JPMorgan Chase & Co. Issues Pessimistic Forecast for Franklin Resources (NYSE:BEN) Stock Price

Franklin Resources (NYSE:BEN) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $21.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the closed-end fund’s stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 3.26% from the stock’s current price.

A number of other research firms have also commented on BEN. Morgan Stanley raised their price objective on shares of Franklin Resources from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Friday, December 20th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $19.00 price target (down from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lowered their price objective on Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Evercore ISI dropped their price objective on Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a research note on Friday, October 4th. Finally, TD Cowen decreased their target price on Franklin Resources from $20.00 to $18.50 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Franklin Resources presently has a consensus rating of “Hold” and an average price target of $20.36.

Franklin Resources Stock Up 1.2 %

Franklin Resources stock opened at $19.64 on Thursday. The firm has a market capitalization of $10.29 billion, a price-to-earnings ratio of 22.84, a P/E/G ratio of 2.06 and a beta of 1.41. The firm has a 50 day simple moving average of $21.25 and a 200 day simple moving average of $21.21. Franklin Resources has a 1-year low of $18.83 and a 1-year high of $28.61. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the firm posted $0.84 earnings per share. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, analysts predict that Franklin Resources will post 2.38 earnings per share for the current year.

Insider Activity

In other news, insider Franklin Resources Inc sold 7,900 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $43.71, for a total transaction of $345,309.00. Following the completion of the sale, the insider now owns 36,519 shares of the company’s stock, valued at approximately $1,596,245.49. This represents a 17.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 22.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BEN. Envestnet Asset Management Inc. grew its holdings in Franklin Resources by 50.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 97,950 shares of the closed-end fund’s stock worth $2,189,000 after acquiring an additional 32,904 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Franklin Resources by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,183,950 shares of the closed-end fund’s stock worth $71,171,000 after purchasing an additional 54,063 shares during the last quarter. Amalgamated Bank increased its holdings in Franklin Resources by 2.5% during the 2nd quarter. Amalgamated Bank now owns 83,401 shares of the closed-end fund’s stock valued at $1,864,000 after purchasing an additional 2,059 shares during the period. Hsbc Holdings PLC raised its position in Franklin Resources by 57.1% during the 2nd quarter. Hsbc Holdings PLC now owns 870,318 shares of the closed-end fund’s stock valued at $19,432,000 after purchasing an additional 316,211 shares during the last quarter. Finally, Altrius Capital Management Inc lifted its holdings in Franklin Resources by 21.5% in the 2nd quarter. Altrius Capital Management Inc now owns 176,306 shares of the closed-end fund’s stock worth $3,940,000 after buying an additional 31,186 shares during the period. 47.56% of the stock is owned by hedge funds and other 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.