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

Franklin Resources (NYSE:BEN) had its target price reduced by Morgan Stanley from $21.00 to $19.00 in a report released on Friday, Benzinga reports. Morgan Stanley currently has an underweight rating on the closed-end fund’s stock.

BEN has been the subject of several other reports. TD Cowen increased their price objective on Franklin Resources from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft lowered their price target on 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 restated an “underperform” rating and issued a $23.00 price objective on shares of Franklin Resources in a report on Thursday, August 22nd. Evercore ISI lowered their target price on shares of Franklin Resources from $20.00 to $19.00 and set an “underperform” rating for the company in a research note on Friday, October 4th. Finally, Barclays reduced their price target on shares of Franklin Resources from $20.00 to $19.00 and set an “underweight” rating on the stock in a research note on Monday, October 14th. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat.com, Franklin Resources presently has an average rating of “Hold” and an average target price of $21.73.

Franklin Resources Stock Up 1.5 %

Shares of BEN opened at $20.98 on Friday. Franklin Resources has a 52-week low of $18.94 and a 52-week high of $30.32. 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 stock has a fifty day simple moving average of $20.44 and a two-hundred day simple moving average of $22.41. The company has a market capitalization of $11.04 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 2.29 and a beta of 1.39.

Franklin Resources (NYSE:BEN) last issued its earnings results 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 net margin of 10.24% and a return on equity of 10.60%. The company had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.09 billion. As a group, equities analysts forecast that Franklin Resources will post 2.4 EPS for the current year.

Franklin Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a $0.31 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.24 annualized dividend and a yield of 5.91%. Franklin Resources’s dividend payout ratio is presently 70.86%.

Insider Transactions at Franklin Resources

In related news, major shareholder Charles B. Johnson bought 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was purchased at an average cost of $19.84 per share, for a total transaction of $1,984,000.00. Following the completion of the acquisition, the insider now owns 89,208,192 shares in the company, valued at approximately $1,769,890,529.28. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Jennifer M. Johnson bought 18,900 shares of Franklin Resources stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average price of $20.95 per share, with a total value of $395,955.00. Following the completion of the acquisition, the chief executive officer now directly owns 216,900 shares in the company, valued at $4,544,055. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Charles B. Johnson purchased 100,000 shares of the stock in a transaction on Thursday, August 29th. The shares were purchased at an average price of $19.84 per share, with a total value of $1,984,000.00. Following the acquisition, the insider now directly owns 89,208,192 shares in the company, valued at $1,769,890,529.28. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 231,600 shares of company stock valued at $4,537,637 and have sold 24,024 shares valued at $1,051,375. Corporate insiders own 24.13% of the company’s stock.

Institutional Investors Weigh In On Franklin Resources

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

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.