Karen K. Carmack, Senior Vice President at Franklin Financial Services Corp (NASDAQ:FRAF), recently acquired additional shares of the company's common stock. According to a recent SEC filing, Carmack purchased 1 share at a price of $33.55, totaling approximately $33. The purchase comes as FRAF trades near its 52-week high of $33.99, having gained over 30% in the past six months. InvestingPro analysis shows the stock currently trades above its Fair Value. This transaction increased her total ownership to 3,099 shares, which includes 19 shares acquired through the company's Dividend Reinvestment Plan (DRIP). The $148 million market cap company maintains a 3.81% dividend yield and has consistently paid dividends for 41 consecutive years. InvestingPro subscribers can access additional insights, including 6 more key tips about FRAF's financial health and growth prospects.
In other recent news, Franklin Financial Services Corp. has unveiled a series of significant developments. The company has announced the impending retirement of its President and CEO, Timothy G. Henry, which is set to take effect on April 29, 2025. In response, the board of directors has initiated a process to identify and engage a successor, with the search currently underway.
Furthermore, Franklin Financial has executed a substantial reshuffling of its investment portfolio. The company sold approximately $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 around $42.4 million, were reinvested in higher-yielding securities, specifically U.S. Agency residential mortgage-backed securities and private-label residential mortgage-backed securities.
These developments are part of a strategic move to offset the loss from the sale within roughly 2.3 years through a pay-fixed swap on the new securities. This transaction is not expected 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, consistent with the previous quarter's distribution.
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