Zacks Investment Research cut shares of FS Investment Corporation (NYSE:FSIC) from a hold rating to a sell rating in a report published on Wednesday.
According to Zacks, “FS Investment Corporation is a business development company. It primarily originates and invests in senior secured loans and other securities of private U.S. companies, with the investment objective of generating current income and, to a lesser extent, long-term capital appreciation. FS Investment Corporation is based in United States. “
Several other equities analysts also recently weighed in on FSIC. BidaskClub upgraded shares of FS Investment Corporation from a sell rating to a hold rating in a report on Wednesday, June 28th. Keefe, Bruyette & Woods restated a hold rating and set a $10.00 target price on shares of FS Investment Corporation in a report on Friday, April 28th. National Securities restated a neutral rating and set a $10.00 target price on shares of FS Investment Corporation in a report on Monday, May 15th. Finally, TheStreet upgraded shares of FS Investment Corporation from a c rating to a b rating in a report on Monday, April 17th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. FS Investment Corporation currently has a consensus rating of Hold and a consensus target price of $9.93.
FS Investment Corporation (NYSE FSIC) opened at 9.10 on Wednesday. The company’s 50-day moving average is $9.18 and its 200-day moving average is $9.84. FS Investment Corporation has a 52-week low of $8.76 and a 52-week high of $10.80.
FS Investment Corporation (NYSE:FSIC) last posted its earnings results on Wednesday, May 10th. The financial services provider reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.02. FS Investment Corporation had a net margin of 86.84% and a return on equity of 9.44%. The firm had revenue of $106.06 million during the quarter, compared to the consensus estimate of $101.94 million. Equities research analysts forecast that FS Investment Corporation will post $0.86 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Stockholders of record on Wednesday, June 21st were issued a dividend of $0.2228 per share. The ex-dividend date was Monday, June 19th. This represents a $0.89 dividend on an annualized basis and a dividend yield of 9.79%. FS Investment Corporation’s dividend payout ratio (DPR) is presently 58.55%.
In other news, Director David J. Adelman purchased 11,160 shares of the stock in a transaction dated Thursday, June 22nd. The stock was acquired at an average cost of $8.88 per share, for a total transaction of $99,100.80. Following the completion of the acquisition, the director now directly owns 34,063 shares in the company, valued at approximately $302,479.44. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael C. Forman purchased 22,320 shares of the stock in a transaction dated Thursday, June 22nd. The shares were purchased at an average price of $8.88 per share, with a total value of $198,201.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 38,880 shares of company stock valued at $345,560. Insiders own 1.00% of the company’s stock.
Several large investors have recently modified their holdings of the company. Mackenzie Financial Corp boosted its stake in FS Investment Corporation by 62.0% in the first quarter. Mackenzie Financial Corp now owns 94,188 shares of the financial services provider’s stock valued at $923,000 after buying an additional 36,057 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in FS Investment Corporation by 16.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 201,985 shares of the financial services provider’s stock valued at $1,979,000 after buying an additional 29,024 shares in the last quarter. First Financial Equity Corporation bought a new stake in FS Investment Corporation during the first quarter valued at about $177,000. Legal & General Group Plc boosted its stake in FS Investment Corporation by 9.5% in the first quarter. Legal & General Group Plc now owns 584,724 shares of the financial services provider’s stock valued at $5,716,000 after buying an additional 50,874 shares in the last quarter. Finally, Private Advisor Group LLC boosted its stake in FS Investment Corporation by 6.4% in the first quarter. Private Advisor Group LLC now owns 1,925,212 shares of the financial services provider’s stock valued at $18,675,000 after buying an additional 115,030 shares in the last quarter. Institutional investors and hedge funds own 32.76% of the company’s stock.
About FS Investment Corporation
FS Investment Corporation is an externally managed, non-diversified, closed-end management investment company. The Company’s investment objectives are to generate current income and long-term capital appreciation. Its portfolio consists primarily of investments in senior secured loans and second lien secured loans of the private United States middle market companies and subordinated loans of the private United States companies.
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