Franklin Resources Sets Dividend, Stock Split
Investment management firm Franklin Resourcesannounced yesterday its second-quarter dividend of $0.29 per share, the same rate it's paid for the past two quarters after raising the payout 7% from $0.27 per share.
The board of directors said the quarterly dividend is payable on July 8 to the holders of record at the close of business on June 24. The investment manager has made quarterly payouts to investors since 1981. It paid a special dividend of $3 per share in December 2012, having made several special cash payouts over the years.
The board also said it would split the company's shares three-for-one on July 25 to holders of record on July 12. A stock split means investors will end up with a different number of shares after the split, but roughly the same market value. This will mark the tenth time Franklin Resources has split its shares since 1981.
The regular dividend payment equates to a $1.16-per-share annual dividend, yielding 0.8% based on the closing price of Franklin Resources' stock on June 13.
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