Karen K. Carmack, Senior Vice President of Franklin Financial Services Corp. (NASDAQ:FRAF), recently reported a small purchase of company stock. On December 18, Carmack acquired one share of Franklin Financial's common stock at a price of $33, bringing her total holdings to 3,721 shares. The $144 million market cap company currently trades at $32.65, with a P/E ratio of 10.19 and offers a 3.88% dividend yield. According to InvestingPro analysis, the stock appears slightly overvalued at current levels.
Additionally, on December 17, Carmack disposed of 1,254 shares at a price of $32.98 per share, amounting to a total transaction value of $41,356. This transaction was reported as a disposition. InvestingPro data reveals that Franklin Financial has maintained dividend payments for 41 consecutive years, demonstrating strong shareholder commitment. Subscribers can access 12+ additional exclusive insights about FRAF.
Furthermore, Carmack exercised 1,875 incentive stock options at a price of $22.05 per share. Following these transactions, her total share ownership stands at 7,098 shares.
In other recent news, Franklin Financial Services Corp announced the planned retirement of President and CEO Timothy G. Henry, set for April 2025. In response, the company's board of directors has initiated a search for his successor. Alongside this, Franklin Financial has undergone a significant reshuffling of its investment portfolio. The company sold around $46.7 million in lower-yielding U.S. Treasury debt, resulting in an estimated after-tax loss of $3.4 million. However, the proceeds, totaling approximately $42.4 million, were reinvested in higher-yielding securities. This strategic move is expected to offset the sale's loss within about 2.3 years. It's important to note that this transaction is not anticipated to impact the stockholders' equity or the book value per share. Lastly, Franklin Financial has maintained its quarterly dividend, declaring a $.32 per share regular cash dividend, mirroring the previous quarter's distribution. These are among the recent developments within the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.