Prudential Financial Inc. reduced its stake in shares of Franklin Financial Network, Inc. (NYSE:FSB) by 11.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,304 shares of the financial services provider’s stock after selling 1,180 shares during the period. Prudential Financial Inc. owned approximately 0.07% of Franklin Financial Network worth $361,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Greenwood Capital Associates LLC raised its stake in Franklin Financial Network by 42.5% in the first quarter. Greenwood Capital Associates LLC now owns 18,281 shares of the financial services provider’s stock valued at $708,000 after buying an additional 5,453 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Franklin Financial Network by 11.7% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 206,857 shares of the financial services provider’s stock valued at $8,016,000 after buying an additional 21,596 shares in the last quarter. John W. Rosenthal Capital Management Inc. acquired a new stake in Franklin Financial Network during the first quarter valued at about $1,550,000. Context BH Capital Management LP raised its stake in Franklin Financial Network by 40.9% in the first quarter. Context BH Capital Management LP now owns 108,536 shares of the financial services provider’s stock valued at $4,206,000 after buying an additional 31,479 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Franklin Financial Network by 12.4% in the first quarter. Bank of New York Mellon Corp now owns 54,674 shares of the financial services provider’s stock valued at $2,118,000 after buying an additional 6,012 shares in the last quarter. Hedge funds and other institutional investors own 56.07% of the company’s stock.
Shares of Franklin Financial Network, Inc. (NYSE:FSB) opened at 34.55 on Tuesday. The company’s 50-day moving average price is $40.07 and its 200-day moving average price is $39.49. Franklin Financial Network, Inc. has a 12 month low of $29.85 and a 12 month high of $44.30. The firm has a market cap of $455.40 million, a P/E ratio of 14.27 and a beta of 1.55.
Franklin Financial Network (NYSE:FSB) last issued 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 net margin of 23.50% and a return on equity of 12.26%. The business had revenue of $28.35 million for the quarter, compared to the consensus estimate of $30.63 million. On average, analysts predict that Franklin Financial Network, Inc. will post $2.62 EPS for the current year.
Several equities analysts have recently commented on FSB shares. Zacks Investment Research downgraded Franklin Financial Network from a “buy” rating to a “hold” rating in a research report on Tuesday, April 25th. Stephens reaffirmed a “buy” rating on shares of Franklin Financial Network in a research report on Wednesday, April 26th. Sandler O’Neill initiated coverage on Franklin Financial Network in a research report on Wednesday, July 12th. They issued a “hold” rating and a $43.00 target price on the stock. Finally, BidaskClub downgraded Franklin Financial Network from a “sell” rating to a “strong sell” rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $42.25.
In other news, Director Paul M. Jr. Pratt sold 6,750 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $40.76, for a total transaction of $275,130.00. Following the completion of the transaction, the director now directly owns 16,250 shares in the company, valued at approximately $662,350. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sally P. Kimble sold 710 shares of the business’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $40.06, for a total transaction of $28,442.60. Following the transaction, the insider now 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 90 days. Company insiders own 12.36% of the company’s stock.
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.
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