Texas Permanent School Fund Sells 644 Shares of Franklin Resources, Inc. (NYSE:BEN)

Texas Permanent School Fund cut its holdings in Franklin Resources, Inc. (NYSE:BENGet Rating) by 1.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 35,829 shares of the closed-end fund’s stock after selling 644 shares during the period. Texas Permanent School Fund’s holdings in Franklin Resources were worth $835,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Beacon Financial Group grew its holdings in shares of Franklin Resources by 1.5% in the second quarter. Beacon Financial Group now owns 26,674 shares of the closed-end fund’s stock valued at $673,000 after acquiring an additional 397 shares in the last quarter. First National Trust Co grew its holdings in shares of Franklin Resources by 2.2% in the first quarter. First National Trust Co now owns 19,297 shares of the closed-end fund’s stock valued at $539,000 after acquiring an additional 417 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in shares of Franklin Resources by 1.1% in the first quarter. Mutual of America Capital Management LLC now owns 37,526 shares of the closed-end fund’s stock valued at $1,048,000 after acquiring an additional 422 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Franklin Resources by 6.9% in the second quarter. Geneos Wealth Management Inc. now owns 7,429 shares of the closed-end fund’s stock valued at $175,000 after acquiring an additional 479 shares in the last quarter. Finally, Kinneret Advisory LLC grew its holdings in shares of Franklin Resources by 2.2% in the second quarter. Kinneret Advisory LLC now owns 22,731 shares of the closed-end fund’s stock valued at $536,000 after acquiring an additional 481 shares in the last quarter. 45.57% of the stock is owned by institutional investors.

Franklin Resources Trading Up 0.1 %

NYSE:BEN opened at $26.15 on Monday. The company has a market cap of $13.06 billion, a P/E ratio of 10.38, a P/E/G ratio of 6.33 and a beta of 1.22. The stock’s fifty day moving average price is $23.53 and its two-hundred day moving average price is $24.96. Franklin Resources, Inc. has a 1 year low of $20.24 and a 1 year 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were given a $0.29 dividend. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.44%. Franklin Resources’s dividend payout ratio (DPR) is presently 46.03%.

Insider Buying and Selling

In other Franklin Resources news, insider Franklin Resources Inc acquired 4,378 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were bought at an average price of $31.74 per share, for a total transaction of $138,957.72. Following the completion of the transaction, the insider now owns 28,362 shares of the company’s stock, valued at approximately $900,209.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have acquired 5,967,999 shares of company stock worth $42,481,572. Corporate insiders own 23.30% of the company’s stock.

Wall Street Analyst Weigh In

BEN has been the subject of several research reports. UBS Group increased their price objective on Franklin Resources from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Monday, August 1st. StockNews.com initiated coverage on Franklin Resources in a report on Wednesday, October 12th. They set a “hold” rating for the company. The Goldman Sachs Group reduced their price objective on Franklin Resources from $24.00 to $21.00 and set a “sell” rating for the company in a report on Monday, October 3rd. Deutsche Bank Aktiengesellschaft increased their price objective on Franklin Resources from $20.00 to $26.00 and gave the company a “hold” rating in a report on Tuesday, November 15th. Finally, Bank of America lowered Franklin Resources from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $28.00 to $25.00 in a report on Thursday, September 8th. Four analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.40.

Franklin Resources Profile

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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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Institutional Ownership by Quarter for Franklin Resources (NYSE:BEN)

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