Citigroup Increases Franklin Resources (NYSE:BEN) Price Target to $37.00

Franklin Resources (NYSE:BEN) had its price target upped by equities research analysts at Citigroup from $35.00 to $37.00 in a note issued to investors on Tuesday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the closed-end fund’s stock. Citigroup‘s price objective would suggest a potential upside of 6.23% from the stock’s current price.

Other equities research analysts have also issued reports about the company. TheStreet upgraded Zimmer Biomet from a “c” rating to a “b-” rating in a research note on Friday, April 26th. Keefe, Bruyette & Woods downgraded Franklin Resources from a “market perform” rating to an “underperform” rating and decreased their target price for the stock from $34.00 to $33.00 in a research report on Monday, April 29th. Bank of America set a $180.00 target price on CME Group and gave the stock a “hold” rating in a research report on Tuesday, April 9th. Finally, Zacks Investment Research raised IMI PLC/S from a “sell” rating to a “hold” rating in a research report on Wednesday, April 3rd. Seven research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $30.71.

NYSE:BEN traded up $0.05 on Tuesday, hitting $34.83. 2,093,042 shares of the stock were exchanged, compared to its average volume of 2,743,075. The stock has a market capitalization of $17.91 billion, a PE ratio of 10.94, a PEG ratio of 1.96 and a beta of 1.19. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.54 and a current ratio of 3.54. The business has a fifty day moving average of $33.80. Franklin Resources has a fifty-two week low of $27.34 and a fifty-two week high of $35.82.

Franklin Resources (NYSE:BEN) last announced its quarterly earnings results on Friday, April 26th. The closed-end fund reported $0.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.08. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.41 billion. Franklin Resources had a return on equity of 14.24% and a net margin of 26.10%. The firm’s revenue was down 11.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.78 earnings per share. Research analysts expect that Franklin Resources will post 2.58 EPS for the current year.

In related news, EVP Craig Steven Tyle sold 10,924 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $32.04, for a total value of $350,004.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 23.90% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Northern Trust Corp lifted its holdings in Franklin Resources by 6.0% during the 4th quarter. Northern Trust Corp now owns 4,225,018 shares of the closed-end fund’s stock worth $125,314,000 after buying an additional 239,848 shares during the last quarter. MML Investors Services LLC acquired a new stake in shares of Franklin Resources during the 4th quarter worth approximately $226,000. One Wealth Advisors LLC acquired a new stake in shares of Franklin Resources during the 4th quarter worth approximately $273,000. BLB&B Advisors LLC raised its position in shares of Franklin Resources by 5.4% during the 1st quarter. BLB&B Advisors LLC now owns 9,265 shares of the closed-end fund’s stock worth $307,000 after purchasing an additional 475 shares during the period. Finally, S&CO Inc. acquired a new stake in shares of Franklin Resources during the 1st quarter worth approximately $3,116,000. 48.48% of the stock is owned by hedge funds and other 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.

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Analyst Recommendations for Franklin Resources (NYSE:BEN)

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