The Goldman Sachs Group Boosts Franklin Resources (NYSE:BEN) Price Target to $23.00

Franklin Resources (NYSE:BENGet Rating) had its price objective boosted by stock analysts at The Goldman Sachs Group from $20.00 to $23.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “sell” rating on the closed-end fund’s stock. The Goldman Sachs Group’s price objective would indicate a potential downside of 13.37% from the company’s current price.

A number of other research firms also recently weighed in on BEN. Bank of America downgraded shares of Franklin Resources from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $28.00 to $25.00 in a research note on Thursday, September 8th. StockNews.com began coverage on Franklin Resources in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. UBS Group raised their price target on Franklin Resources from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Monday, August 1st. Credit Suisse Group decreased their price objective on Franklin Resources from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, November 2nd. Finally, Morgan Stanley cut their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a research note on Thursday, October 20th. Four investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $23.60.

Franklin Resources Trading Up 0.3 %

Shares of BEN opened at $26.55 on Wednesday. The stock’s fifty day simple moving average is $23.56 and its 200-day simple moving average is $24.98. The firm has a market capitalization of $13.26 billion, a PE ratio of 10.54, a price-to-earnings-growth ratio of 6.73 and a beta of 1.22. Franklin Resources has a 12-month low of $20.24 and a 12-month high of $36.45. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.72.

Insider Transactions at Franklin Resources

In other Franklin Resources news, insider Franklin Resources Inc bought 4,378 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The stock was acquired at an average price of $31.74 per share, with a total value of $138,957.72. Following the completion of the transaction, the insider now owns 28,362 shares in the company, valued at $900,209.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have acquired a total of 5,893,289 shares of company stock valued at $42,130,435 over the last 90 days. 23.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Franklin Resources

Several hedge funds have recently modified their holdings of the stock. Wealthfront Advisers LLC boosted its position in Franklin Resources by 18.0% during the second quarter. Wealthfront Advisers LLC now owns 76,304 shares of the closed-end fund’s stock valued at $1,779,000 after purchasing an additional 11,664 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of Franklin Resources by 5.0% in the 2nd quarter. Cerity Partners LLC now owns 15,094 shares of the closed-end fund’s stock valued at $352,000 after buying an additional 714 shares during the last quarter. Kentucky Retirement Systems grew its stake in shares of Franklin Resources by 5.2% in the first quarter. Kentucky Retirement Systems now owns 17,923 shares of the closed-end fund’s stock valued at $500,000 after buying an additional 882 shares in the last quarter. Zullo Investment Group Inc. increased its holdings in Franklin Resources by 314.9% during the first quarter. Zullo Investment Group Inc. now owns 2,402 shares of the closed-end fund’s stock worth $67,000 after buying an additional 1,823 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in Franklin Resources by 32.4% during the second quarter. Van ECK Associates Corp now owns 5,420 shares of the closed-end fund’s stock worth $126,000 after acquiring an additional 1,326 shares in the last quarter. Institutional investors own 45.57% of the company’s stock.

About Franklin Resources

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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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