FS Investment Corporation (FSIC) Raised to “Sell” at BidaskClub
BidaskClub upgraded shares of FS Investment Corporation (NYSE:FSIC) from a strong sell rating to a sell rating in a research note issued to investors on Tuesday morning.
Other analysts have also issued reports about the stock. ValuEngine upgraded shares of FS Investment Corporation from a hold rating to a buy rating in a research report on Monday. Zacks Investment Research raised shares of FS Investment Corporation from a hold rating to a buy rating and set a $10.00 price objective for the company in a report on Wednesday, August 2nd. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $10.00 price objective on shares of FS Investment Corporation in a report on Tuesday, July 25th. Finally, National Securities reaffirmed a neutral rating and set a $10.00 price objective on shares of FS Investment Corporation in a report on Monday, August 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. FS Investment Corporation presently has a consensus rating of Hold and an average target price of $9.75.
Shares of FS Investment Corporation (FSIC) traded up 0.58% during midday trading on Tuesday, hitting $8.70. 2,147,745 shares of the stock were exchanged. The stock’s 50 day moving average is $8.26 and its 200 day moving average is $9.03. FS Investment Corporation has a 12-month low of $7.95 and a 12-month high of $10.80.
FS Investment Corporation (NYSE:FSIC) last posted its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.01). The company had revenue of $98.70 million during the quarter, compared to analyst estimates of $103.14 million. FS Investment Corporation had a return on equity of 8.92% and a net margin of 59.88%. Equities research analysts forecast that FS Investment Corporation will post $0.73 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Tuesday, October 3rd. Investors of record on Wednesday, September 20th were issued a dividend of $0.2228 per share. This represents a $0.89 annualized dividend and a yield of 10.24%. The ex-dividend date was Tuesday, September 19th. FS Investment Corporation’s dividend payout ratio is currently 87.26%.
In related news, CEO Michael C. Forman bought 17,100 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was bought at an average cost of $8.41 per share, with a total value of $143,811.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders acquired 21,575 shares of company stock valued at $181,177. Insiders own 1.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Patriot Financial Group Insurance Agency LLC grew its holdings in FS Investment Corporation by 12.6% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 630,005 shares of the financial services provider’s stock valued at $5,702,000 after purchasing an additional 70,315 shares during the period. Commerce Bank bought a new position in FS Investment Corporation in the second quarter valued at approximately $3,213,000. Mackenzie Financial Corp lifted 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. HighTower Advisors LLC lifted its stake in FS Investment Corporation by 1.0% in the first quarter. HighTower Advisors LLC now owns 58,338 shares of the financial services provider’s stock valued at $573,000 after buying an additional 579 shares in the last quarter. Finally, First Allied Advisory Services Inc. lifted its stake in FS Investment Corporation by 3.4% in the second quarter. First Allied Advisory Services Inc. now owns 495,872 shares of the financial services provider’s stock valued at $4,540,000 after buying an additional 16,432 shares in the last quarter. Hedge funds and other institutional investors own 32.47% of the company’s stock.
FS Investment Corporation Company Profile
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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