JPMorgan Chase & Co. Has Lowered Expectations for Franklin Resources (NYSE:BEN) Stock Price

Franklin Resources (NYSE:BEN - Get Free Report) had its price objective lowered by JPMorgan Chase & Co. from $22.00 to $21.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the closed-end fund's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 0.24% from the company's previous close.

A number of other equities research analysts have also recently weighed in on BEN. UBS Group dropped their price target on Franklin Resources from $24.00 to $21.00 and set a "neutral" rating for the company in a report on Tuesday, October 22nd. BMO Capital Markets dropped their target price on Franklin Resources from $27.00 to $26.00 and set a "market perform" rating for the company in a research report on Monday, July 29th. Morgan Stanley dropped their target price on Franklin Resources from $21.00 to $19.00 and set an "underweight" rating for the company in a research report on Friday, October 18th. Keefe, Bruyette & Woods restated an "underperform" rating and set a $19.00 target price (down previously from $20.00) on shares of Franklin Resources in a research report on Tuesday. Finally, Wells Fargo & Company dropped their target price on Franklin Resources from $20.00 to $19.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 9th. Five equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $20.20.

Franklin Resources Stock Performance

NYSE:BEN traded up $0.79 during mid-day trading on Tuesday, hitting $20.95. 5,521,765 shares of the company's stock traded hands, compared to its average volume of 4,054,060. The firm has a 50 day moving average of $20.20 and a two-hundred day moving average of $21.99. Franklin Resources has a 12 month low of $18.94 and a 12 month high of $30.32. The firm has a market capitalization of $10.96 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 2.81 and a beta of 1.38. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.93.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings data 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 return on equity of 10.60% and a net margin of 10.24%. The firm had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the business posted $0.84 EPS. Franklin Resources's revenue was up 11.3% compared to the same quarter last year. On average, equities analysts forecast that Franklin Resources will post 2.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Franklin Resources Inc sold 7,900 shares of the company's stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $43.71, for a total transaction of $345,309.00. Following the sale, the insider now owns 36,519 shares in the company, valued at approximately $1,596,245.49. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Jennifer M. Johnson bought 18,900 shares of the firm's stock in a transaction dated Friday, August 23rd. The shares were bought at an average price of $20.95 per share, with a total value of $395,955.00. Following the completion of the transaction, the chief executive officer now owns 216,900 shares of the company's stock, valued at $4,544,055. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Franklin Resources Inc sold 7,900 shares of the company's stock in a transaction that occurred 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 transaction, the insider now directly owns 36,519 shares in the company, valued at $1,596,245.49. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over 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. 24.13% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Franklin Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. MFA Wealth Advisors LLC acquired a new stake in Franklin Resources during the third quarter worth approximately $26,000. Altshuler Shaham Ltd acquired a new stake in Franklin Resources during the second quarter worth approximately $27,000. Matrix Trust Co acquired a new stake in Franklin Resources during the third quarter worth approximately $29,000. Sentry Investment Management LLC acquired a new stake in shares of Franklin Resources in the 2nd quarter valued at $30,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Franklin Resources in the 1st quarter valued at $32,000. 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.