New Mexico Educational Retirement Board lifted its stake in Franklin Resources, Inc. (NYSE:BEN) by 4.3% in the 4th quarter, HoldingsChannel reports. The fund owned 31,673 shares of the closed-end fund’s stock after purchasing an additional 1,300 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Franklin Resources were worth $1,372,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in BEN. Janus Henderson Group PLC raised its position in shares of Franklin Resources by 32.2% in the 2nd quarter. Janus Henderson Group PLC now owns 65,829 shares of the closed-end fund’s stock worth $2,948,000 after acquiring an additional 16,023 shares in the last quarter. Intl Fcstone Inc. bought a new position in shares of Franklin Resources in the 2nd quarter worth $281,000. Shell Asset Management Co. raised its position in shares of Franklin Resources by 190.3% in the 3rd quarter. Shell Asset Management Co. now owns 66,224 shares of the closed-end fund’s stock worth $3,616,000 after acquiring an additional 43,413 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Franklin Resources by 17.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 267,431 shares of the closed-end fund’s stock worth $11,903,000 after acquiring an additional 39,878 shares in the last quarter. Finally, APG Asset Management N.V. raised its position in shares of Franklin Resources by 57.3% in the 3rd quarter. APG Asset Management N.V. now owns 3,906,627 shares of the closed-end fund’s stock worth $173,884,000 after acquiring an additional 1,422,900 shares in the last quarter. 45.36% of the stock is owned by hedge funds and other institutional investors.
Franklin Resources, Inc. (BEN) opened at $38.86 on Wednesday. The company has a quick ratio of 4.28, a current ratio of 4.28 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $21,571.61, a PE ratio of 33.21, a PEG ratio of 1.32 and a beta of 1.63. Franklin Resources, Inc. has a 1-year low of $37.01 and a 1-year high of $47.65.
The company also recently disclosed a special dividend, which will be paid on Thursday, April 12th. Stockholders of record on Thursday, March 29th will be issued a $3.00 dividend. The ex-dividend date is Wednesday, March 28th. This is a positive change from Franklin Resources’s previous special dividend of $0.50. This represents a dividend yield of 2.35%. Franklin Resources’s dividend payout ratio is currently 78.63%.
Several research analysts recently issued reports on BEN shares. Zacks Investment Research raised Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Thursday, January 11th. ValuEngine raised Franklin Resources from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $46.00 target price on shares of Franklin Resources in a research report on Wednesday, November 1st. Wells Fargo & Co reduced their target price on Franklin Resources from $50.00 to $48.00 and set a “market perform” rating on the stock in a research report on Friday, October 27th. Finally, UBS Group upped their target price on Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $44.45.
In other news, Chairman Gregory E. Johnson sold 49,988 shares of the stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $43.58, for a total value of $2,178,477.04. Following the transaction, the chairman now directly owns 2,116,886 shares of the company’s stock, valued at $92,253,891.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $42.95, for a total value of $17,180,000.00. The disclosure for this sale can be found here. Insiders sold 457,778 shares of company stock worth $19,700,614 over the last three months. Corporate insiders own 22.20% of the company’s stock.
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Franklin Resources Profile
Franklin Resources, Inc is a holding company. The Company, along with its subsidiaries, operates as Franklin Templeton Investments. It is a global investment management company that provides investment management and related services to retail, institutional and high net-worth clients in jurisdictions around the world.
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