Franklin Financial Network Inc (FSB) will raise its quarterly dividend by 50.0 percent to $0.06 per share in 2019. This is the first dividend hike since the company initiated a dividend earlier this year.

The next dividend is payable on November 29, 2019, to shareholders of record as of November 15, 2019. A new annual rate of 24 cents per share yields 0.8% at a stock price of $31.

Commenting on the announcement, J. Myers Jones, III, Chief Executive Officer, said, “We are committed to returning capital to our shareholders, including providing investors with a stable and growing dividend. The increase announced today demonstrates not only our commitment to that pledge, but the confidence that we have in our ability to generate strong cash flow, even as we remain well-positioned to capitalize on growth opportunities that arise in the future.”

Franklin Financial Network, Inc. is a financial holding company headquartered in Franklin, Tennessee. The Company's wholly owned bank subsidiary, Franklin Synergy Bank, a Tennessee chartered commercial bank founded in November 2007 and a member of the Federal Reserve System, provides a full range of banking and related financial services with a focus on service to small businesses, corporate entities, local governments and individuals. The Bank currently operates through branches inWilliamson, Rutherford and Davidson Counties, all within the Nashville metropolitan statistical area.