Franklin Financial churns near IPO price on first day

Shares of Franklin Financial Network didn't rise or fall much Thursday on their first day of trading on the New York Stock Exchange. After ticking up a bit from their $21 IPO price in the first 15 minutes of action, the stock (Ticker: FSB) dipped to $20.75 before working its way back up. Interestingly, the $21 level served as a hard cap for traders, who consistently stopped bidding up the stock right at $20.99. Heading into the last half hour of trading, more than 870,000 shares had changed hands.

 

CEO Richard Herrington outside the New York Stock Exchange this morning. (Photo: NYSE Twitter)

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