Franklin Resources, Inc. (NYSE:BEN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday, AnalystRatings.Net reports.
According to Zacks, “Franklin’s fiscal first-quarter 2016 (ended Dec 31) earnings lagged the Zacks Consensus Estimate and also came below the prior-year quarter figure. Results reflected lower revenues and net outflows. Though assets under management (AUM) declined during the quarter, we believe Franklin’s well-diversified AUM positions the company ahead of its peers. The latest dividend hike instilled investors’ confidence in the stock. We believe the company is poised to benefit from acquisitions closed in the last couple of years and increasing focus on international markets. Also, the company boasts a strong balance sheet. Nevertheless, regulatory restrictions and an expanding cost base will continue to pose major concerns for the company.”
Franklin Resources (NYSE:BEN) traded down 0.10% during mid-day trading on Monday, hitting $39.05. The stock had a trading volume of 2,226,615 shares. The stock has a market cap of $23.14 billion and a PE ratio of 12.52. Franklin Resources has a one year low of $31.00 and a one year high of $54.04. The firm’s 50-day moving average is $35.45 and its 200 day moving average is $37.41.
Source: American Banking and Market News