Franklin Financial Network (FSB) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Franklin Financial Network (NYSE:FSB) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.

According to Zacks, “Franklin Financial Network, Inc. is a bank holding company for Franklin Synergy Bank. The Company provides banking and financial services to small businesses, corporate entities, local Governments and individuals. It offers demand, savings, checking, NOW deposit accounts, certificates of deposit, money market deposit accounts, commercial and residential construction, commercial and installment loans, lines secured by home equity and mortgage loans as well as compliance consulting services. The company operates primarily in Brentwood, Spring Hill and the Cool Springs; the Westhaven and Berry Farms communities of Franklin, Tennessee. Franklin Financial Network, Inc. is headquartered in Franklin, Tennessee. “

FSB has been the subject of a number of other research reports. ValuEngine lowered shares of Franklin Financial Network from a hold rating to a sell rating in a research note on Saturday, July 14th. Piper Jaffray Companies reissued a hold rating and set a $39.00 target price on shares of Franklin Financial Network in a research note on Monday, July 30th. Stephens reissued a hold rating and set a $33.00 target price on shares of Franklin Financial Network in a research note on Thursday, October 25th. Finally, Compass Point raised shares of Franklin Financial Network from a sell rating to a neutral rating in a research note on Thursday, July 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $38.40.

Shares of NYSE:FSB traded down $0.59 during trading on Tuesday, reaching $34.02. 46,574 shares of the company traded hands, compared to its average volume of 89,384. The firm has a market capitalization of $488.23 million, a P/E ratio of 14.06 and a beta of 1.19. Franklin Financial Network has a 1-year low of $30.80 and a 1-year high of $41.50. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.21.

Franklin Financial Network (NYSE:FSB) last issued its earnings results on Wednesday, October 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $30.00 million during the quarter, compared to analyst estimates of $31.30 million. Franklin Financial Network had a net margin of 19.13% and a return on equity of 11.85%. Equities research analysts expect that Franklin Financial Network will post 2.76 earnings per share for the current fiscal year.

In related news, insider David J. Mcdaniel sold 900 shares of Franklin Financial Network stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $38.87, for a total value of $34,983.00. Following the completion of the sale, the insider now owns 15,421 shares of the company’s stock, valued at approximately $599,414.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Sarah L. Meyerrose sold 2,000 shares of Franklin Financial Network stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $38.50, for a total transaction of $77,000.00. Following the completion of the sale, the chief financial officer now directly owns 7,255 shares of the company’s stock, valued at approximately $279,317.50. The disclosure for this sale can be found here. 10.56% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in shares of Franklin Financial Network in the 2nd quarter valued at $105,000. Piedmont Investment Advisors LLC acquired a new stake in shares of Franklin Financial Network in the 2nd quarter valued at $106,000. Acadian Asset Management LLC acquired a new stake in shares of Franklin Financial Network in the 2nd quarter valued at $107,000. Municipal Employees Retirement System of Michigan bought a new position in Franklin Financial Network in the 2nd quarter worth $128,000. Finally, State of Alaska Department of Revenue bought a new position in Franklin Financial Network in the 2nd quarter worth $148,000. 64.13% of the stock is owned by institutional investors and hedge funds.

Franklin Financial Network Company Profile

Franklin Financial Network, Inc operates as the holding company for Franklin Synergy Bank that provides various banking and related financial services to small businesses, corporate entities, local governments, and individuals. The company's deposit products include demand, interest-bearing transaction accounts, money market accounts, certificates of deposit, municipal deposits, savings, and deposit accounts.

See Also: What are retained earnings?

Get a free copy of the Zacks research report on Franklin Financial Network (FSB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Franklin Financial Network (NYSE:FSB)

Receive News & Ratings for Franklin Financial Network Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Financial Network and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply