Franklin Resources (NYSE:BEN) Downgraded by ValuEngine

Franklin Resources (NYSE:BEN) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, November 17th.

Several other research analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, October 3rd. BidaskClub cut shares of Franklin Resources from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $44.00 target price on shares of Franklin Resources in a report on Thursday, August 3rd. Finally, Wells Fargo & Company dropped their price target on shares of Franklin Resources from $50.00 to $48.00 and set a “market perform” rating for the company in a research report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $44.45.

Shares of Franklin Resources (BEN) traded up $1.14 on Friday, hitting $44.62. 2,752,913 shares of the stock were exchanged, compared to its average volume of 2,252,610. The company has a market cap of $24,620.00, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 1.49 and a beta of 1.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.75 and a quick ratio of 8.75. Franklin Resources has a 52-week low of $38.93 and a 52-week high of $47.65.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings data on Thursday, October 26th. The closed-end fund reported $0.76 EPS for the quarter, topping the consensus estimate of $0.72 by $0.04. Franklin Resources had a net margin of 26.54% and a return on equity of 13.48%. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same quarter in the previous year, the firm posted $0.82 earnings per share. Franklin Resources’s quarterly revenue was up .3% on a year-over-year basis. sell-side analysts expect that Franklin Resources will post 2.92 earnings per share for the current fiscal year.

In other news, Chairman Gregory E. Johnson sold 56,825 shares of the firm’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $42.83, for a total value of $2,433,814.75. Following the sale, the chairman now directly owns 2,047,273 shares in the company, valued at approximately $87,684,702.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of Franklin Resources stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $42.95, for a total transaction of $17,180,000.00. The disclosure for this sale can be found here. Company insiders own 21.60% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in BEN. IFP Advisors Inc boosted its position in shares of Franklin Resources by 16.1% during the 2nd quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after acquiring an additional 372 shares during the last quarter. Mountain Capital Investment Advisors Inc purchased a new stake in Franklin Resources in the 2nd quarter valued at about $123,000. Benjamin F. Edwards & Company Inc. purchased a new stake in Franklin Resources in the 3rd quarter valued at about $127,000. First Midwest Bank Trust Division purchased a new stake in Franklin Resources in the 2nd quarter valued at about $204,000. Finally, NBT Bank N A NY purchased a new stake in Franklin Resources in the 2nd quarter valued at about $206,000. Institutional investors own 44.77% of the company’s stock.

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About Franklin Resources

Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Franklin Resources (NYSE:BEN)

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