Franklin Resources (NYSE:BEN) Price Target Cut to $17.00 by Analysts at Barclays

Franklin Resources (NYSE:BEN) had its price objective trimmed by Barclays from $22.00 to $17.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an underweight rating on the closed-end fund’s stock.

A number of other analysts have also issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a research note on Monday, February 3rd. Wells Fargo & Company lowered their target price on shares of Franklin Resources from $24.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. Bank of America reduced their target price on shares of Franklin Resources from $20.00 to $17.00 and set an “underperform” rating for the company in a research report on Thursday, April 3rd. Evercore ISI dropped their price objective on shares of Franklin Resources from $19.00 to $17.00 and set an “underperform” rating for the company in a research note on Friday, April 11th. Finally, UBS Group raised their target price on shares of Franklin Resources from $19.00 to $23.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Five analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.96.

Franklin Resources Stock Performance

BEN opened at $17.56 on Wednesday. The firm’s fifty day simple moving average is $19.43 and its two-hundred day simple moving average is $20.32. Franklin Resources has a 52-week low of $16.25 and a 52-week high of $25.69. The company has a market cap of $9.22 billion, a price-to-earnings ratio of 27.02, a PEG ratio of 2.31 and a beta of 1.36. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.89.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. During the same period last year, the firm posted $0.65 EPS. Equities analysts anticipate that Franklin Resources will post 2.16 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were given a $0.32 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.28 annualized dividend and a yield of 7.29%. Franklin Resources’s payout ratio is 196.92%.

Institutional Investors Weigh In On Franklin Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Prentice Wealth Management LLC acquired a new stake in shares of Franklin Resources during the 1st quarter worth about $234,000. Fifth Third Bancorp increased its position in shares of Franklin Resources by 12.9% during the first quarter. Fifth Third Bancorp now owns 14,915 shares of the closed-end fund’s stock valued at $287,000 after acquiring an additional 1,702 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Franklin Resources by 10.0% in the 1st quarter. SG Americas Securities LLC now owns 68,767 shares of the closed-end fund’s stock valued at $1,324,000 after acquiring an additional 6,275 shares during the period. Yousif Capital Management LLC lifted its holdings in shares of Franklin Resources by 18.3% in the 1st quarter. Yousif Capital Management LLC now owns 353,913 shares of the closed-end fund’s stock worth $6,813,000 after acquiring an additional 54,663 shares during the last quarter. Finally, Tounjian Advisory Partners LLC purchased a new position in shares of Franklin Resources during the 1st quarter worth approximately $933,000. Hedge funds and other 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.