Franklin Resources (NYSE:BEN) Price Target Cut to $17.00 by Analysts at Bank of America

Franklin Resources (NYSE:BEN) had its price objective reduced by Bank of America from $20.00 to $17.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an underperform rating on the closed-end fund’s stock.

Several other research analysts have also issued reports on the company. JPMorgan Chase & Co. cut their price target on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Morgan Stanley lifted their price target on shares of Franklin Resources from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Friday, December 20th. BMO Capital Markets upped their price objective on shares of Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a report on Monday, February 3rd. UBS Group lifted their price objective on shares of Franklin Resources from $19.00 to $23.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a research report on Monday, February 3rd. Five research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.54.

Franklin Resources Stock Performance

Shares of BEN stock opened at $17.96 on Thursday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.89. Franklin Resources has a 52 week low of $17.93 and a 52 week high of $28.08. The firm has a 50 day moving average of $20.08 and a 200-day moving average of $20.54. The company has a market cap of $9.43 billion, a price-to-earnings ratio of 27.62, a price-to-earnings-growth ratio of 2.31 and a beta of 1.42.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, beating 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 period in the prior year, the company earned $0.65 earnings per share. On average, equities analysts forecast that Franklin Resources will post 2.16 earnings per share for the current year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 7.13%. The ex-dividend date is Monday, March 31st. Franklin Resources’s payout ratio is 196.92%.

Hedge Funds Weigh In On Franklin Resources

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