New York State Common Retirement Fund cut its position in Franklin Resources, Inc. (NYSE:BEN) by 3.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,394,275 shares of the closed-end fund’s stock after selling 51,700 shares during the quarter. New York State Common Retirement Fund’s holdings in Franklin Resources were worth $36,223,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. TRUE Private Wealth Advisors acquired a new position in Franklin Resources in the 4th quarter valued at $32,000. Knuff & Co LLC acquired a new position in Franklin Resources in the 3rd quarter valued at $58,000. NuWave Investment Management LLC grew its stake in Franklin Resources by 115.9% in the 4th quarter. NuWave Investment Management LLC now owns 2,289 shares of the closed-end fund’s stock valued at $59,000 after buying an additional 1,229 shares during the last quarter. Cerebellum GP LLC acquired a new position in Franklin Resources in the 3rd quarter valued at $125,000. Finally, Accurate Investment Solutions Inc. acquired a new position in Franklin Resources in the 4th quarter valued at $82,000. Institutional investors and hedge funds own 48.54% of the company’s stock.
NYSE BEN opened at $24.36 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.58 and a quick ratio of 3.58. The firm has a market capitalization of $12.03 billion, a price-to-earnings ratio of 9.71, a P/E/G ratio of 1.35 and a beta of 1.19. The company’s fifty day moving average is $25.48 and its two-hundred day moving average is $27.29. Franklin Resources, Inc. has a 52-week low of $23.96 and a 52-week high of $35.82.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Tuesday, March 31st will be given a $0.27 dividend. The ex-dividend date of this dividend is Monday, March 30th. This represents a $1.08 annualized dividend and a yield of 4.43%. Franklin Resources’s dividend payout ratio is 42.86%.
In other news, EVP Craig Steven Tyle sold 5,000 shares of Franklin Resources stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $27.57, for a total transaction of $137,850.00. Following the sale, the executive vice president now directly owns 113,793 shares in the company, valued at approximately $3,137,273.01. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 22.20% of the stock is currently owned by insiders.
Several analysts have issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of Franklin Resources from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $25.00 to $28.00 in a research report on Thursday, January 30th. Standpoint Research assumed coverage on shares of Franklin Resources in a research report on Monday, December 23rd. They issued an “accumulate” rating on the stock. ValuEngine upgraded shares of Franklin Resources from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. Evercore ISI restated a “sell” rating and issued a $25.00 price target on shares of Franklin Resources in a research report on Sunday, February 2nd. Finally, Deutsche Bank decreased their price target on shares of Franklin Resources from $29.00 to $25.00 and set a “hold” rating on the stock in a research report on Thursday, December 19th. Six research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $28.18.
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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