Franklin Resources (NYSE:BEN) Given New $23.00 Price Target at Evercore ISI

Key Points

• Evercore ISI has reduced the price target for Franklin Resources from $25.00 to $23.00, indicating a potential downside of 1.77% from the previous close and maintains an "underperform" rating.
• Shares of Franklin Resources have seen fluctuating rating changes, with some analysts upgrading their targets while others downgraded, leading to a consensus average target price of $24.08.
• Franklin Resources reported quarterly earnings of $0.49 EPS, exceeding estimates, but its revenue of $2.06 billion fell short of analyst expectations of $2.38 billion.

Franklin Resources (NYSE:BEN - Get Free Report) had its price objective lowered by analysts at Evercore ISI from $25.00 to $23.00 in a report released on Thursday,Benzinga reports. The firm presently has an "underperform" rating on the closed-end fund's stock. Evercore ISI's price objective would indicate a potential downside of 1.77% from the company's previous close.

Several other brokerages have also issued reports on BEN. Morgan Stanley boosted their price objective on shares of Franklin Resources from $20.00 to $21.00 and gave the company an "underweight" rating in a report on Tuesday, August 12th. BMO Capital Markets initiated coverage on shares of Franklin Resources in a report on Friday, October 3rd. They issued an "outperform" rating and a $26.00 price objective on the stock. The Goldman Sachs Group upgraded shares of Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 price target on the stock in a research note on Friday, June 27th. Wells Fargo & Company boosted their price target on shares of Franklin Resources from $21.50 to $26.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Finally, Zacks Research lowered shares of Franklin Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $24.08.

Franklin Resources Trading Down 0.7%

Shares of NYSE BEN traded down $0.18 during trading on Thursday, hitting $23.42. 1,478,512 shares of the company were exchanged, compared to its average volume of 4,405,367. Franklin Resources has a 12-month low of $16.25 and a 12-month high of $26.08. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.55 and a current ratio of 1.55. The company has a fifty day moving average price of $24.60 and a 200-day moving average price of $22.52. The firm has a market capitalization of $12.16 billion, a PE ratio of 45.95, a P/E/G ratio of 1.60 and a beta of 1.50.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The closed-end fund reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Franklin Resources had a return on equity of 8.76% and a net margin of 3.73%.The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm earned $0.60 EPS. The company's quarterly revenue was down 2.2% compared to the same quarter last year. As a group, equities research analysts expect that Franklin Resources will post 2.16 EPS for the current year.

Institutional Investors Weigh In On Franklin Resources

Several large investors have recently modified their holdings of the stock. Manchester Capital Management LLC raised its stake in shares of Franklin Resources by 49.9% during the first quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund's stock worth $32,000 after purchasing an additional 555 shares during the last quarter. Whitener Capital Management Inc. raised its position in Franklin Resources by 3.3% in the first quarter. Whitener Capital Management Inc. now owns 21,245 shares of the closed-end fund's stock worth $409,000 after acquiring an additional 688 shares in the last quarter. Wright Investors Service Inc. raised its position in Franklin Resources by 3.5% in the second quarter. Wright Investors Service Inc. now owns 20,968 shares of the closed-end fund's stock worth $500,000 after acquiring an additional 706 shares in the last quarter. Gen Wealth Partners Inc raised its position in Franklin Resources by 2.8% in the first quarter. Gen Wealth Partners Inc now owns 25,972 shares of the closed-end fund's stock worth $500,000 after acquiring an additional 718 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its position in Franklin Resources by 8.3% in the second quarter. SBI Securities Co. Ltd. now owns 9,351 shares of the closed-end fund's stock worth $223,000 after acquiring an additional 718 shares in the last quarter. Hedge funds and other institutional investors own 47.56% of the company's stock.

About Franklin Resources

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.

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