Franklin Resources (NYSE:BEN) Price Target Raised to $23.00

Franklin Resources (NYSE:BENGet Rating) had its target price boosted by equities researchers at The Goldman Sachs Group from $20.00 to $23.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “sell” rating on the closed-end fund’s stock. The Goldman Sachs Group’s price objective points to a potential downside of 13.37% from the company’s previous close.

Several other research analysts have also commented on BEN. JPMorgan Chase & Co. dropped their price target on shares of Franklin Resources from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 18th. UBS Group raised their target price on shares of Franklin Resources from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Monday, August 1st. StockNews.com started coverage on shares of Franklin Resources in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Franklin Resources from $20.00 to $26.00 and gave the company a “hold” rating in a research note on Tuesday, November 15th. Finally, BMO Capital Markets lowered their target price on shares of Franklin Resources from $23.00 to $22.00 and set a “market perform” rating on the stock in a research note on Thursday, November 3rd. Four investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $23.60.

Franklin Resources Stock Performance

Shares of BEN opened at $26.55 on Wednesday. The company’s fifty day moving average is $23.60 and its 200-day moving average is $24.99. Franklin Resources has a 12 month low of $20.24 and a 12 month high of $36.45. The firm has a market cap of $13.26 billion, a price-to-earnings ratio of 10.54, a price-to-earnings-growth ratio of 6.73 and a beta of 1.22. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.72.

Insiders Place Their Bets

In related news, insider Franklin Resources Inc purchased 1,965,409 shares of the firm’s stock in a transaction on Wednesday, September 7th. The shares were bought at an average cost of $12.72 per share, for a total transaction of $25,000,002.48. Following the transaction, the insider now directly owns 5,903,968 shares of the company’s stock, valued at approximately $75,098,472.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have purchased 5,888,870 shares of company stock worth $41,990,971 in the last ninety days. Insiders own 23.30% of the company’s stock.

Hedge Funds Weigh In On Franklin Resources

Several institutional investors have recently added to or reduced their stakes in BEN. Prospera Financial Services Inc bought a new position in shares of Franklin Resources in the first quarter worth about $25,000. Eagle Bay Advisors LLC bought a new position in shares of Franklin Resources in the second quarter worth about $26,000. Newbridge Financial Services Group Inc. raised its stake in shares of Franklin Resources by 413.2% in the third quarter. Newbridge Financial Services Group Inc. now owns 1,242 shares of the closed-end fund’s stock worth $27,000 after acquiring an additional 1,000 shares during the last quarter. Capital Analysts LLC raised its stake in shares of Franklin Resources by 31.8% in the second quarter. Capital Analysts LLC now owns 1,447 shares of the closed-end fund’s stock worth $34,000 after acquiring an additional 349 shares during the last quarter. Finally, Denali Advisors LLC bought a new position in shares of Franklin Resources in the third quarter worth about $39,000. 45.57% of the stock is owned by institutional investors.

Franklin Resources Company Profile

(Get Rating)

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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