Franklin Resources (NYSE:BEN) Given New $19.00 Price Target at The Goldman Sachs Group

Franklin Resources (NYSE:BEN - Get Free Report) had its price objective lowered by investment analysts at The Goldman Sachs Group from $21.50 to $19.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the closed-end fund's stock. The Goldman Sachs Group's price objective would indicate a potential upside of 7.80% from the company's current price.

Several other brokerages also recently commented on BEN. Wells Fargo & Company lowered their target price on shares of Franklin Resources from $24.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. lowered their price objective on shares of Franklin Resources from $21.00 to $19.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. Evercore ISI decreased their target price on Franklin Resources from $19.00 to $17.00 and set an "underperform" rating for the company in a research note on Friday, April 11th. BMO Capital Markets raised their price target on Franklin Resources from $20.00 to $23.00 and gave the stock a "market perform" rating in a research report on Monday, February 3rd. Finally, Keefe, Bruyette & Woods increased their target price on Franklin Resources from $19.00 to $21.00 and gave the stock an "underperform" rating in a research note on Monday, February 3rd. Five equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat, Franklin Resources presently has a consensus rating of "Hold" and a consensus target price of $18.96.

Franklin Resources Price Performance

Shares of BEN traded up $0.08 during mid-day trading on Monday, hitting $17.63. 4,100,725 shares of the company traded hands, compared to its average volume of 4,350,327. The business has a 50-day moving average of $19.33 and a 200 day moving average of $20.28. Franklin Resources has a one year low of $16.25 and a one year high of $25.69. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $9.26 billion, a price-to-earnings ratio of 27.12, a PEG ratio of 2.31 and a beta of 1.36.

Franklin Resources (NYSE:BEN - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. During the same quarter in the previous year, the business posted $0.65 earnings per share. As a group, equities analysts expect that Franklin Resources will post 2.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Franklin Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. CoreCap Advisors LLC grew its stake in shares of Franklin Resources by 147.1% in the fourth quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock worth $25,000 after purchasing an additional 737 shares during the last quarter. GeoWealth Management LLC lifted its position in shares of Franklin Resources by 350.4% during the 4th quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock valued at $26,000 after acquiring an additional 981 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of Franklin Resources by 44.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock valued at $33,000 after buying an additional 505 shares during the period. Headlands Technologies LLC bought a new stake in shares of Franklin Resources during the fourth quarter valued at approximately $34,000. Finally, Principal Securities Inc. raised its holdings in shares of Franklin Resources by 561.1% in the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund's stock worth $40,000 after acquiring an additional 1,661 shares during the last quarter. 47.56% of the stock is currently owned by institutional investors and hedge funds.

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.