JPMorgan Chase & Co. Issues Pessimistic Forecast for Franklin Resources (NYSE:BEN) Stock Price

Franklin Resources (NYSE:BEN) had its target price dropped by JPMorgan Chase & Co. from $22.00 to $21.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the closed-end fund’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 2.46% from the stock’s current price.

Other research analysts have also issued reports about the stock. BMO Capital Markets decreased their price target on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th. UBS Group decreased their target price on Franklin Resources from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on Franklin Resources from $20.00 to $19.00 and set a “hold” rating on the stock in a research note on Tuesday. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $19.00 price objective (down from $20.00) on shares of Franklin Resources in a research note on Tuesday. Finally, Barclays decreased their price objective on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a report on Monday, October 14th. Six research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $20.20.

Franklin Resources Stock Up 2.8 %

Franklin Resources stock opened at $21.53 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.71 and a quick ratio of 1.71. The stock has a market capitalization of $11.26 billion, a PE ratio of 25.03, a price-to-earnings-growth ratio of 2.81 and a beta of 1.38. The business has a 50 day simple moving average of $20.25 and a 200-day simple moving average of $21.95. Franklin Resources has a 12 month low of $18.94 and a 12 month high of $30.32.

Franklin Resources (NYSE:BEN) last issued its quarterly earnings results on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. Franklin Resources’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.84 EPS. On average, analysts anticipate that Franklin Resources will post 2.41 EPS for the current fiscal year.

Insider Transactions at Franklin Resources

In related news, insider Franklin Resources Inc sold 7,900 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $43.71, for a total value of $345,309.00. Following the completion of the sale, the insider now owns 36,519 shares of the company’s stock, valued at approximately $1,596,245.49. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Franklin Resources news, CEO Jennifer M. Johnson bought 18,900 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was bought at an average price of $20.95 per share, with a total value of $395,955.00. Following the completion of the purchase, the chief executive officer now directly owns 216,900 shares in the company, valued at $4,544,055. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Franklin Resources Inc sold 7,900 shares of Franklin Resources stock in a transaction on Friday, October 18th. The shares were sold at an average price of $43.71, for a total value of $345,309.00. Following the completion of the sale, the insider now owns 36,519 shares in the company, valued at $1,596,245.49. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 231,600 shares of company stock worth $4,537,637 and have sold 24,024 shares worth $1,051,375. Insiders own 24.13% of the company’s stock.

Institutional Trading of Franklin Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Headlands Technologies LLC acquired a new position in Franklin Resources in the first quarter valued at about $32,000. Altshuler Shaham Ltd purchased a new stake in shares of Franklin Resources in the 2nd quarter valued at approximately $27,000. MFA Wealth Advisors LLC acquired a new position in shares of Franklin Resources in the 3rd quarter worth approximately $26,000. Sentry Investment Management LLC acquired a new position in shares of Franklin Resources in the 2nd quarter worth approximately $30,000. Finally, Matrix Trust Co purchased a new position in shares of Franklin Resources during the 3rd quarter worth approximately $29,000. 47.56% of the stock is 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.