Systematic Financial Management LP cut its position in shares of Franklin Financial Network Inc (NYSE:FSB) by 49.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,400 shares of the financial services provider’s stock after selling 44,045 shares during the quarter. Systematic Financial Management LP owned approximately 0.34% of Franklin Financial Network worth $1,619,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Legal & General Group Plc raised its holdings in Franklin Financial Network by 1.1% in the first quarter. Legal & General Group Plc now owns 2,814 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 30 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Franklin Financial Network by 3,009.2% during the second quarter. Citigroup Inc. now owns 3,047 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 2,949 shares during the period. Voya Investment Management LLC acquired a new stake in shares of Franklin Financial Network during the second quarter worth $211,000. Goldman Sachs Group Inc. acquired a new stake in shares of Franklin Financial Network during the second quarter worth $214,000. Finally, Smith Moore & CO. acquired a new stake in shares of Franklin Financial Network during the third quarter worth $214,000. Institutional investors and hedge funds own 54.91% of the company’s stock.
A number of brokerages recently issued reports on FSB. Stephens lowered shares of Franklin Financial Network from an “overweight” rating to an “equal weight” rating and set a $38.00 target price for the company. in a research report on Tuesday, October 3rd. Zacks Investment Research raised shares of Franklin Financial Network from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 26th. ValuEngine raised shares of Franklin Financial Network from a “hold” rating to a “buy” rating in a report on Saturday, October 21st. Piper Jaffray Companies reissued a “neutral” rating and issued a $39.00 price target (down from $41.50) on shares of Franklin Financial Network in a report on Thursday, October 5th. Finally, Compass Point reaffirmed a “buy” rating and set a $43.00 price objective (down from $47.00) on shares of Franklin Financial Network in a research note on Friday, October 13th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $40.20.
Franklin Financial Network (NYSE:FSB) last released its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. Franklin Financial Network had a return on equity of 11.48% and a net margin of 23.70%. The firm had revenue of $27.90 million for the quarter, compared to the consensus estimate of $30.97 million. research analysts anticipate that Franklin Financial Network Inc will post 2.49 EPS for the current fiscal year.
In other Franklin Financial Network news, insider David J. Mcdaniel sold 900 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $33.81, for a total transaction of $30,429.00. Following the transaction, the insider now owns 14,149 shares in the company, valued at $478,377.69. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 10.56% of the company’s stock.
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Franklin Financial Network Profile
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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