Franklin Resources (BEN)

• Market cap: $10.9B
• 1 day: 2.05%
• 5 days: -2.34%
• 1 month: -8.10%
• 3 months: -0.76%
• 6 months: -9.88%
• Year to date: -28.71%
• 1 year: -30.59%
• 5 years: -20.12%
• 10 years: -63.36%
• Sector: Financials
• Industry: Investment Advice

About: Franklin Resources provides investment services for individual and institutional investors. At the end of October 2024, Franklin had $1.631 trillion in managed assets, composed primarily of equity (38%), fixed-income (32%), multi-asset/balanced (11%) funds, alternatives (15%) and money market funds (4%). Distribution tends to be weighted equally between retail investors (53% of AUM) and institutional accounts (45%), with high-net-worth clients accounting for the remainder. Franklin is one of the more global of the us-based asset managers we cover, with 30% of its assets under management invested in global/international strategies and just as much sourced from clients domiciled outside the United States.

Employees: 10,200

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

40% more repeat investments, than reductions

Existing positions increased: 229 | Existing positions reduced: 164

19% more call options, than puts

Call options by funds: $63.3M | Put options by funds: $53M

0.86% more ownership

Funds ownership: 49.47% [Q2] → 50.33% (+0.86%) [Q3]

4% less funds holding

Funds holding: 570 [Q2] → 546 (-24) [Q3]

9% less capital invested

Capital invested by funds: $5.82B [Q2] → $5.31B (-$514M) [Q3]

24% less first-time investments, than exits

New positions opened: 78 | Existing positions closed: 102

50% less funds holding in top 10

Funds holding in top 10: 2 [Q2] → 1 (-1) [Q3]

Research analyst outlook

10 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $18.50 11% downside
• Avg. target: $20 4% downside
• High target: $23 8% upside

10 analyst ratings

• positive: 0 0%
• neutral: 5 50%
• negative: 5 50%

Morgan Stanley Michael Cyprys 76% 1-year accuracy 26 / 34 met price target	9% downside $19	Underweight Maintained	20 Dec 2024
Wells Fargo Michael Brown 68% 1-year accuracy 28 / 41 met price target	8% upside $23	Equal-Weight Maintained	12 Dec 2024
Barclays Benjamin Budish 68% 1-year accuracy 71 / 104 met price target	1% upside $21	Underweight Maintained	9 Dec 2024
TD Cowen Bill Katz 87% 1-year accuracy 33 / 38 met price target	11% downside $18.50	Hold Maintained	5 Nov 2024
Keefe, Bruyette & Woods Aidan Hall 91% 1-year accuracy 10 / 11 met price target	9% downside $19	Underperform Reiterated	5 Nov 2024