Franklin Resources (NYSE:BEN) Stock Gets Price Target Boost from TD Cowen

Franklin Resources (NYSE:BEN) had its price objective raised by investment analysts at TD Cowen from $38.00 to $44.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the closed-end fund’s stock. TD Cowen‘s price objective points to a potential upside of 22.41% from the stock’s current price.

Several other brokerages have also recently weighed in on BEN. Keefe, Bruyette & Woods started coverage on Franklin Resources in a report on Wednesday, September 9th. They issued a “hold” rating and a $38.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Franklin Resources in a research report on Monday, August 31st. Morgan Stanley upped their target price on Franklin Resources from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, September 25th. Wall Street Zen cut Franklin Resources from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Finally, JPMorgan Chase & Co. increased their price target on Franklin Resources from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, October 12th. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Franklin Resources presently has an average rating of “Hold” and an average price target of $36.78.

Franklin Resources Stock Up 6.6%

BEN traded up $2.21 during trading hours on Monday, hitting $35.94. 883,041 shares of the company’s stock were exchanged, compared to its average volume of 4,694,872. Franklin Resources has a 1-year low of $21.10 and a 1-year high of $36.28. The stock’s 50-day moving average is $32.58 and its two-hundred day moving average is $30.38. The stock has a market cap of $18.26 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 0.60 and a beta of 1.56. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.22.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, November 6th. The closed-end fund reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.17. Franklin Resources had a net margin of 11.42% and a return on equity of 12.59%. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the business earned $0.67 EPS. The company’s revenue was up 3.9% compared to the same quarter last year. Sell-side analysts predict that Franklin Resources will post 3.20 earnings per share for the current fiscal year.

Institutional Trading of Franklin Resources

A number of large investors have recently added to or reduced their stakes in BEN. First Community Trust NA acquired a new position in shares of Franklin Resources during the 3rd quarter worth about $25,000. CENTRAL TRUST Co raised its holdings in shares of Franklin Resources by 390.0% in the 3rd quarter. CENTRAL TRUST Co now owns 980 shares of the closed-end fund’s stock valued at $31,000 after purchasing an additional 780 shares during the period. Heritage Family Offices LLP acquired a new stake in Franklin Resources in the 3rd quarter valued at about $32,000. Compass Financial Management LLC acquired a new stake in Franklin Resources in the 2nd quarter valued at about $36,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in Franklin Resources in the 3rd quarter valued at about $35,000. Institutional investors and hedge funds own 47.56% of the company’s stock.

Franklin Resources Company Profile

Franklin Resources, Inc is a global investment management company that operates under the Franklin Templeton name. It offers investment products and services to individual investors, financial professionals, institutions and other clients, including mutual funds, exchange-traded funds and separately managed accounts.

The company invests across a range of asset classes and strategies, including equities, fixed income, multi-asset portfolios and alternative investments. Its services also include retirement solutions and wealth management.

Founded in 1947, Franklin Resources has grown through acquisitions, including its 2020 acquisition of Legg Mason.