Wells Fargo & Company Lowers Franklin Resources (NYSE:BEN) Price Target to $20.00

Franklin Resources (NYSE:BEN - Free Report) had its target price lowered by Wells Fargo & Company from $24.00 to $20.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the closed-end fund's stock.

Other analysts also recently issued reports about the company. UBS Group raised their target price on Franklin Resources from $19.00 to $23.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. The Goldman Sachs Group upgraded shares of Franklin Resources from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $21.00 to $22.00 in a research report on Monday, January 6th. Barclays increased their target price on shares of Franklin Resources from $19.00 to $22.00 and gave the company an "underweight" rating in a research report on Monday, February 3rd. Morgan Stanley reduced their target price on shares of Franklin Resources from $18.00 to $15.00 and set an "underweight" rating for the company in a report on Monday, April 7th. Finally, BMO Capital Markets upped their price target on shares of Franklin Resources from $20.00 to $23.00 and gave the company a "market perform" rating in a research report on Monday, February 3rd. Five equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat, Franklin Resources currently has an average rating of "Hold" and a consensus price target of $19.63.

Franklin Resources Stock Performance

NYSE:BEN traded up $0.17 during midday trading on Tuesday, reaching $17.89. The stock had a trading volume of 5,794,767 shares, compared to its average volume of 4,359,302. Franklin Resources has a 12-month low of $16.25 and a 12-month high of $25.84. The firm has a fifty day simple moving average of $19.60 and a two-hundred day simple moving average of $20.37. The stock has a market cap of $9.39 billion, a P/E ratio of 27.52, a P/E/G ratio of 2.31 and a beta of 1.36. 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 (NYSE:BEN - Get Free Report) last issued its quarterly earnings data on Friday, January 31st. The closed-end fund reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate 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 previous year, the firm earned $0.65 earnings per share. On average, equities analysts expect that Franklin Resources will post 2.16 EPS for the current year.

Franklin Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Monday, March 31st were given a dividend of $0.32 per share. The ex-dividend date was Monday, March 31st. This represents a $1.28 annualized dividend and a dividend yield of 7.16%. Franklin Resources's payout ratio is 196.92%.

Hedge Funds Weigh In On Franklin Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC lifted its stake in Franklin Resources by 27.1% in the 3rd quarter. FMR LLC now owns 39,678 shares of the closed-end fund's stock worth $800,000 after purchasing an additional 8,468 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of Franklin Resources by 200.5% during the 3rd quarter. HighTower Advisors LLC now owns 295,738 shares of the closed-end fund's stock worth $5,966,000 after acquiring an additional 197,308 shares during the period. Janus Henderson Group PLC grew its holdings in Franklin Resources by 39.1% in the third quarter. Janus Henderson Group PLC now owns 46,836 shares of the closed-end fund's stock worth $944,000 after purchasing an additional 13,175 shares during the period. State Street Corp raised its position in shares of Franklin Resources by 2.9% in the 3rd 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 last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Franklin Resources by 71.2% during the third quarter. Wellington Management Group LLP now owns 29,667 shares of the closed-end fund's stock valued at $598,000 after buying an additional 12,336 shares during the last quarter. 47.56% of the stock is owned by 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.