Franklin Resources (NYSE:BEN) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. has raised its price target for Franklin Resources (NYSE:BEN) from $22.00 to $29.00, indicating a potential upside of 15.38% from the current price.
• Other analysts also showed positive sentiments with Wells Fargo increasing their target to $26.00 and Goldman Sachs upgrading to a buy rating with a $29.00 price objective.
• Franklin Resources reported $0.49 EPS for the latest quarter, beating estimates, but its revenue declined by 2.2% compared to the same quarter last year.

Franklin Resources (NYSE:BEN - Get Free Report) had its price objective boosted by JPMorgan Chase & Co. from $22.00 to $29.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the closed-end fund's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 15.19% from the company's current price.

BEN has been the subject of a number of other reports. Wells Fargo & Company boosted their price target on shares of Franklin Resources from $21.50 to $26.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Evercore ISI raised their price target on shares of Franklin Resources from $24.00 to $25.00 and gave the company an "underperform" rating in a report on Monday. Cowen restated a "buy" rating on shares of Franklin Resources in a report on Monday, June 16th. 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. Finally, TD Cowen raised Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 price objective on the stock in a research note on Wednesday, May 14th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $23.42.

Franklin Resources Trading Up 1.3%

Shares of BEN stock traded up $0.32 during trading hours on Monday, hitting $25.18. 586,803 shares of the company were exchanged, compared to its average volume of 4,591,755. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.95 and a current ratio of 1.55. Franklin Resources has a fifty-two week low of $16.25 and a fifty-two week high of $25.42. The company has a 50 day simple moving average of $23.69 and a two-hundred day simple moving average of $21.19. The firm has a market cap of $13.07 billion, a P/E ratio of 49.29, a P/E/G ratio of 1.69 and a beta of 1.46.

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

Institutional Trading of Franklin Resources

Hedge funds have recently modified their holdings of the business. Invesco Ltd. raised its position in Franklin Resources by 2.2% during the first quarter. Invesco Ltd. now owns 11,985,065 shares of the closed-end fund's stock worth $230,713,000 after acquiring an additional 263,619 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Franklin Resources by 19.6% during the fourth quarter. ProShare Advisors LLC now owns 9,403,875 shares of the closed-end fund's stock worth $190,805,000 after purchasing an additional 1,542,478 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Franklin Resources by 20.3% during the first quarter. Dimensional Fund Advisors LP now owns 7,223,369 shares of the closed-end fund's stock worth $139,040,000 after purchasing an additional 1,220,419 shares during the period. First Trust Advisors LP boosted its position in shares of Franklin Resources by 33.1% in the fourth quarter. First Trust Advisors LP now owns 6,438,863 shares of the closed-end fund's stock worth $130,645,000 after buying an additional 1,599,849 shares during the period. Finally, Evergreen Quality Fund GP Ltd. grew its holdings in Franklin Resources by 99.1% during the 1st quarter. Evergreen Quality Fund GP Ltd. now owns 5,237,650 shares of the closed-end fund's stock worth $100,825,000 after acquiring an additional 2,607,460 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 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.