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

Franklin Resources (NYSE:BEN - Get Free Report) had its price target raised by equities research analysts at Morgan Stanley from $14.00 to $19.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "underweight" rating on the closed-end fund's stock. Morgan Stanley's target price indicates a potential downside of 23.39% from the stock's current price.

A number of other research firms have also recently commented on BEN. TD Cowen raised shares of Franklin Resources from a "hold" rating to a "buy" rating and set a $27.00 price objective for the company in a research report on Wednesday, May 14th. Barclays raised their price objective on shares of Franklin Resources from $17.00 to $19.00 and gave the stock an "underweight" rating in a research report on Monday, May 5th. Evercore ISI decreased their target price on Franklin Resources from $19.00 to $17.00 and set an "underperform" rating on the stock in a research report on Friday, April 11th. Cowen reissued a "buy" rating on shares of Franklin Resources in a report on Monday, June 16th. Finally, Wells Fargo & Company upped their price objective on Franklin Resources from $20.00 to $21.50 and gave the company an "equal weight" rating in a report on Monday, May 5th. Five analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $21.21.

Franklin Resources Stock Up 1.9%

Shares of NYSE:BEN traded up $0.46 during trading on Wednesday, hitting $24.80. 3,597,049 shares of the company were exchanged, compared to its average volume of 4,523,568. Franklin Resources has a fifty-two week low of $16.25 and a fifty-two week high of $24.84. The stock has a market cap of $13.03 billion, a price-to-earnings ratio of 36.47, a P/E/G ratio of 3.33 and a beta of 1.45. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.93. The firm has a fifty day moving average price of $21.56 and a two-hundred day moving average price of $20.35.

Franklin Resources (NYSE:BEN - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The closed-end fund reported $0.47 earnings per share for the quarter, hitting analysts' consensus estimates of $0.47. Franklin Resources had a return on equity of 9.13% and a net margin of 4.65%. The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the previous year, the business earned $0.56 earnings per share. The business's revenue was down 6.2% compared to the same quarter last year. As a group, research analysts anticipate that Franklin Resources will post 2.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Franklin Resources

Large investors have recently modified their holdings of the business. Maple Capital Management Inc. acquired a new stake in Franklin Resources in the first quarter valued at approximately $192,000. Modern Wealth Management LLC boosted its holdings in shares of Franklin Resources by 58.1% during the 1st quarter. Modern Wealth Management LLC now owns 245,708 shares of the closed-end fund's stock valued at $4,730,000 after acquiring an additional 90,277 shares in the last quarter. Strs Ohio bought a new stake in Franklin Resources during the 1st quarter worth $3,330,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Franklin Resources by 8.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,077,880 shares of the closed-end fund's stock worth $39,999,000 after purchasing an additional 166,681 shares in the last quarter. Finally, Woodline Partners LP raised its position in Franklin Resources by 41.1% in the first quarter. Woodline Partners LP now owns 26,189 shares of the closed-end fund's stock valued at $504,000 after purchasing an additional 7,634 shares during the last quarter. Institutional investors and hedge funds own 47.56% of the company's stock.

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.