Franklin Financial Network, Inc. (FSB) Downgraded to “Neutral” at Piper Jaffray Companies

Piper Jaffray Companies downgraded shares of Franklin Financial Network, Inc. (NYSE:FSB) from an overweight rating to a neutral rating in a research note issued to investors on Thursday morning. They currently have $41.00 target price on the financial services provider’s stock, down from their prior target price of $45.00.

Several other equities analysts have also recently weighed in on FSB. Zacks Investment Research cut shares of Franklin Financial Network from a buy rating to a hold rating in a research note on Tuesday, April 25th. Stephens reaffirmed a buy rating on shares of Franklin Financial Network in a research note on Wednesday, April 26th. Sandler O’Neill initiated coverage on shares of Franklin Financial Network in a research note on Wednesday, July 12th. They set a hold rating and a $43.00 price target for the company. Finally, BidaskClub cut shares of Franklin Financial Network from a hold rating to a sell rating in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $42.25.

Franklin Financial Network (NYSE:FSB) traded down 3.73% during mid-day trading on Thursday, reaching $34.80. 213,253 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $40.28 and a 200 day moving average price of $39.56. Franklin Financial Network has a 52-week low of $29.85 and a 52-week high of $44.30. The company has a market cap of $458.70 million, a PE ratio of 14.37 and a beta of 1.55.

Franklin Financial Network (NYSE:FSB) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by $0.01. Franklin Financial Network had a return on equity of 12.26% and a net margin of 23.50%. The business had revenue of $28.35 million for the quarter, compared to the consensus estimate of $30.63 million. Equities analysts predict that Franklin Financial Network will post $2.62 earnings per share for the current fiscal year.

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In other news, Director Henry W. Jr. Brockman sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $43.07, for a total transaction of $129,210.00. Following the completion of the transaction, the director now directly owns 28,800 shares of the company’s stock, valued at approximately $1,240,416. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sally P. Kimble sold 710 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $40.06, for a total transaction of $28,442.60. Following the transaction, the insider now directly owns 15,364 shares of the company’s stock, valued at $615,481.84. The disclosure for this sale can be found here. Insiders have sold a total of 24,131 shares of company stock valued at $1,017,746 over the last ninety days. Company insiders own 12.36% of the company’s stock.

Institutional investors have recently modified their holdings of the company. State Street Corp boosted its position in shares of Franklin Financial Network by 14.6% in the fourth quarter. State Street Corp now owns 162,747 shares of the financial services provider’s stock valued at $6,809,000 after buying an additional 20,753 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in Franklin Financial Network during the fourth quarter valued at approximately $881,000. Renaissance Technologies LLC increased its stake in Franklin Financial Network by 2,276.8% in the fourth quarter. Renaissance Technologies LLC now owns 133,100 shares of the financial services provider’s stock valued at $5,570,000 after buying an additional 127,500 shares during the last quarter. AQR Capital Management LLC increased its stake in Franklin Financial Network by 162.4% in the fourth quarter. AQR Capital Management LLC now owns 16,228 shares of the financial services provider’s stock valued at $679,000 after buying an additional 10,044 shares during the last quarter. Finally, Teachers Advisors LLC increased its stake in Franklin Financial Network by 17.0% in the fourth quarter. Teachers Advisors LLC now owns 17,649 shares of the financial services provider’s stock valued at $739,000 after buying an additional 2,566 shares during the last quarter. 55.93% of the stock is owned by institutional investors.

About Franklin Financial Network

Franklin Financial Network, Inc is a financial holding company. Through its bank subsidiary, Franklin Synergy Bank (the Bank), a commercial bank, the Company provides a range of banking and related financial services. The Company focuses on the provision of services to small businesses, corporate entities, local governments and individuals.