Franklin Resources (NYSE:BEN) Upgraded to Equal Weight at Morgan Stanley

Key Points

• Morgan Stanley upgraded Franklin Resources from "underweight" to "equal weight" and raised its price target to $31 (from $21), implying only about a 1.8% upside from the current price.
• Franklin Resources beat Q1 estimates with $0.71 EPS vs. $0.55 expected and $1.75B revenue vs. $1.70B, while analysts’ consensus is a "Hold" with a $29.56 target and a mixed rating split (3 Buy, 6 Hold, 2 Sell).

Franklin Resources (NYSE:BEN - Get Free Report) was upgraded by equities researchers at Morgan Stanley from an "underweight" rating to an "equal weight" rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm presently has a $31.00 target price on the closed-end fund's stock, up from their previous target price of $21.00. Morgan Stanley's target price indicates a potential upside of 1.82% from the company's current price.

Other equities research analysts have also recently issued reports about the company. Wall Street Zen raised Franklin Resources from a "hold" rating to a "buy" rating in a research report on Saturday. Barclays set a $31.00 price objective on Franklin Resources and gave the company an "equal weight" rating in a research report on Wednesday, April 29th. Weiss Ratings raised Franklin Resources from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, April 22nd. TD Cowen increased their price objective on Franklin Resources from $33.00 to $37.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Finally, Evercore reaffirmed an "underperform" rating and set a $28.00 price objective on shares of Franklin Resources in a research report on Wednesday, April 29th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Franklin Resources has an average rating of "Hold" and a consensus target price of $29.56.

Franklin Resources Stock Performance

BEN stock opened at $30.45 on Wednesday. The stock has a market capitalization of $15.82 billion, a PE ratio of 23.24, a price-to-earnings-growth ratio of 0.87 and a beta of 1.56. Franklin Resources has a 12-month low of $19.79 and a 12-month high of $30.52. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.10. The stock's 50 day simple moving average is $25.70 and its 200 day simple moving average is $24.76.

Franklin Resources (NYSE:BEN - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The closed-end fund reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.16. The business had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.70 billion. Franklin Resources had a return on equity of 10.58% and a net margin of 8.12%.The firm's quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.47 EPS. As a group, research analysts forecast that Franklin Resources will post 2.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Franklin Resources

Large investors have recently made changes to their positions in the company. Mariner LLC grew its stake in shares of Franklin Resources by 0.7% during the 4th quarter. Mariner LLC now owns 56,151 shares of the closed-end fund's stock valued at $1,341,000 after purchasing an additional 377 shares during the period. Zions Bancorporation National Association UT grew its stake in shares of Franklin Resources by 35.5% during the 4th quarter. Zions Bancorporation National Association UT now owns 1,512 shares of the closed-end fund's stock valued at $36,000 after purchasing an additional 396 shares during the period. Exchange Traded Concepts LLC grew its stake in shares of Franklin Resources by 4.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 9,751 shares of the closed-end fund's stock valued at $233,000 after purchasing an additional 397 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of Franklin Resources by 12.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 3,671 shares of the closed-end fund's stock valued at $87,000 after purchasing an additional 400 shares during the period. Finally, Sigma Planning Corp grew its stake in shares of Franklin Resources by 0.6% during the 1st quarter. Sigma Planning Corp now owns 67,747 shares of the closed-end fund's stock valued at $1,600,000 after purchasing an additional 407 shares during the period. 47.56% of the stock is currently owned by institutional investors.

Franklin Resources Company Profile

Franklin Resources, Inc, doing business as Franklin Templeton, is a global investment management organization that offers a wide range of asset management solutions to institutional and individual investors. The firm's core focus is on delivering active portfolio management across equities, fixed income, multi-asset strategies and alternative investments. Franklin Templeton's product lineup includes mutual funds, exchange-traded funds (ETFs), closed-end funds, separately managed accounts and sub-advisory services designed to meet varying risk-return objectives and income needs.

Founded in 1947 by Rupert H.

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