 month high of $36.28. The stock has a market cap of $15.85 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 0.56 and a beta of 1.54. The stock’s 50 day moving average price is $33.47 and its 200 day moving average price is $31.60. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.48 and a quick ratio of 1.48.

Franklin Resources (NYSE:BEN) last released its earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.06. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $1.76 billion. Franklin Resources had a return on equity of 11.55% and a net margin of 8.72%. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.49 earnings per share. Equities research analysts anticipate that Franklin Resources will post 2.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Franklin Resources

Institutional investors have recently bought and sold shares of the stock. Cibc World Market Inc. purchased a new stake in shares of Franklin Resources in the second quarter worth approximately $4,418,000. Y Intercept Hong Kong Ltd bought a new position in Franklin Resources during the first quarter valued at approximately $6,254,000. Man Group plc acquired a new stake in Franklin Resources in the second quarter valued at approximately $2,429,000. Deutsche Bank AG bought a new stake in Franklin Resources in the second quarter worth approximately $37,742,000. Finally, Kinloch Capital LLC bought a new position in shares of Franklin Resources during the 2nd quarter valued at $5,737,000. Hedge funds and other institutional investors own 47.56% of the company’s stock.

About Franklin Resources

Franklin Resources, Inc, operating under the Franklin Templeton brand, is a global investment management organization. The company provides investment solutions for individual investors, financial professionals, institutions and retirement-plan participants through a range of actively managed and specialized strategies.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investment strategies. Franklin Templeton offers capabilities spanning equities, fixed income, multi-asset investing, private markets and other specialized areas, with investment teams and brands serving different market segments and regions.

Founded in 1947 by Rupert H.