Morgan Stanley Lowers Franklin Resources (NYSE:BEN) Price Target to $19.00

Franklin Resources (NYSE:BEN) had its target price dropped by equities researchers at Morgan Stanley from $21.00 to $19.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “underweight” rating on the closed-end fund’s stock. Morgan Stanley’s target price indicates a potential downside of 9.44% from the company’s previous close.

BEN has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Franklin Resources from $24.00 to $23.00 and set a “hold” rating for the company in a report on Monday, July 29th. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $23.00 target price on shares of Franklin Resources in a research note on Thursday, August 22nd. Barclays reduced their price objective on Franklin Resources from $20.00 to $19.00 and set an “underweight” rating for the company in a research report on Monday, October 14th. BMO Capital Markets lowered their target price on shares of Franklin Resources from $27.00 to $26.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th. Finally, TD Cowen boosted their price objective on Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $21.73.

Franklin Resources Trading Up 1.5 %

Shares of Franklin Resources stock opened at $20.98 on Friday. Franklin Resources has a fifty-two week low of $18.94 and a fifty-two week high of $30.32. The business’s fifty day moving average is $20.44 and its two-hundred day moving average is $22.45. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.93. The firm has a market cap of $11.04 billion, a PE ratio of 11.99, a P/E/G ratio of 2.29 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, July 26th. The closed-end fund reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Franklin Resources had a return on equity of 10.60% and a net margin of 10.24%. The company had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.09 billion. Analysts anticipate that Franklin Resources will post 2.4 earnings per share for the current year.

Insider Buying and Selling at Franklin Resources

In other Franklin Resources news, CEO Jennifer M. Johnson purchased 18,900 shares of the stock in a transaction dated Friday, August 23rd. The shares were acquired at an average price of $20.95 per share, for a total transaction of $395,955.00. Following the completion of the acquisition, the chief executive officer now owns 216,900 shares of the company’s stock, valued at $4,544,055. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Jennifer M. Johnson purchased 18,900 shares of Franklin Resources stock in a transaction dated Friday, August 23rd. The stock was acquired at an average cost of $20.95 per share, with a total value of $395,955.00. Following the completion of the transaction, the chief executive officer now directly owns 216,900 shares of the company’s stock, valued at $4,544,055. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer M. Johnson acquired 12,700 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were bought at an average cost of $19.66 per share, for a total transaction of $249,682.00. Following the completion of the transaction, the chief executive officer now directly owns 2,637,700 shares of the company’s stock, valued at $51,857,182. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. Company insiders own 24.13% of the company’s stock.

Hedge Funds Weigh In On Franklin Resources

A number of hedge funds have recently modified their holdings of BEN. Allspring Global Investments Holdings LLC increased its position in Franklin Resources by 8.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,001 shares of the closed-end fund’s stock worth $302,000 after purchasing an additional 1,195 shares during the last quarter. Vest Financial LLC grew its stake in shares of Franklin Resources by 22.9% in the 3rd quarter. Vest Financial LLC now owns 2,213,663 shares of the closed-end fund’s stock valued at $44,605,000 after buying an additional 411,931 shares in the last quarter. Blue Trust Inc. increased its holdings in Franklin Resources by 124.8% in the third quarter. Blue Trust Inc. now owns 2,068 shares of the closed-end fund’s stock worth $46,000 after buying an additional 1,148 shares during the last quarter. V Square Quantitative Management LLC raised its position in Franklin Resources by 40.2% during the third quarter. V Square Quantitative Management LLC now owns 18,092 shares of the closed-end fund’s stock valued at $365,000 after acquiring an additional 5,190 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Franklin Resources by 19.5% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 87,645 shares of the closed-end fund’s stock valued at $1,766,000 after acquiring an additional 14,332 shares during the last quarter. 47.56% of the stock is owned by institutional investors and hedge funds.

About Franklin Resources

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.