Asset Management & Custody Banks

The Financial Sector has been the weakest performing area of the market in today's trading session, currently 1.5% lower on the day. The worst performing stocks in the S&P Financial Sector currently are: 1) Genworth Financial (NYSE: GNW): Shares of Genworth are currently trading down 3.9%...

Sterne Agee is out with its report today on Invesco (NYSE: IVZ), maintaining Neutral. In a note to clients, Sterne Agee writes, "While there is meaningful upside to our $27 price target (based on 16x '11 cash operating earnings plus net cash & investments), on a relative basis we view the...

Citi is maintaining its Hold rating and its $24.50 price target on Invesco (NYSE: IVZ) in light of the company's May AUM. In the report, Citi writes, “$661.4B in AUM at 5/31, down 1.1% MTM from $668.6B at 4/30 and 50 bps (~$3B) ahead of our $658B forecast. Relative to us, beat reflects better than...

Citigroup has lowered the price target on AllianceBernstein (NYSE: AB) from $19 to $18 and maintains its Hold rating.

AllianceBernstein L.P. and AllianceBernstein Holding L.P. (NYSE: AB) today announced that preliminary assets under management decreased to $473 billion from $485 billion during May 2011. The 2.5% decline was due to negative investment returns and net asset outflows, primarily from the Institutions...

Gabelli is out with its report today on Waddell & Reed Financial (NYSE: WDR), maintaining Buy. In a note to clients, Gabelli writes, "Waddell & Reed is well positioned to participate in the growth of managed investment assets. The company has a broad network for distribution through its 1,...

Citi is out with its report today on Franklin Resources (NYSE: BEN), maintaining Buy. In a note to clients, Citi writes, "We rate BEN shares Buy/Low Risk (1L). In our opinion, BEN is an inexpensive a global asset manager with a strong balance sheet. Despite putting up best in class AUM growth and...

Jefferies & Co. has a Hold rating and a $130 price target on shares of Franklin Resources (NYSE: BEN). In a note to investors, Jefferies writes, "Yesterday BEN reported May 31 total assets of $735.8B, up 0.4% m/m and slightly above our $734B estimate. Long-term net flows were positive, with...

Citi reiterated its Buy rating on Affiliated Managers Group (NYSE: AMG). At the same time, Citi left its price target on the company's stock unchanged at $122, following a meeting with the company's management. In a research report published today, Citi states, "In our view, the meetings were...

Ticonderoga upgraded Franklin Resources Inc (NYSE: BEN) from “neutral” to “buy.” BEN's shares closed at $122.47 yesterday. Franklin Resources' trailing-twelve-month operating margin is 35.02%. Analysts at Morgan Stanley upgraded Clorox Company (NYSE: CLX) from “underweight” to “equal-weight.”...

To invest in California municipal bonds, an investor can consider the following investments: 1. Individual municipal bond Brokers from major brokerage houses often recommend municipal bonds to their clients, particularly when their brokerages are the underwriters of those bonds. Every major...

Jefferies & Co. has a Hold rating on Franklin Resources, Inc. (NYSE: BEN) as it discusses asset managers. In a note to clients, Jefferies writes, "We anticipate the majority of asset managers will report May 31st long-term assets (i.e., excluding money market funds) that are either flat or...

Stifel Nicolaus is out with its report today on SEI Investments (NASDAQ: SEIC), raising its PT from $23.50 to $25.50. In a note to clients, Stifel Nicolaus writes, "No big GWP signings announced, but prospecting activity and the pipeline remain strong. Optimism about new client signings is still...

Stifel Nicolaus has raised the price target on the following companies: Descartes Systems Group (NASDAQ: DSGX) from $8.50 to $9, Buy Peet's Coffee & Tea (NASDAQ: PEET) from $48 t0 $60, Buy SEI Investments Company (NASDAQ: SEIC) from $23.50 to $25.50, Buy

According to Goldman Sachs, State Street (NYSE: STT) Buy rating is reiterated. Goldman Sachs said that it hosted a meeting with STT's CEO, Jay Hooley, and CFO, Ed Resch. “We walked away confident in STT's ability to deliver good organic growth and positive operating leverage, with less uncertainty...