First Republic Investment Management Inc. lifted its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 36.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 137,438 shares of the closed-end fund’s stock after purchasing an additional 36,906 shares during the quarter. First Republic Investment Management Inc.’s holdings in Franklin Resources were worth $5,955,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. Norinchukin Bank The lifted its holdings in shares of Franklin Resources by 11.9% during the 4th quarter. Norinchukin Bank The now owns 16,384 shares of the closed-end fund’s stock worth $710,000 after acquiring an additional 1,741 shares during the period. Ontario Teachers Pension Plan Board lifted its holdings in shares of Franklin Resources by 95.7% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 52,013 shares of the closed-end fund’s stock worth $2,254,000 after acquiring an additional 25,436 shares during the period. American International Group Inc. lifted its holdings in shares of Franklin Resources by 1.6% during the 4th quarter. American International Group Inc. now owns 224,831 shares of the closed-end fund’s stock worth $9,742,000 after acquiring an additional 3,456 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Franklin Resources by 20.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 878,588 shares of the closed-end fund’s stock worth $38,069,000 after acquiring an additional 146,774 shares during the period. Finally, Valeo Financial Advisors LLC increased its position in shares of Franklin Resources by 150.9% during the 4th quarter. Valeo Financial Advisors LLC now owns 4,015 shares of the closed-end fund’s stock worth $174,000 after purchasing an additional 2,415 shares in the last quarter. 45.36% of the stock is owned by institutional investors.
Shares of Franklin Resources, Inc. (NYSE:BEN) opened at $39.31 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.28 and a quick ratio of 4.28. The firm has a market cap of $21,687.47, a PE ratio of 33.60, a price-to-earnings-growth ratio of 1.33 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 business also recently disclosed a special dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 29th will be given a $3.00 dividend. This represents a yield of 2.35%. The ex-dividend date is Wednesday, March 28th. This is a boost from Franklin Resources’s previous special dividend of $0.50. Franklin Resources’s dividend payout ratio (DPR) is presently 78.63%.
A number of equities research analysts recently issued reports on the stock. ValuEngine cut shares of Franklin Resources from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Thursday, January 11th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $47.00 target price on shares of Franklin Resources in a research report on Friday, December 22nd. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Franklin Resources currently has an average rating of “Hold” and a consensus price target of $44.45.
In other Franklin Resources news, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the firm’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Gregory E. Johnson sold 49,988 shares of the firm’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $43.58, for a total transaction of $2,178,477.04. Following the completion of the sale, the chairman now owns 2,116,886 shares of the company’s stock, valued at approximately $92,253,891.88. The disclosure for this sale can be found here. Insiders sold a total of 457,778 shares of company stock valued at $19,700,614 in the last 90 days. Corporate insiders own 22.20% of the company’s stock.
About Franklin Resources
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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