Deutsche Bank Aktiengesellschaft Cuts Franklin Resources (NYSE:BEN) Price Target to $24.00

Franklin Resources (NYSE:BEN) had its target price reduced by equities researchers at Deutsche Bank Aktiengesellschaft from $29.00 to $24.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the closed-end fund’s stock. Deutsche Bank Aktiengesellschaft’s target price would indicate a potential upside of 4.44% from the company’s current price.

BEN has been the subject of several other reports. Evercore ISI reduced their price target on Franklin Resources from $29.00 to $26.00 and set an “underperform” rating for the company in a report on Tuesday. Morgan Stanley raised their target price on Franklin Resources from $24.00 to $25.00 and gave the company an “underweight” rating in a report on Wednesday, April 17th. BMO Capital Markets decreased their price target on Franklin Resources from $30.00 to $27.00 and set a “market perform” rating for the company in a research note on Tuesday. StockNews.com lowered shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Thursday, February 1st. Finally, UBS Group upped their price objective on shares of Franklin Resources from $26.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Three investment 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 stock presently has a consensus rating of “Hold” and an average target price of $26.00.

Franklin Resources Price Performance

Shares of BEN traded down $0.40 during trading hours on Tuesday, hitting $22.98. 2,362,079 shares of the company were exchanged, compared to its average volume of 3,664,359. The firm has a fifty day simple moving average of $26.79 and a 200-day simple moving average of $26.37. The company has a market capitalization of $12.10 billion, a PE ratio of 12.11, a PEG ratio of 1.31 and a beta of 1.40. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.92 and a quick ratio of 1.92. Franklin Resources has a one year low of $21.88 and a one year high of $30.32.

Franklin Resources (NYSE:BEN) last released its earnings results on Monday, April 29th. The closed-end fund reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.01). Franklin Resources had a net margin of 12.30% and a return on equity of 11.15%. The business had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the firm earned $0.61 EPS. The company’s revenue was up 11.7% compared to the same quarter last year. As a group, sell-side analysts predict that Franklin Resources will post 2.52 earnings per share for the current year.

Institutional Investors Weigh In On Franklin Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Peoples Bank KS bought a new stake in Franklin Resources in the third quarter valued at about $25,000. Blue Trust Inc. boosted its stake in Franklin Resources by 240.5% in the 4th quarter. Blue Trust Inc. now owns 882 shares of the closed-end fund’s stock valued at $26,000 after buying an additional 623 shares in the last quarter. Bell Investment Advisors Inc raised its stake in Franklin Resources by 975.5% during the third quarter. Bell Investment Advisors Inc now owns 1,140 shares of the closed-end fund’s stock worth $28,000 after acquiring an additional 1,034 shares in the last quarter. Creative Financial Designs Inc. ADV bought a new position in shares of Franklin Resources during the fourth quarter valued at $31,000. Finally, Massmutual Trust Co. FSB ADV boosted its stake in shares of 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 valued at $33,000 after purchasing an additional 665 shares in the last quarter. Institutional investors own 47.56% of the company’s stock.

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.