Franklin Resources (NYSE:BEN) Given New $21.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has raised its price target for Franklin Resources from $20.00 to $21.00, while maintaining an "underweight" rating on the stock, suggesting a potential downside of 16.95% from its previous close.
• Several other research firms have issued mixed ratings on Franklin Resources, with Wells Fargo upgrading its target to $26.00 and JPMorgan to $29.00, while the average consensus target price stands at $23.58.
• Franklin Resources recently reported earnings of $0.49 per share, exceeding expectations, but experienced a 2.2% year-over-year decline in revenue, amounting to $2.06 billion for the quarter.

Franklin Resources (NYSE:BEN - Get Free Report) had its price objective hoisted by equities researchers at Morgan Stanley from $20.00 to $21.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "underweight" rating on the closed-end fund's stock. Morgan Stanley's target price would suggest a potential downside of 16.95% from the stock's previous close.

Several other research firms also recently weighed in on BEN. Wells Fargo & Company raised their price target on Franklin Resources from $21.50 to $26.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Cowen reissued a "buy" rating on shares of Franklin Resources in a research report on Monday, June 16th. JPMorgan Chase & Co. raised their price objective on Franklin Resources from $22.00 to $29.00 and gave the stock a "neutral" rating in a report on Monday, August 4th. The Goldman Sachs Group upgraded Franklin Resources from a "neutral" rating to a "buy" rating and set a $29.00 target price on the stock in a report on Friday, June 27th. Finally, TD Cowen upgraded Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 target price on the stock in a report on Wednesday, May 14th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Franklin Resources currently has an average rating of "Hold" and a consensus target price of $23.58.

Franklin Resources Stock Up 1.2%

BEN opened at $25.29 on Tuesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.55 and a quick ratio of 1.55. The business has a 50 day simple moving average of $23.83 and a 200-day simple moving average of $21.28. The stock has a market capitalization of $13.13 billion, a P/E ratio of 49.58, a P/E/G ratio of 1.68 and a beta of 1.46. Franklin Resources has a 12 month low of $16.25 and a 12 month high of $25.42.

Franklin Resources (NYSE:BEN - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The closed-end fund reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.38 billion. Franklin Resources had a return on equity of 8.76% and a net margin of 3.73%. Franklin Resources's quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the business posted $0.60 EPS. On average, equities analysts anticipate that Franklin Resources will post 2.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Franklin Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. CoreCap Advisors LLC boosted its position in shares of Franklin Resources by 147.1% during the fourth quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund's stock worth $25,000 after buying an additional 737 shares during the period. GeoWealth Management LLC lifted its position in Franklin Resources by 350.4% in the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund's stock worth $26,000 after purchasing an additional 981 shares during the period. Manchester Capital Management LLC lifted its position in Franklin Resources by 49.9% in the first quarter. Manchester Capital Management LLC now owns 1,668 shares of the closed-end fund's stock worth $32,000 after purchasing an additional 555 shares during the period. Contravisory Investment Management Inc. acquired a new stake in Franklin Resources in the first quarter worth approximately $46,000. Finally, Signaturefd LLC lifted its position in Franklin Resources by 39.4% in the first quarter. Signaturefd LLC now owns 2,592 shares of the closed-end fund's stock worth $50,000 after purchasing an additional 732 shares during the period. 47.56% of the stock is currently owned by institutional investors and hedge funds.

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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