Barclays Cuts Franklin Resources (NYSE:BEN) Price Target to $17.00

Franklin Resources (NYSE:BEN - Free Report) had its price target trimmed by Barclays from $22.00 to $17.00 in a research note released on Wednesday,Benzinga reports. They currently have an underweight rating on the closed-end fund's stock.

A number of other brokerages also recently weighed in on BEN. JPMorgan Chase & Co. lowered their price objective on shares of Franklin Resources from $21.00 to $19.00 and set a "neutral" rating on the stock in a research report on Thursday, January 16th. The Goldman Sachs Group cut their price objective on Franklin Resources from $21.50 to $19.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Evercore ISI dropped their price objective on Franklin Resources from $19.00 to $17.00 and set an "underperform" rating for the company in a research note on Friday, April 11th. BMO Capital Markets lifted their target price on Franklin Resources from $20.00 to $23.00 and gave the company a "market perform" rating in a research note on Monday, February 3rd. Finally, Keefe, Bruyette & Woods upped their price target on Franklin Resources from $19.00 to $21.00 and gave the stock an "underperform" rating in a research note on Monday, February 3rd. Five analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, Franklin Resources presently has a consensus rating of "Hold" and a consensus price target of $18.96.

Franklin Resources Stock Up 0.4 %

Franklin Resources stock traded up $0.08 during trading hours on Wednesday, hitting $17.63. The stock had a trading volume of 4,100,725 shares, compared to its average volume of 4,350,327. The stock's 50-day moving average price is $19.33 and its 200-day moving average price is $20.28. 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 12-month low of $16.25 and a 12-month high of $25.69. The stock has a market capitalization of $9.26 billion, a P/E ratio of 27.12, a price-to-earnings-growth ratio of 2.31 and a beta of 1.36.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) 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 quarter in the prior year, the company earned $0.65 EPS. Equities research analysts anticipate that Franklin Resources will post 2.16 EPS for the current fiscal year.

Franklin Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were given a $0.32 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.28 dividend on an annualized basis and a yield of 7.26%. Franklin Resources's dividend payout ratio is presently 196.92%.

Institutional Trading of Franklin Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cornerstone Wealth Management LLC boosted its position in shares of Franklin Resources by 11.7% during the first quarter. Cornerstone Wealth Management LLC now owns 17,202 shares of the closed-end fund's stock valued at $331,000 after buying an additional 1,802 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Franklin Resources by 12.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 599,512 shares of the closed-end fund's stock worth $11,541,000 after acquiring an additional 64,252 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in Franklin Resources by 85.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 8,553 shares of the closed-end fund's stock valued at $165,000 after acquiring an additional 3,931 shares during the period. Sound Income Strategies LLC boosted its holdings in Franklin Resources by 1.9% during the 1st quarter. Sound Income Strategies LLC now owns 554,085 shares of the closed-end fund's stock valued at $10,666,000 after acquiring an additional 10,210 shares during the period. Finally, Prentice Wealth Management LLC bought a new position in Franklin Resources in the 1st quarter valued at $234,000. 47.56% of the stock is owned by hedge funds and other institutional investors.

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.