Fifth Street Finance Corp. (FSC) Major Shareholder Leonard M. Tannenbaum Purchases 1,273,000 Shares of Stock
Fifth Street Finance Corp. (NASDAQ:FSC) major shareholder Leonard M. Tannenbaum acquired 1,273,000 shares of the business’s stock in a transaction on Wednesday, March 15th. The stock was acquired at an average cost of $4.51 per share, for a total transaction of $5,741,230.00. Following the transaction, the insider now owns 14,424,259 shares of the company’s stock, valued at approximately $65,053,408.09. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.
Shares of Fifth Street Finance Corp. (NASDAQ:FSC) traded up 1.416% during mid-day trading on Monday, hitting $4.655. The company’s stock had a trading volume of 691,898 shares. The stock’s 50 day moving average price is $4.78 and its 200 day moving average price is $5.42. Fifth Street Finance Corp. has a 52-week low of $4.31 and a 52-week high of $6.32.
Fifth Street Finance Corp. (NASDAQ:FSC) last posted its quarterly earnings data on Thursday, February 9th. The company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.02. Fifth Street Finance Corp. had a negative net margin of 33.22% and a positive return on equity of 9.13%. On average, analysts forecast that Fifth Street Finance Corp. will post $0.62 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 10.89%. The ex-dividend date of this dividend is Thursday, September 14th. This is a positive change from Fifth Street Finance Corp.’s previous quarterly dividend of $0.02. Fifth Street Finance Corp.’s dividend payout ratio (DPR) is -130.91%.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ladenburg Thalmann Financial Services Inc. raised its position in Fifth Street Finance Corp. by 31.6% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 252,949 shares of the company’s stock worth $1,358,000 after buying an additional 60,693 shares during the period. Guggenheim Capital LLC raised its position in Fifth Street Finance Corp. by 19.0% in the fourth quarter. Guggenheim Capital LLC now owns 658,789 shares of the company’s stock worth $3,538,000 after buying an additional 105,174 shares during the period. Two Sigma Investments LP raised its position in Fifth Street Finance Corp. by 228.3% in the fourth quarter. Two Sigma Investments LP now owns 928,768 shares of the company’s stock worth $4,987,000 after buying an additional 645,862 shares during the period. Shelton Capital Management bought a new position in Fifth Street Finance Corp. during the fourth quarter worth $1,231,000. Finally, First Allied Advisory Services Inc. raised its position in Fifth Street Finance Corp. by 39.6% in the fourth quarter. First Allied Advisory Services Inc. now owns 27,150 shares of the company’s stock worth $146,000 after buying an additional 7,706 shares during the period. 32.17% of the stock is owned by institutional investors.
FSC has been the topic of several research analyst reports. Zacks Investment Research raised Fifth Street Finance Corp. from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a research report on Tuesday, November 29th. Barclays PLC set a $5.00 price objective on Fifth Street Finance Corp. and gave the stock a “hold” rating in a research report on Tuesday, February 14th. Finally, National Securities cut their price objective on Fifth Street Finance Corp. from $6.00 to $4.00 and set a “neutral” rating on the stock in a research report on Monday, February 13th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. Fifth Street Finance Corp. currently has a consensus rating of “Hold” and an average price target of $5.50.
About Fifth Street Finance Corp.
Fifth Street Finance Corp. is a specialty finance company. The Company is a closed-end, non-diversified management investment company. The Company acts as a business development company (BDC). The Company’s investment objective is to maximize its portfolio’s total return by generating current income from its debt investments, and capital appreciation from its equity investments.
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