Franklin Resources (NYSE:BEN) Price Target Raised to $26.00 at Wells Fargo & Company

Franklin Resources (NYSE:BEN - Get Free Report) had its target price raised by investment analysts at Wells Fargo & Company from $21.50 to $26.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the closed-end fund's stock. Wells Fargo & Company's target price would suggest a potential upside of 5.17% from the company's previous close.

A number of other analysts also recently issued reports on the stock. Barclays lifted their price objective on shares of Franklin Resources from $17.00 to $19.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. Bank of America dropped their price objective on shares of Franklin Resources from $20.00 to $17.00 and set an "underperform" rating for the company in a report on Thursday, April 3rd. The Goldman Sachs Group raised shares of Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 price objective for the company in a report on Friday, June 27th. Morgan Stanley lifted their price objective on shares of Franklin Resources from $14.00 to $19.00 and gave the stock an "underweight" rating in a report on Wednesday, July 2nd. Finally, Cowen reiterated a "buy" rating on shares of Franklin Resources in a research report on Monday, June 16th. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $21.83.

Franklin Resources Price Performance

NYSE:BEN traded down $0.42 during trading hours on Friday, hitting $24.72. The stock had a trading volume of 715,817 shares, compared to its average volume of 4,505,752. The company has a 50 day simple moving average of $22.41 and a two-hundred day simple moving average of $20.55. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.95 and a quick ratio of 1.95. Franklin Resources has a one year low of $16.25 and a one year high of $25.36. The firm has a market capitalization of $12.99 billion, a price-to-earnings ratio of 36.35, a P/E/G ratio of 3.35 and a beta of 1.45.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The closed-end fund reported $0.47 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.47. Franklin Resources had a net margin of 4.65% and a return on equity of 9.13%. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same period in the previous year, the firm posted $0.56 EPS. The firm's revenue was down 6.2% compared to the same quarter last year. Research analysts forecast that Franklin Resources will post 2.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Franklin Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CoreCap Advisors LLC boosted its stake in Franklin Resources by 147.1% during the fourth quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock worth $25,000 after acquiring an additional 737 shares in the last quarter. GeoWealth Management LLC lifted its position in Franklin Resources by 350.4% during the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock valued at $26,000 after purchasing an additional 981 shares during the period. Manchester Capital Management LLC lifted its position in 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 valued at $32,000 after purchasing an additional 555 shares during the period. Headlands Technologies LLC purchased a new stake in Franklin Resources during the fourth quarter valued at approximately $34,000. Finally, Contravisory Investment Management Inc. purchased a new stake in Franklin Resources during the first quarter valued at approximately $46,000. 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.

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