California State Teachers Retirement System Sells 43,813 Shares of Franklin Resources, Inc. (BEN)

California State Teachers Retirement System lessened its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 6.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 597,356 shares of the closed-end fund’s stock after selling 43,813 shares during the period. California State Teachers Retirement System owned 0.11% of Franklin Resources worth $26,588,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the company. IFP Advisors Inc lifted its holdings in Franklin Resources by 16.1% in the second quarter. IFP Advisors Inc now owns 2,685 shares of the closed-end fund’s stock valued at $120,000 after buying an additional 372 shares during the period. Global X Management Co. LLC lifted its holdings in Franklin Resources by 14.5% in the second quarter. Global X Management Co. LLC now owns 5,253 shares of the closed-end fund’s stock valued at $235,000 after buying an additional 664 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in Franklin Resources by 15.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,343,749 shares of the closed-end fund’s stock valued at $60,187,000 after buying an additional 178,659 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in Franklin Resources by 7.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 44,802 shares of the closed-end fund’s stock valued at $2,080,000 after buying an additional 3,183 shares during the period. Finally, Legal & General Group Plc lifted its holdings in Franklin Resources by 0.6% in the second quarter. Legal & General Group Plc now owns 1,947,932 shares of the closed-end fund’s stock valued at $87,246,000 after buying an additional 11,979 shares during the period. Institutional investors own 44.77% of the company’s stock.

Shares of Franklin Resources, Inc. (BEN) opened at $43.46 on Monday. Franklin Resources, Inc. has a 52 week low of $38.93 and a 52 week high of $47.65. The company has a quick ratio of 8.75, a current ratio of 8.75 and a debt-to-equity ratio of 0.08. The firm has a market cap of $24,072.84, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 2.39 and a beta of 1.75.

Franklin Resources (NYSE:BEN) last posted its quarterly earnings results on Thursday, October 26th. The closed-end fund reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.04. Franklin Resources had a net margin of 26.54% and a return on equity of 13.48%. The firm had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same period in the previous year, the firm posted $0.82 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. equities research analysts predict that Franklin Resources, Inc. will post 2.92 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Tuesday, December 26th will be paid a $0.23 dividend. This is an increase from Franklin Resources’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a yield of 2.12%. The ex-dividend date is Friday, December 22nd. Franklin Resources’s payout ratio is 26.67%.

Several research firms recently issued reports on BEN. ValuEngine upgraded shares of Franklin Resources from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Keefe, Bruyette & Woods restated a “hold” rating and issued a $46.00 target price on shares of Franklin Resources in a report on Wednesday, November 1st. Zacks Investment Research lowered shares of Franklin Resources from a “buy” rating to a “hold” rating in a report on Monday, October 30th. UBS boosted their target price on shares of Franklin Resources from $46.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, October 27th. Finally, Citigroup dropped their target price on shares of Franklin Resources from $45.00 to $44.00 and set a “neutral” rating on the stock in a report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $44.45.

In other news, Chairman Gregory E. Johnson sold 56,825 shares of the business’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $42.83, for a total transaction of $2,433,814.75. Following the completion of the sale, the chairman now directly owns 2,047,273 shares of the company’s stock, valued at $87,684,702.59. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Rupert H. Johnson, Jr. sold 400,000 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $42.95, for a total transaction of $17,180,000.00. The disclosure for this sale can be found here. Insiders own 21.60% of the company’s stock.

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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.

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

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