FS Investment Corporation (FSIC) Shares Sold by Advisors Asset Management Inc.
Advisors Asset Management Inc. reduced its position in FS Investment Corporation (NYSE:FSIC) by 6.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,507 shares of the financial services provider’s stock after selling 6,691 shares during the period. Advisors Asset Management Inc.’s holdings in FS Investment Corporation were worth $901,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of FSIC. Advisory Services Network LLC purchased a new stake in FS Investment Corporation during the first quarter worth approximately $110,000. Wayne Hummer Investments L.L.C. bought a new stake in shares of FS Investment Corporation during the first quarter worth about $112,000. JPMorgan Chase & Co. bought a new stake in shares of FS Investment Corporation during the first quarter worth about $122,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of FS Investment Corporation by 32.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 16,131 shares of the financial services provider’s stock worth $158,000 after buying an additional 3,990 shares during the period. Finally, First Financial Equity Corporation bought a new stake in shares of FS Investment Corporation during the first quarter worth about $177,000. Institutional investors own 32.49% of the company’s stock.
Shares of FS Investment Corporation (NYSE:FSIC) opened at 8.10 on Thursday. FS Investment Corporation has a 12 month low of $8.07 and a 12 month high of $10.80. The firm’s 50-day moving average price is $8.82 and its 200-day moving average price is $9.45.
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 for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.01. The company had revenue of $98.70 million for the quarter, compared to analysts’ expectations of $103.14 million. FS Investment Corporation had a return on equity of 8.92% and a net margin of 59.88%. On average, equities analysts forecast that FS Investment Corporation will post $0.74 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Wednesday, September 20th will be paid a dividend of $0.2228 per share. This represents a $0.89 dividend on an annualized basis and a yield of 11.00%. The ex-dividend date is Tuesday, September 19th. FS Investment Corporation’s dividend payout ratio is currently 87.26%.
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A number of equities research analysts have issued reports on FSIC shares. BidaskClub upgraded FS Investment Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. Zacks Investment Research upgraded FS Investment Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. National Securities restated a “neutral” rating and set a $10.00 price objective on shares of FS Investment Corporation in a research report on Monday, August 14th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $10.00 price objective on shares of FS Investment Corporation in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $9.80.
In related news, CEO Michael C. Forman purchased 17,100 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were bought at an average price of $8.41 per share, with a total value of $143,811.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David J. Adelman purchased 11,160 shares of the business’s stock in a transaction on Thursday, June 22nd. The shares were bought at an average cost of $8.88 per share, for a total transaction of $99,100.80. Following the purchase, the director now owns 34,063 shares of the company’s stock, valued at $302,479.44. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 56,855 shares of company stock worth $494,554. 1.00% of the stock is currently owned by insiders.
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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