Wells Fargo & Company Raises Franklin Resources (NYSE:BEN) Price Target to $22.50

Franklin Resources (NYSE:BEN) had its price objective increased by equities researchers at Wells Fargo & Company from $19.50 to $22.50 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the closed-end fund’s stock. Wells Fargo & Company‘s target price points to a potential upside of 2.41% from the company’s previous close.

BEN has been the subject of several other research reports. Barclays boosted their price objective on shares of Franklin Resources from $19.00 to $21.00 and gave the company an “underweight” rating in a research note on Monday, December 9th. JPMorgan Chase & Co. lowered their price objective on Franklin Resources from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Morgan Stanley reduced their target price on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating for the company in a research report on Friday, October 18th. StockNews.com raised Franklin Resources from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Finally, Evercore ISI decreased their price objective on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating on the stock in a research report on Friday, October 4th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.66.

Franklin Resources Stock Performance

Shares of BEN stock opened at $21.97 on Thursday. Franklin Resources has a 12 month low of $18.94 and a 12 month high of $30.32. The stock has a market capitalization of $11.50 billion, a P/E ratio of 25.55, a PEG ratio of 2.43 and a beta of 1.39. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92. The firm’s 50 day moving average is $21.26 and its 200 day moving average is $21.62.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the firm posted $0.84 earnings per share. Franklin Resources’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Franklin Resources will post 2.39 earnings per share for the current year.

Insider Buying and Selling at Franklin Resources

In other news, insider Franklin Resources Inc sold 8,467 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $43.69, for a total value of $369,923.23. Following the transaction, the insider now owns 51,019 shares in the company, valued at approximately $2,229,020.11. This trade represents a 14.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 24,024 shares of company stock worth $1,051,375 over the last three months. Company insiders own 24.13% of the company’s stock.

Institutional Investors Weigh In On Franklin Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Franklin Resources by 28.2% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 38,216 shares of the closed-end fund’s stock valued at $854,000 after acquiring an additional 8,406 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Franklin Resources by 10.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,980 shares of the closed-end fund’s stock worth $268,000 after buying an additional 1,143 shares during the period. Gradient Investments LLC grew its position in shares of Franklin Resources by 8,054.3% in the 2nd quarter. Gradient Investments LLC now owns 2,854 shares of the closed-end fund’s stock worth $64,000 after buying an additional 2,819 shares during the last quarter. Raymond James & Associates increased its stake in shares of Franklin Resources by 14.6% during the second quarter. Raymond James & Associates now owns 128,240 shares of the closed-end fund’s stock valued at $2,866,000 after buying an additional 16,347 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in shares of Franklin Resources by 2.4% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 53,778 shares of the closed-end fund’s stock valued at $1,202,000 after acquiring an additional 1,258 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.