Franklin Financial Services Corp. (NASDAQ:FRAF) reported a recent insider transaction involving Senior Vice President (SVP) Karen K. Carmack, who purchased company shares on June 19, 2024, according to the latest SEC filings.
The transaction entailed the purchase of common stock at a price of $28.3 per share, bringing the total value of the acquisition to $28. Following this transaction, Carmack's holdings in Franklin Financial have increased to a total of 1,980 shares.
Investors often monitor insider buying as it can be a signal of executives' confidence in the company's future prospects. Such transactions are regularly disclosed through SEC filings to ensure transparency in the financial markets.
Franklin Financial Services Corp., headquartered in Chambersburg, Pennsylvania, operates as a state commercial bank and is known for its personalized banking services and community involvement.
The details of the transaction are publicly available and provide investors with insights into the actions of company insiders, which can be useful for making informed investment decisions.
In other recent news, Franklin Financial Services Corporation reported a modest increase in its Q1 earnings, with net income rising to $3.4 million, marking a 2.1% year-over-year growth. Notably, the company's total assets surpassed the $2 billion mark for the first time in its quarterly report. The company's diluted earnings per share for Q1 stood at $0.77, up from $0.75 in the same period last year. However, the return on average assets (ROA) and the return on average equity (ROE) both showed a decrease compared to Q1 of 2023.
On the banking front, Franklin Financial's provision for credit losses was reported at $452 thousand, lower than the previous quarter. Total net loans saw a 1.6% increase from the end of 2023, and total deposits grew by 1.4% in the same period. The company also declared a regular quarterly cash dividend of $0.32 per share.
CEO Tim Henry highlighted the growth in assets, loans, and deposits, as well as the maintenance of loan quality and an increase in non-interest income. He also announced the opening of a new community office by year's end. These are the recent developments for Franklin Financial Services Corporation.
InvestingPro Insights
Amidst recent insider transactions, Franklin Financial Services Corp. (NASDAQ:FRAF) continues to demonstrate financial stability and investor confidence. An InvestingPro Tip highlights the company's impressive track record of maintaining dividend payments for 41 consecutive years, indicating a reliable return for investors. Additionally, Franklin Financial has been profitable over the last twelve months, reinforcing the company's solid financial footing.
Key metrics from InvestingPro Data further illuminate the company's financial health. With a market capitalization of $125.23 million and a positive revenue growth of 11.3% in Q1 2024, Franklin Financial shows a promising upward trend. The company's price-to-earnings (P/E) ratio stands at 9.1, which is consistent with the adjusted P/E for the last twelve months as of Q1 2024 at 9.16, suggesting a reasonable valuation relative to earnings.
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Franklin Financial's commitment to dividend payments and its recent profitability are key factors for investors to consider, especially in light of the insider buying activity. With the next earnings date set for July 25, 2024, stakeholders can anticipate further updates on the company's performance and strategic direction.
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