Oak Point Wealth Management Acquires Shares of 334,662 FS Investment Co. (FSIC)
Oak Point Wealth Management acquired a new position in shares of FS Investment Co. (NYSE:FSIC) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 334,662 shares of the financial services provider’s stock, valued at approximately $2,461,000. FS Investment makes up 2.4% of Oak Point Wealth Management’s investment portfolio, making the stock its 9th biggest holding.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Belpointe Asset Management LLC acquired a new stake in FS Investment in the third quarter worth $132,000. Cetera Investment Advisers grew its holdings in shares of FS Investment by 886.3% during the third quarter. Cetera Investment Advisers now owns 152,702 shares of the financial services provider’s stock valued at $1,297,000 after buying an additional 137,220 shares during the last quarter. Wealthcare Advisory Partners LLC grew its holdings in shares of FS Investment by 231.2% during the third quarter. Wealthcare Advisory Partners LLC now owns 32,206 shares of the financial services provider’s stock valued at $272,000 after buying an additional 22,481 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in shares of FS Investment by 13.6% during the third quarter. Neuberger Berman Group LLC now owns 443,360 shares of the financial services provider’s stock valued at $3,746,000 after buying an additional 53,110 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of FS Investment by 10.2% during the third quarter. California Public Employees Retirement System now owns 539,400 shares of the financial services provider’s stock valued at $4,558,000 after buying an additional 49,900 shares during the last quarter. Institutional investors own 32.36% of the company’s stock.
FSIC has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of FS Investment from a “hold” rating to a “strong-buy” rating and set a $10.00 price objective for the company in a report on Tuesday, October 10th. National Securities upgraded shares of FS Investment from a “neutral” rating to a “buy” rating in a report on Friday, December 15th. ValuEngine upgraded shares of FS Investment from a “hold” rating to a “buy” rating in a report on Friday, December 1st. BidaskClub raised shares of FS Investment from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 3rd. Finally, Keefe, Bruyette & Woods set a $9.00 price target on shares of FS Investment and gave the company a “hold” rating in a research report on Thursday, October 5th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $9.56.
FS Investment (NYSE:FSIC) last released its quarterly earnings results on Thursday, November 9th. The financial services provider reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. FS Investment had a net margin of 52.49% and a return on equity of 8.97%. The company had revenue of $103.69 million for the quarter, compared to analyst estimates of $97.03 million. analysts predict that FS Investment Co. will post 0.8 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 9.81%. The ex-dividend date of this dividend was Tuesday, December 19th. FS Investment’s payout ratio is currently 85.39%.
In related news, Director Michael J. Hagan acquired 30,000 shares of the stock in a transaction on Wednesday, December 13th. The shares were acquired at an average price of $7.84 per share, with a total value of $235,200.00. Following the completion of the transaction, the director now owns 70,000 shares in the company, valued at approximately $548,800. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael C. Forman acquired 16,531 shares of the stock in a transaction on Friday, December 28th. The stock was bought at an average cost of $7.46 per share, for a total transaction of $123,321.26. The disclosure for this purchase can be found here. Insiders have purchased 102,512 shares of company stock worth $778,137 over the last three months. 1.00% of the stock is owned by insiders.
FS Investment 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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