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Craig W. Best, President of Franklin Financial Services Corp (NASDAQ:FRAF), has recently expanded his stake in the company with a significant stock purchase. On January 31, Best acquired 7,350 shares of common stock at a price of $33.92 per share, totaling $249,312. The stock has since climbed to $34.87, trading near its 52-week high of $34.83. This purchase increased his direct ownership to 8,850 shares in the $154 million market cap company. InvestingPro analysis shows the stock trading at a P/E ratio of 13.9x while offering a 3.7% dividend yield.
Additionally, on January 14, Best acquired 1,500 shares through restricted stock units (RSUs), which will vest fully on July 15, 2025. This transaction was filed late due to a delay in obtaining the necessary EDGAR filing codes. Notably, InvestingPro data reveals the company has maintained dividend payments for 42 consecutive years, demonstrating long-term financial stability.
In other recent news, Franklin Financial Services Corp has made significant announcements regarding its leadership and financial strategies. The company recently declared a regular cash dividend for the first quarter of 2025, maintaining the payout at $.32 per share. This decision, consistent with the fourth quarter of 2024, reflects the company’s steady financial position and its consistent approach to shareholder returns.
In addition to the dividend, Franklin Financial has authorized a share repurchase program. The Board has approved the buyback of up to 150,000 shares of the company’s common stock. This program, part of the company’s capital management strategy, is expected to continue until the end of the year.
On the leadership front, the company announced the appointment of Craig W. Best as the successor to the current CEO, Timothy G. Henry, who is set to retire in April 2025. Best, a veteran in the banking industry, will assume the role of President immediately and will take over as CEO following Henry’s retirement.
These are recent developments that underline Franklin Financial’s commitment to delivering value to its shareholders and its confidence in the financial stability of the corporation.
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