TD Cowen Issues Pessimistic Forecast for Franklin Resources (NYSE:BEN) Stock Price

Franklin Resources (NYSE:BEN - Free Report) had its target price trimmed by TD Cowen from $20.00 to $18.50 in a report published on Tuesday, Benzinga reports. The brokerage currently has a hold rating on the closed-end fund's stock.

Other research analysts have also issued reports about the stock. Evercore ISI reduced their target price on shares of Franklin Resources from $20.00 to $19.00 and set an "underperform" rating for the company in a research note on Friday, October 4th. Deutsche Bank Aktiengesellschaft reduced their price target on Franklin Resources from $20.00 to $19.00 and set a "hold" rating for the company in a research report on Tuesday. UBS Group cut their price objective on shares of Franklin Resources from $24.00 to $21.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 22nd. Barclays lowered their target price on shares of Franklin Resources from $20.00 to $19.00 and set an "underweight" rating on the stock in a research note on Monday, October 14th. Finally, BMO Capital Markets decreased their price objective on shares of Franklin Resources from $27.00 to $26.00 and set a "market perform" rating for the company in a report on Monday, July 29th. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $20.20.

Franklin Resources Stock Performance

Shares of BEN traded up $0.79 during mid-day trading on Tuesday, hitting $20.95. The stock had a trading volume of 5,521,765 shares, compared to its average volume of 4,054,439. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.93. The company has a market cap of $10.96 billion, a PE ratio of 12.85, a PEG ratio of 2.81 and a beta of 1.38. Franklin Resources has a fifty-two week low of $18.94 and a fifty-two week high of $30.32. The company's fifty day simple moving average is $20.21 and its two-hundred day simple moving average is $21.96.

Franklin Resources (NYSE:BEN - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. Franklin Resources's revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.84 EPS. On average, equities analysts expect that Franklin Resources will post 2.41 earnings per share for the current year.

Franklin Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 5.92%. The ex-dividend date was Monday, September 30th. Franklin Resources's dividend payout ratio (DPR) is presently 76.07%.

Insider Activity

In other Franklin Resources news, insider Franklin Resources Inc sold 7,900 shares of the firm's stock in a transaction 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 sale, the insider now directly owns 36,519 shares in the company, valued at $1,596,245.49. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Franklin Resources news, major shareholder Charles B. Johnson bought 100,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were acquired at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the completion of the purchase, the insider now directly owns 89,208,192 shares in the company, valued at $1,769,890,529.28. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Franklin Resources Inc sold 7,900 shares of the firm'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 transaction, the insider now owns 36,519 shares of the company's stock, valued at approximately $1,596,245.49. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 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 owned by insiders.

Hedge Funds Weigh In On Franklin Resources

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Franklin Resources by 11.1% in the first quarter. Vanguard Group Inc. now owns 35,889,477 shares of the closed-end fund's stock valued at $1,008,853,000 after acquiring an additional 3,592,943 shares during the period. Power Corp of Canada increased its position in shares of Franklin Resources by 18,266.0% during the 1st quarter. Power Corp of Canada now owns 31,557,117 shares of the closed-end fund's stock worth $887,071,000 after purchasing an additional 31,385,293 shares in the last quarter. ProShare Advisors LLC increased its position in shares of 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 purchasing an additional 676,760 shares in the last quarter. 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 valued at $71,171,000 after purchasing an additional 54,063 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Franklin Resources by 250.7% in the second quarter. AQR Capital Management LLC now owns 2,450,190 shares of the closed-end fund's stock valued at $54,664,000 after buying an additional 1,751,587 shares in the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.

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.