Morgan Stanley Lowers Franklin Resources (NYSE:BEN) Price Target to $15.00

Franklin Resources (NYSE:BEN) had its price objective lowered by Morgan Stanley from $18.00 to $15.00 in a research note issued to investors on Monday morning,Benzinga reports. Morgan Stanley currently has an underweight rating on the closed-end fund’s stock.

Other research analysts also recently issued research reports about the company. The Goldman Sachs Group raised Franklin Resources from a “sell” rating to a “neutral” rating and increased their price target for the company from $21.00 to $22.00 in a report on Monday, January 6th. BMO Capital Markets increased their target price on Franklin Resources from $20.00 to $23.00 and gave the company a “market perform” rating in a research note on Monday, February 3rd. Keefe, Bruyette & Woods raised their price target on shares of Franklin Resources from $19.00 to $21.00 and gave the stock an “underperform” rating in a research report on Monday, February 3rd. UBS Group upped their price target on shares of Franklin Resources from $19.00 to $23.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Franklin Resources from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Five equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat, Franklin Resources currently has a consensus rating of “Hold” and an average price target of $20.21.

Franklin Resources Stock Down 3.7 %

NYSE BEN opened at $16.87 on Monday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.89. Franklin Resources has a fifty-two week low of $16.36 and a fifty-two week high of $27.55. The business has a 50 day moving average price of $19.96 and a two-hundred day moving average price of $20.50. The stock has a market cap of $8.86 billion, a PE ratio of 25.95, a P/E/G ratio of 2.31 and a beta of 1.36.

Franklin Resources (NYSE:BEN) last announced its earnings results on Friday, January 31st. The closed-end fund reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03. Franklin Resources had a net margin of 4.32% and a return on equity of 9.45%. During the same period in the prior year, the firm earned $0.65 earnings per share. As a group, sell-side analysts predict that Franklin Resources will post 2.16 EPS for the current fiscal year.

Franklin Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Monday, March 31st will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.28 dividend on an annualized basis and a yield of 7.59%. Franklin Resources’s dividend payout ratio is currently 196.92%.

Institutional Investors Weigh In On Franklin Resources

Large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Franklin Resources during the fourth quarter valued at approximately $53,676,000. Two Sigma Advisers LP raised its stake in Franklin Resources by 173.7% during the 4th quarter. Two Sigma Advisers LP now owns 3,531,700 shares of the closed-end fund’s stock valued at $71,658,000 after acquiring an additional 2,241,500 shares in the last quarter. Two Sigma Investments LP grew its stake in shares of Franklin Resources by 132.7% in the fourth quarter. Two Sigma Investments LP now owns 2,935,292 shares of the closed-end fund’s stock worth $59,557,000 after purchasing an additional 1,673,971 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Franklin Resources by 33.1% during the fourth quarter. First Trust Advisors LP now owns 6,438,863 shares of the closed-end fund’s stock valued at $130,645,000 after purchasing an additional 1,599,849 shares during the period. Finally, ProShare Advisors LLC raised its stake in shares of Franklin Resources by 19.6% during the fourth quarter. ProShare Advisors LLC now owns 9,403,875 shares of the closed-end fund’s stock valued at $190,805,000 after purchasing an additional 1,542,478 shares in 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.