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Craig W. Best, President of Franklin Financial Services Corp. (NASDAQ:FRAF), has made a significant purchase of the company’s common stock. According to a recent SEC filing, Best acquired 6,756 shares at a price of $37 each, totaling approximately $249,972. This transaction boosts his total holdings to 15,606 shares in the $165 million market cap company. The purchase comes as FRAF trades near its 52-week high, with the stock delivering an impressive 26% return year-to-date. InvestingPro analysis indicates the stock is slightly overvalued at current levels. The purchase underscores Best’s continued confidence in the financial institution, headquartered in Chambersburg, Pennsylvania. The company maintains a solid 3.4% dividend yield and has maintained dividend payments for 42 consecutive years, according to InvestingPro data, which offers dozens more insights about FRAF’s financial health and valuation metrics.
In other recent news, Franklin Financial Services Corp has announced the continuation of its regular cash dividend for the first quarter of 2025, maintaining the payout at $0.32 per share. This decision aligns with the dividend level of the previous quarter and reflects the company’s steady financial position. Additionally, the company has introduced a new share repurchase program, authorizing the buyback of up to 150,000 shares of common stock, which will commence on January 17, 2025, and continue throughout the year. These strategic moves are part of Franklin Financial’s broader capital management strategy aimed at providing shareholder value.
In another significant development, Franklin Financial has appointed Craig W. Best as the new President, who will succeed Timothy G. Henry as CEO upon his retirement on April 29, 2025. Best brings extensive experience from his previous roles, including serving as CEO at Peoples Financial Services Corp. His employment agreement includes a base salary starting at $414,986, increasing to $523,198 by April 2025, alongside other benefits and stock grants. This leadership transition is part of a structured plan to ensure continuity and stability in the company’s executive management.
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