TD Cowen Has Lowered Expectations for Franklin Resources (NYSE:BEN) Stock Price

Franklin Resources (NYSE:BEN - Free Report) had its target price cut by TD Cowen from $20.00 to $17.50 in a research report report published on Wednesday morning,Benzinga reports. They currently have a hold rating on the closed-end fund's stock.

A number of other equities research analysts have also recently issued reports on BEN. The Goldman Sachs Group upgraded shares of Franklin Resources from a "sell" rating to a "neutral" rating and increased their target price for the stock from $21.00 to $22.00 in a research report on Monday, January 6th. UBS Group lifted their target price on shares of Franklin Resources from $19.00 to $23.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. Wells Fargo & Company decreased their price target on Franklin Resources from $24.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Bank of America cut their price objective on Franklin Resources from $20.00 to $17.00 and set an "underperform" rating for the company in a research report on Thursday, April 3rd. Finally, BMO Capital Markets increased their target price on Franklin Resources from $20.00 to $23.00 and gave the stock a "market perform" rating in a report on Monday, February 3rd. Five research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $19.38.

Franklin Resources Stock Performance

Shares of BEN traded up $0.19 during mid-day trading on Wednesday, hitting $18.09. The company's stock had a trading volume of 3,744,494 shares, compared to its average volume of 4,356,852. Franklin Resources has a one year low of $16.25 and a one year high of $25.84. The stock's 50-day moving average is $19.60 and its two-hundred day moving average is $20.37. The firm has a market capitalization of $9.50 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 2.31 and a beta of 1.36. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 1.66.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings data 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 net margin of 4.32% and a return on equity of 9.45%. During the same period in the previous year, the business posted $0.65 earnings per share. As a group, sell-side analysts anticipate that Franklin Resources will post 2.16 EPS for the current year.

Franklin Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were paid 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 7.08%. Franklin Resources's payout ratio is presently 196.92%.

Institutional Investors Weigh In On Franklin Resources

Several hedge funds have recently bought and sold shares of BEN. CoreCap Advisors LLC increased its holdings in Franklin Resources by 147.1% during the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock worth $25,000 after purchasing an additional 737 shares in the last quarter. GeoWealth Management LLC grew its holdings in Franklin Resources by 350.4% during the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock worth $26,000 after purchasing an additional 981 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Franklin Resources by 44.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund's stock worth $33,000 after acquiring an additional 505 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Franklin Resources in the fourth quarter valued at about $34,000. Finally, Principal Securities Inc. raised its holdings in Franklin Resources by 561.1% in the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund's stock valued at $40,000 after acquiring an additional 1,661 shares during the period. 47.56% of the stock is currently owned by institutional investors and hedge funds.

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.