Evercore ISI Lowers Franklin Resources (NYSE:BEN) Price Target to $17.00

Franklin Resources (NYSE:BEN) had its target price cut by equities research analysts at Evercore ISI from $19.00 to $17.00 in a report released on Friday,Benzinga reports. The firm currently has an “underperform” rating on the closed-end fund’s stock. Evercore ISI’s price target suggests a potential downside of 4.95% from the stock’s previous close.

BEN has been the subject of a number of other research reports. Barclays boosted their price objective on Franklin Resources from $19.00 to $22.00 and gave the stock an “underweight” rating in a report on Monday, February 3rd. Morgan Stanley lowered their price target on Franklin Resources from $18.00 to $15.00 and set an “underweight” rating for the company in a report on Monday, April 7th. The Goldman Sachs Group raised shares of Franklin Resources from a “sell” rating to a “neutral” rating and lifted their price target for the company from $21.00 to $22.00 in a report on Monday, January 6th. UBS Group upped their price target on shares of Franklin Resources from $19.00 to $23.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. cut their price objective on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. 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.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.63.

Franklin Resources Price Performance

NYSE:BEN opened at $17.89 on Friday. Franklin Resources has a 12-month low of $16.25 and a 12-month high of $26.16. The firm has a market capitalization of $9.39 billion, a price-to-earnings ratio of 27.52, a P/E/G ratio of 2.31 and a beta of 1.36. The stock’s 50 day moving average price is $19.60 and its two-hundred day moving average price is $20.37. 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 (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 analysts’ consensus estimates of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same period in the previous year, the firm posted $0.65 EPS. On average, analysts anticipate that Franklin Resources will post 2.16 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. CoreCap Advisors LLC boosted its position in shares of Franklin Resources by 147.1% during the 4th 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 in the last quarter. GeoWealth Management LLC lifted 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 in the last quarter. Smartleaf Asset Management LLC increased its stake in Franklin Resources by 44.5% during the 4th 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 in the last quarter. Headlands Technologies LLC acquired a new position in Franklin Resources during the fourth quarter worth $34,000. Finally, Principal Securities Inc. lifted its stake in shares of Franklin Resources by 561.1% in the fourth quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock valued at $40,000 after buying an additional 1,661 shares in the last quarter. 47.56% of the stock is owned by institutional investors.

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.