Franklin Resources (NYSE:BEN) Downgraded to Hold Rating by Zacks Research

Key Points

• Zacks Research downgraded Franklin Resources from “strong buy” to “hold.” The broader analyst consensus is also “hold,” with four buy, five hold and two sell ratings and an average price target of $32.44.
• Franklin Resources reported quarterly earnings of $0.72 per share, beating estimates of $0.66, while revenue rose 14.3% year over year to $2.36 billion.
• BEN shares opened at $35.06, near their 52-week high of $36.28. Hedge funds and other institutional investors own approximately 47.56% of the company.

Franklin Resources (NYSE:BEN - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Tuesday,Zacks.com reports.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Franklin Resources from $28.00 to $31.00 and gave the company a "neutral" rating in a research report on Wednesday, April 29th. Barclays lifted their price target on Franklin Resources from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Monday, August 3rd. Evercore restated an "underperform" rating and set a $35.00 price objective on shares of Franklin Resources in a research report on Friday, July 10th. Wall Street Zen raised Franklin Resources from a "hold" rating to a "buy" rating in a research note on Sunday, June 14th. Finally, The Goldman Sachs Group lifted their target price on Franklin Resources from $30.50 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Franklin Resources presently has a consensus rating of "Hold" and a consensus target price of $32.44.

Franklin Resources Stock Up 0.1%

Shares of BEN opened at $35.06 on Tuesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.48 and a quick ratio of 1.48. The stock has a market capitalization of $17.81 billion, a price-to-earnings ratio of 23.85, a price-to-earnings-growth ratio of 0.70 and a beta of 1.55. Franklin Resources has a 1 year low of $21.10 and a 1 year high of $36.28. The business's 50 day simple moving average is $33.63 and its 200-day simple moving average is $29.90.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The closed-end fund reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.06. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The company had revenue of $2.36 billion for the quarter, compared to analysts' expectations of $1.76 billion. During the same quarter in the previous year, the business posted $0.49 earnings per share. Franklin Resources's quarterly revenue was up 14.3% on a year-over-year basis. As a group, equities analysts expect that Franklin Resources will post 2.88 earnings per share for the current fiscal year.

Institutional Trading of Franklin Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BEN. United Community Bank lifted its position in Franklin Resources by 0.9% during the 2nd quarter. United Community Bank now owns 37,849 shares of the closed-end fund's stock worth $1,259,000 after acquiring an additional 320 shares in the last quarter. Mariner LLC grew its position in Franklin Resources by 0.7% in the fourth quarter. Mariner LLC now owns 56,151 shares of the closed-end fund's stock valued at $1,341,000 after acquiring an additional 377 shares in the last quarter. Lido Advisors LLC raised its stake in shares of Franklin Resources by 4.0% during the first quarter. Lido Advisors LLC now owns 10,194 shares of the closed-end fund's stock valued at $244,000 after purchasing an additional 395 shares during the period. Zions Bancorporation National Association UT raised its stake in shares of Franklin Resources by 35.5% during the fourth quarter. Zions Bancorporation National Association UT now owns 1,512 shares of the closed-end fund's stock valued at $36,000 after purchasing an additional 396 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in shares of Franklin Resources by 12.2% during the first quarter. Geneos Wealth Management Inc. now owns 3,671 shares of the closed-end fund's stock worth $87,000 after purchasing an additional 400 shares in the last quarter. 47.56% of the stock is owned by hedge funds and other institutional investors.

About Franklin Resources

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm's core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton's product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.

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