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

Franklin Resources (NYSE:BEN) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $26.00 to $25.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the closed-end fund’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 10.89% from the stock’s current price.

Several other research firms have also recently weighed in on BEN. BMO Capital Markets assumed coverage on Franklin Resources in a research note on Friday, October 3rd. They set an “outperform” rating and a $26.00 target price for the company. Bank of America upped their price objective on Franklin Resources from $19.00 to $22.00 and gave the stock an “underperform” rating in a research report on Thursday, October 2nd. Zacks Research cut Franklin Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 20th. Barclays dropped their target price on shares of Franklin Resources from $23.00 to $20.00 and set an “underweight” rating for the company in a report on Tuesday, October 21st. Finally, Evercore ISI decreased their price target on shares of Franklin Resources from $25.00 to $23.00 and set an “underperform” rating on the stock in a report on Thursday, October 9th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $23.91.

Franklin Resources Price Performance

BEN traded up $0.32 on Monday, hitting $22.55. 2,579,552 shares of the stock were exchanged, compared to its average volume of 4,450,177. The firm has a market capitalization of $11.71 billion, a price-to-earnings ratio of 44.13, a PEG ratio of 1.65 and a beta of 1.49. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.55 and a quick ratio of 1.55. Franklin Resources has a 12 month low of $16.25 and a 12 month high of $26.08. The business has a 50-day moving average of $23.56 and a two-hundred day moving average of $23.30.

Franklin Resources (NYSE:BEN) last issued its earnings results on Friday, November 7th. The closed-end fund reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. Franklin Resources had a net margin of 3.73% and a return on equity of 8.76%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the previous year, the company earned $0.59 EPS. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. Sell-side analysts forecast that Franklin Resources will post 2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Franklin Resources

A number of hedge funds have recently modified their holdings of the business. Capital A Wealth Management LLC grew its stake in shares of Franklin Resources by 3,869.2% in the second quarter. Capital A Wealth Management LLC now owns 1,032 shares of the closed-end fund’s stock worth $25,000 after purchasing an additional 1,006 shares during the last quarter. Root Financial Partners LLC acquired a new position in Franklin Resources during the 3rd quarter worth about $25,000. Total Investment Management Inc. bought a new stake in shares of Franklin Resources in the 2nd quarter valued at about $27,000. Consultiva Wealth Management CORP. increased its stake in shares of Franklin Resources by 177.1% in the second quarter. Consultiva Wealth Management CORP. now owns 1,283 shares of the closed-end fund’s stock valued at $31,000 after buying an additional 820 shares during the period. Finally, Manchester Capital Management LLC increased its stake in shares of Franklin Resources by 49.9% in the first quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund’s stock valued at $32,000 after buying an additional 555 shares during the period. Institutional investors and hedge funds 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.