Renaissance Technologies LLC raised its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 202.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,710,000 shares of the closed-end fund’s stock after buying an additional 1,143,900 shares during the period. Renaissance Technologies LLC’s holdings in Franklin Resources were worth $74,094,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Cerebellum GP LLC acquired a new position in Franklin Resources during the fourth quarter valued at approximately $125,000. Valeo Financial Advisors LLC lifted its position in shares of Franklin Resources by 150.9% during the fourth 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. Buckley Wealth Management LLC acquired a new position in shares of Franklin Resources during the fourth quarter worth $202,000. Chicago Equity Partners LLC acquired a new position in shares of Franklin Resources during the third quarter worth $209,000. Finally, Highbridge Capital Management LLC acquired a new position in shares of Franklin Resources during the third quarter worth $210,000. 46.95% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Franklin Resources, Inc. (NYSE BEN) opened at $40.46 on Monday. 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 stock has a market cap of $22,321.93, a price-to-earnings ratio of 13.01, a P/E/G ratio of 1.37 and a beta of 1.64. Franklin Resources, Inc. has a 12 month low of $37.01 and a 12 month high of $47.65.
The business also recently declared a special dividend, which will be paid on Thursday, April 12th. Investors of record on Thursday, March 29th will be paid a $3.00 dividend. This represents a dividend yield of 2.35%. The ex-dividend date of this dividend is Wednesday, March 28th. This is a positive change from Franklin Resources’s previous special dividend of $0.50. Franklin Resources’s payout ratio is 78.63%.
A number of research firms have recently commented on BEN. Deutsche Bank reduced their target price on shares of Franklin Resources from $40.00 to $37.00 and set a “hold” rating on the stock in a research report on Tuesday, March 6th. 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 raised shares of 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. Finally, Keefe, Bruyette & Woods reissued 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 assigned a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $44.00.
In related news, insider Jed A. Plafker sold 7,790 shares of Franklin Resources stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $43.92, for a total value of $342,136.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Gregory E. Johnson sold 49,988 shares of Franklin Resources stock in a transaction on Tuesday, December 19th. The stock was 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. 22.20% of the stock is currently owned by insiders.
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Franklin Resources Company 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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