Zacks Investment Research Lowers FS Investment Corporation (FSIC) to Hold
Zacks Investment Research downgraded shares of FS Investment Corporation (NYSE:FSIC) from a buy rating to a hold rating in a research note released on Monday morning.
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. “
A number of other research firms have also commented on FSIC. BidaskClub raised FS Investment Corporation from a sell rating to a hold rating in a research note on Wednesday, June 28th. National Securities reaffirmed a neutral rating and set a $10.00 price objective on shares of FS Investment Corporation in a research note on Monday, August 14th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $10.00 price objective on shares of FS Investment Corporation in a research note on Tuesday, July 25th. Finally, ValuEngine lowered FS Investment Corporation from a buy rating to a hold rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. FS Investment Corporation presently has an average rating of Hold and an average target price of $9.75.
Shares of FS Investment Corporation (NYSE FSIC) traded down 0.301% on Monday, hitting $8.275. 195,097 shares of the stock traded hands. FS Investment Corporation has a 12 month low of $7.95 and a 12 month high of $10.80. The firm’s 50 day moving average is $8.29 and its 200-day moving average is $8.95.
FS Investment Corporation (NYSE:FSIC) last posted its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.01). The company had revenue of $98.70 million for the quarter, compared to analyst estimates of $103.14 million. FS Investment Corporation had a net margin of 59.88% and a return on equity of 8.92%. Analysts expect that FS Investment Corporation will post $0.73 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 3rd. Shareholders of record on Wednesday, September 20th were paid a $0.2228 dividend. This represents a $0.89 dividend on an annualized basis and a yield of 10.73%. The ex-dividend date was Tuesday, September 19th. FS Investment Corporation’s payout ratio is 87.26%.
In other FS Investment Corporation news, CEO Michael C. Forman purchased 17,100 shares of the firm’s stock in a transaction on Thursday, August 10th. The shares were purchased at an average cost of $8.41 per share, with a total value of $143,811.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders acquired 21,575 shares of company stock worth $181,177. 1.00% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the business. BDO Wealth Advisors LLC acquired a new stake in FS Investment Corporation in the 2nd quarter worth about $103,000. Advisory Services Network LLC boosted its stake in FS Investment Corporation by 3.6% in the 2nd quarter. Advisory Services Network LLC now owns 11,577 shares of the financial services provider’s stock worth $106,000 after buying an additional 400 shares during the last quarter. Shelton Capital Management acquired a new stake in FS Investment Corporation in the 2nd quarter worth about $111,000. JPMorgan Chase & Co. acquired a new stake in FS Investment Corporation in the 1st quarter worth about $122,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in FS Investment Corporation in the 2nd quarter worth about $135,000. 32.47% of the stock is currently owned by hedge funds and other institutional investors.
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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