Wesbanco Bank Inc. Acquires Shares of 20,474 Franklin Financial Network Inc (FSB)

Wesbanco Bank Inc. acquired a new position in shares of Franklin Financial Network Inc (NYSE:FSB) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 20,474 shares of the financial services provider’s stock, valued at approximately $801,000. Wesbanco Bank Inc. owned 0.14% of Franklin Financial Network at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Franklin Financial Network by 5.6% in the 3rd quarter. BlackRock Inc. now owns 1,867,326 shares of the financial services provider’s stock worth $73,012,000 after purchasing an additional 99,452 shares during the period. Bank of New York Mellon Corp increased its stake in Franklin Financial Network by 6.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 158,619 shares of the financial services provider’s stock worth $6,202,000 after purchasing an additional 9,129 shares during the period. Prudential Financial Inc. increased its stake in Franklin Financial Network by 4.1% in the 3rd quarter. Prudential Financial Inc. now owns 65,384 shares of the financial services provider’s stock worth $2,557,000 after purchasing an additional 2,560 shares during the period. Systematic Financial Management LP increased its stake in Franklin Financial Network by 20.1% in the 3rd quarter. Systematic Financial Management LP now owns 37,230 shares of the financial services provider’s stock worth $1,456,000 after purchasing an additional 6,235 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Franklin Financial Network by 57.1% in the 3rd quarter. Wells Fargo & Company MN now owns 36,155 shares of the financial services provider’s stock worth $1,413,000 after purchasing an additional 13,141 shares during the period. 67.04% of the stock is owned by hedge funds and other institutional investors.

Shares of FSB traded down $0.33 during mid-day trading on Friday, hitting $32.80. 2 shares of the company’s stock traded hands, compared to its average volume of 88,223. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.80 and a current ratio of 0.80. Franklin Financial Network Inc has a 1 year low of $30.80 and a 1 year high of $41.50. The stock has a market capitalization of $481.25 million, a PE ratio of 13.69 and a beta of 1.19.

Franklin Financial Network (NYSE:FSB) last posted its earnings results on Wednesday, October 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.01. Franklin Financial Network had a return on equity of 11.85% and a net margin of 19.13%. The firm had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $31.30 million. Research analysts forecast that Franklin Financial Network Inc will post 2.74 EPS for the current fiscal year.

A number of brokerages have commented on FSB. Zacks Investment Research raised Franklin Financial Network from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research note on Tuesday, August 7th. Compass Point raised Franklin Financial Network from a “sell” rating to a “neutral” rating in a research note on Thursday, July 26th. ValuEngine raised Franklin Financial Network from a “sell” rating to a “hold” rating in a research note on Saturday, July 28th. 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. Finally, 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $38.40.

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About Franklin Financial Network

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.

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Institutional Ownership by Quarter for Franklin Financial Network (NYSE:FSB)

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