Franklin Resources (NYSE:BEN) Raised to "Neutral" at The Goldman Sachs Group

Franklin Resources (NYSE:BEN - Get Free Report) was upgraded by equities researchers at The Goldman Sachs Group from a "sell" rating to a "neutral" rating in a report released on Monday, MarketBeat Ratings reports. The brokerage currently has a $22.00 target price on the closed-end fund's stock, up from their prior target price of $21.00. The Goldman Sachs Group's target price points to a potential upside of 10.06% from the stock's previous close.

A number of other equities research analysts have also issued reports on BEN. StockNews.com raised shares of Franklin Resources from a "sell" rating to a "hold" rating in a report on Thursday, November 14th. JPMorgan Chase & Co. dropped their price objective on shares of Franklin Resources from $22.00 to $21.00 and set a "neutral" rating for the company in a research note on Tuesday, November 5th. TD Cowen decreased their target price on shares of Franklin Resources from $20.00 to $18.50 and set a "hold" rating on the stock in a research note on Tuesday, November 5th. Evercore ISI lowered their target price on Franklin Resources from $20.00 to $19.00 and set an "underperform" rating on the stock in a report on Friday, October 4th. Finally, Keefe, Bruyette & Woods reaffirmed an "underperform" rating and issued a $19.00 price target (down previously from $20.00) on shares of Franklin Resources in a report on Tuesday, November 5th. Four research analysts have rated the stock with a sell rating and eight have given a hold rating to the company's stock. Based on data from MarketBeat.com, Franklin Resources currently has a consensus rating of "Hold" and a consensus price target of $20.73.

Franklin Resources Price Performance

Shares of BEN stock traded down $0.42 on Monday, reaching $19.99. 5,230,450 shares of the company were exchanged, compared to its average volume of 3,709,950. Franklin Resources has a 1 year low of $18.94 and a 1 year high of $29.41. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.63 and a current ratio of 1.63. The business has a 50-day moving average price of $21.42 and a 200 day moving average price of $21.36. The company has a market cap of $10.47 billion, a price-to-earnings ratio of 23.24, a P/E/G ratio of 2.38 and a beta of 1.41.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its earnings results on Monday, November 4th. The closed-end fund reported $0.59 EPS for the quarter, missing analysts' consensus estimates of $0.60 by ($0.01). Franklin Resources had a net margin of 5.48% and a return on equity of 9.62%. The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the company earned $0.84 EPS. Franklin Resources's revenue was up 11.3% compared to the same quarter last year. Equities research analysts forecast that Franklin Resources will post 2.39 earnings per share for the current fiscal year.

Insider Activity at Franklin Resources

In other Franklin Resources news, insider Franklin Resources Inc sold 7,657 shares of the company's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $43.90, for a total transaction of $336,142.30. Following the transaction, the insider now directly owns 65,862 shares in the company, valued at $2,891,341.80. This represents a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have sold 24,024 shares of company stock worth $1,051,375. Company insiders own 22.90% of the company's stock.

Hedge Funds Weigh In On Franklin Resources

Several hedge funds have recently bought and sold shares of the company. State Street Corp increased its stake in Franklin Resources by 2.9% during the third quarter. State Street Corp now owns 21,155,516 shares of the closed-end fund's stock worth $432,730,000 after purchasing an additional 599,045 shares during the period. Geode Capital Management LLC grew its holdings in shares of Franklin Resources by 6.1% in the third quarter. Geode Capital Management LLC now owns 7,334,601 shares of the closed-end fund's stock valued at $147,312,000 after purchasing an additional 422,688 shares in the last quarter. ProShare Advisors LLC increased its stake in Franklin Resources by 10.5% during the 2nd quarter. ProShare Advisors LLC now owns 7,095,390 shares of the closed-end fund's stock worth $158,582,000 after buying an additional 676,760 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Franklin Resources by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,183,950 shares of the closed-end fund's stock worth $71,171,000 after buying an additional 54,063 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Franklin Resources by 44.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,998,574 shares of the closed-end fund's stock valued at $60,421,000 after buying an additional 925,590 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.