Franklin Resources (NYSE:BEN) Given New $34.00 Price Target at Barclays

Key Points

• Barclays lowered Franklin Resources’ price target from $36 to $34 while maintaining an “equal weight” rating, implying roughly 10.3% upside from the prior close.
• Analyst sentiment remains mixed but leans toward “Hold”: four analysts rate the stock a Buy, six Hold, and one Sell, with a consensus price target of $35.89.
• Franklin Resources reported quarterly EPS of $0.72, topping estimates of $0.66, while revenue rose 14.3% year over year to $2.36 billion; institutional investors own 47.56% of the shares.

Franklin Resources (NYSE:BEN - Get Free Report) had its price objective decreased by equities researchers at Barclays from $36.00 to $34.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an "equal weight" rating on the closed-end fund's stock. Barclays's price objective suggests a potential upside of 10.31% from the company's previous close.

A number of other brokerages have also issued reports on BEN. Zacks Research cut Franklin Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 25th. UBS Group initiated coverage on Franklin Resources in a research report on Wednesday, October 7th. They set a "buy" rating and a $40.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on Franklin Resources from $34.00 to $35.00 and gave the company a "neutral" rating in a research note on Monday. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $34.00 target price on shares of Franklin Resources in a research note on Monday, August 3rd. Finally, Morgan Stanley increased their target price on Franklin Resources from $34.00 to $35.00 and gave the company an "equal weight" rating in a report on Friday, September 25th. Four investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $35.89.

Franklin Resources Stock Performance

Franklin Resources stock traded down $0.36 during mid-day trading on Wednesday, reaching $30.82. 71,360 shares of the stock traded hands, compared to its average volume of 4,756,400. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.48 and a quick ratio of 1.48. Franklin Resources has a 12-month low of $21.10 and a 12-month high of $36.28. The stock has a market capitalization of $15.66 billion, a PE ratio of 21.01, a price-to-earnings-growth ratio of 0.56 and a beta of 1.54. The business's 50-day moving average is $33.47 and its 200-day moving average is $31.60.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The closed-end fund reported $0.72 EPS for the quarter, beating the consensus estimate of $0.66 by $0.06. Franklin Resources had a return on equity of 11.55% and a net margin of 8.72%. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the business earned $0.49 earnings per share. The business's revenue was up 14.3% on a year-over-year basis. As a group, sell-side analysts predict that Franklin Resources will post 2.91 EPS for the current fiscal year.

Institutional Trading of Franklin Resources

Several institutional investors have recently added to or reduced their stakes in BEN. First Community Trust NA bought a new position in shares of Franklin Resources during the third quarter valued at $25,000. Armstrong Advisory Group Inc. acquired a new position in Franklin Resources in the third quarter valued at approximately $35,000. Compass Financial Management LLC bought a new stake in shares of Franklin Resources in the 2nd quarter valued at $36,000. MassMutual Private Wealth & Trust FSB lifted its position in shares of Franklin Resources by 209.5% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 1,201 shares of the closed-end fund's stock valued at $39,000 after acquiring an additional 813 shares during the period. Finally, Elevation Wealth Partners LLC increased its stake in Franklin Resources by 179.2% in the third quarter. Elevation Wealth Partners LLC now owns 1,181 shares of the closed-end fund's stock valued at $39,000 after purchasing an additional 758 shares in the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.

Franklin Resources Company Profile

Franklin Resources, Inc, operating under the Franklin Templeton brand, is a global investment management organization. The company provides investment solutions for individual investors, financial professionals, institutions and retirement-plan participants through a range of actively managed and specialized strategies.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, institutional mandates and alternative investment strategies. Franklin Templeton offers capabilities spanning equities, fixed income, multi-asset investing, private markets and other specialized areas, with investment teams and brands serving different market segments and regions.

Founded in 1947 by Rupert H.

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