Franklin Resources (NYSE:BEN) Receives New Coverage from Analysts at Barclays

Barclays initiated coverage on shares of Franklin Resources (NYSE:BEN) in a report released on Tuesday, Briefing.com reports. The brokerage set an “underweight” rating and a $20.00 price target on the closed-end fund’s stock. Barclays‘s target price would indicate a potential downside of 3.57% from the stock’s current price.

Other research analysts have also recently issued reports about the company. TD Cowen boosted their target price on Franklin Resources from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft lowered their target price on Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $23.00 price target on shares of Franklin Resources in a research note on Thursday, August 22nd. BMO Capital Markets lowered their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating for the company in a research report on Monday, July 29th. Finally, UBS Group cut their price target on Franklin Resources from $25.00 to $24.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Four investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $24.45.

Franklin Resources Stock Down 1.0 %

Franklin Resources stock opened at $20.74 on Tuesday. Franklin Resources has a fifty-two week low of $19.60 and a fifty-two week high of $30.32. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.82. The firm has a market capitalization of $10.91 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 2.46 and a beta of 1.43. The company’s 50 day simple moving average is $22.44 and its 200 day simple moving average is $24.42.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, July 26th. The closed-end fund reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Franklin Resources had a net margin of 10.24% and a return on equity of 10.60%. The company had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.09 billion. As a group, sell-side analysts anticipate that Franklin Resources will post 2.42 EPS for the current year.

Insider Activity at Franklin Resources

In other Franklin Resources news, major shareholder Charles B. Johnson purchased 200,000 shares of Franklin Resources stock in a transaction that occurred on Friday, June 21st. The stock was acquired at an average price of $22.80 per share, for a total transaction of $4,560,000.00. Following the completion of the acquisition, the insider now owns 88,703,192 shares of the company’s stock, valued at approximately $2,022,432,777.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Jennifer M. Johnson purchased 18,900 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average price of $20.95 per share, for a total transaction of $395,955.00. Following the purchase, the chief executive officer now owns 216,900 shares in the company, valued at $4,544,055. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Charles B. Johnson bought 200,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was purchased at an average cost of $22.80 per share, for a total transaction of $4,560,000.00. Following the transaction, the insider now directly owns 88,703,192 shares of the company’s stock, valued at approximately $2,022,432,777.60. The disclosure for this purchase can be found here. 24.13% of the stock is owned by company insiders.

Institutional Trading of Franklin Resources

Several institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Franklin Resources by 46.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 20,591 shares of the closed-end fund’s stock worth $460,000 after buying an additional 6,557 shares in the last quarter. Creative Planning increased its position in Franklin Resources by 6.0% during the second quarter. Creative Planning now owns 19,841 shares of the closed-end fund’s stock worth $443,000 after acquiring an additional 1,131 shares during the period. SkyView Investment Advisors LLC raised its stake in Franklin Resources by 12.3% in the 2nd quarter. SkyView Investment Advisors LLC now owns 18,876 shares of the closed-end fund’s stock worth $422,000 after purchasing an additional 2,062 shares in the last quarter. Scientech Research LLC bought a new stake in Franklin Resources in the 2nd quarter valued at about $464,000. Finally, Mackenzie Financial Corp grew its position in shares of Franklin Resources by 10.1% during the 2nd quarter. Mackenzie Financial Corp now owns 35,708 shares of the closed-end fund’s stock worth $798,000 after purchasing an additional 3,263 shares in the last quarter. 47.56% of the stock is currently 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.