Property-and-casualty insurance stocks got a lift recently amid expectations of an end to the slide in commercial premiums. Yet, Allstate (ALL) and The Travelers Companies (TRV) still trade at or under book value, while two of the strongest insurers, Ace (ACE) and Chubb (CB), trade at modest premiums to book and at less than 10 times projected 2009 profits. Depressed asset managers like Franklin Resources (BEN) and AllianceBernstein (AB) trade for 10 to 15 times projected 2009 profits.

Market Perform -- Price 108 on Sept. 22
by Keefe Bruyette Woods

Target: 106. We are lowering our target [from 112] to 106 ...14.8 times our calendar "09 EPS estimate of $7.15. While we believe BEN's long-term fundamental value is higher, we expect near-term flow trends to remain negative and outflows from international products could remain a drag ... lowering from Outperform. Market cap: $25.5 billion.

Even at their current prices, private-equity shares aren't bargains. Traditional asset managers such as AllianceBernstein (AB), Franklin Resources (BEN), BlackRock (BLK) and T. Rowe Price (TROW) look like better bets on a recovery in the markets. They're cheaper (based on assets under management) and more diversified, and they don't depend on incentive fees for a sizable chunk of their profits

Franklin Templeton's broad mix of assets is a hedge against a bear market in stocks -- should one develop. Its global heft adds stability, and its long Asian history positions the company to capitalize on that region's youth and growing reliance on wealth management. It also boasts net profit margins near 27%, and has $20 a share in cash. Buckingham Research analyst William Katz sees Franklin as "an inexpensive global platform" with a strong balance sheet. His price target: 120.

Franklin Resources (BEN) was upgraded from Neutral to Buy at Merrill Lynch. $116 price target. BEN's valuation, value focus, global footprint and $17 per share net cash and investments make it an attractive buy for long term investors.

Franklin Resources (BEN) was downgraded from Neutral to Underweight, JP Morgan said. Company could soon see net redemptions. Estimates also cut as fee and interest income also declining.

Franklin Resources (BEN) was upgraded to Buy from Neutral based on attractive risk/reward stemming from attractive valuation and strong fundamentals. Price target raised to $135 from $110.

Buy - Price 87.22 on March 11
by Sandler O'Neill

With BEN trading at 11.5 times forward earnings, or nearly a 20% discount to the peer group, we believe the stock's current valuation does not fully reflect scale, diversification, global footprint advantages, improving investment performance, best-in-class margins, and accelerating capital management. Market-cap: $21 billion.

Franklin Resources. (Also known as Franklin Templeton for doing some of its business)

Investment management AND Fund services. High net worth people serviced, open & closed end funds, and other fiduciary services like under-writing.

33.3%