Franchise Group (NYSE:FRG) Shares Up 8% After Insider Buying Activity

Franchise Group (NYSE:FRG)’s share price rose 8% during mid-day trading on Wednesday following insider buying activity. The company traded as high as $27.14 and last traded at $26.45. 310,388 shares were traded during mid-day trading, an increase of 131% from the average daily volume of 134,575 shares. The stock had previously closed at $24.50.

Specifically, major shareholder B. Riley Financial, Inc. acquired 25,000 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were acquired at an average price of $21.44 per share, for a total transaction of $536,000.00. Following the acquisition, the insider now directly owns 350,000 shares of the company’s stock, valued at approximately $7,504,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brc Partners Opportunity Fund, acquired 75,000 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were acquired at an average price of $22.65 per share, for a total transaction of $1,698,750.00. Insiders have bought a total of 874,785 shares of company stock worth $20,902,877 in the last quarter.

Several equities research analysts have commented on FRG shares. Stephens started coverage on Franchise Group in a research note on Monday, August 31st. They issued an “equal weight” rating and a $33.00 target price on the stock. Barrington Research started coverage on Franchise Group in a research note on Wednesday, September 2nd. They issued an “outperform” rating and a $33.00 target price on the stock. Finally, B. Riley started coverage on Franchise Group in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $30.00 target price on the stock.

The company has a 50 day simple moving average of $25.19 and a 200 day simple moving average of $18.91.

Franchise Group (NYSE:FRG) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.29.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Monday, September 14th.

Several institutional investors have recently made changes to their positions in FRG. Vanguard Group Inc. increased its holdings in shares of Franchise Group by 677.1% during the 2nd quarter. Vanguard Group Inc. now owns 938,707 shares of the company’s stock worth $20,538,000 after acquiring an additional 817,906 shares during the last quarter. Cowen Prime Services LLC increased its holdings in shares of Franchise Group by 1,664.5% during the 2nd quarter. Cowen Prime Services LLC now owns 134,100 shares of the company’s stock worth $2,934,000 after acquiring an additional 126,500 shares during the last quarter. American Financial Group Inc. increased its holdings in shares of Franchise Group by 62.4% during the 1st quarter. American Financial Group Inc. now owns 306,328 shares of the company’s stock worth $2,670,000 after acquiring an additional 117,648 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Franchise Group during the 2nd quarter worth approximately $2,049,000. Finally, Ancora Advisors LLC acquired a new position in shares of Franchise Group during the 2nd quarter worth approximately $1,434,000.

Franchise Group Company Profile (NYSE:FRG)

Franchise Group, Inc, through its subsidiaries, provides tax preparation services in the United States and Canada. The company also facilitates refund-based tax settlement financial products, such as refund transfer products and personal income tax refund discounting, as well as provides an online digital Do-It-Yourself tax program in the United States.

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