California Public Employees Retirement System trimmed its holdings in Franklin Resources, Inc. (NYSE:BEN – Get Rating) by 6.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 553,990 shares of the closed-end fund’s stock after selling 35,705 shares during the quarter. California Public Employees Retirement System’s holdings in Franklin Resources were worth $12,914,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in BEN. Prospera Financial Services Inc purchased a new position in Franklin Resources during the first quarter worth about $25,000. J.W. Cole Advisors Inc. purchased a new position in Franklin Resources during the first quarter worth about $33,000. Charter Oak Capital Management LLC purchased a new position in Franklin Resources during the second quarter worth about $49,000. Larson Financial Group LLC purchased a new position in Franklin Resources during the second quarter worth about $51,000. Finally, Tompkins Financial Corp purchased a new position in Franklin Resources during the first quarter worth about $56,000. 45.57% of the stock is owned by hedge funds and other institutional investors.
In other Franklin Resources news, insider Franklin Resources Inc purchased 4,419 shares of the stock in a transaction dated Friday, August 26th. The shares were acquired at an average cost of $31.56 per share, for a total transaction of $139,463.64. Following the completion of the transaction, the insider now directly owns 23,984 shares of the company’s stock, valued at $756,935.04. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders have acquired 5,967,999 shares of company stock worth $42,481,572 over the last ninety days. 23.30% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
Franklin Resources Stock Up 0.1 %
BEN stock opened at $26.15 on Monday. The company’s 50 day simple moving average is $23.53 and its 200-day simple moving average is $24.96. The firm has a market capitalization of $13.06 billion, a PE ratio of 10.38, a P/E/G ratio of 6.33 and a beta of 1.22. Franklin Resources, Inc. has a 12 month low of $20.24 and a 12 month high of $36.45. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.34 and a quick ratio of 1.99.
Franklin Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were given a $0.29 dividend. The ex-dividend date was Thursday, September 29th. This represents a $1.16 annualized dividend and a dividend yield of 4.44%. Franklin Resources’s dividend payout ratio is presently 46.03%.
Franklin Resources Profile
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.
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