Zacks Investment Research downgraded shares of FS Investment Corporation (NYSE:FSIC) from a buy rating to a hold rating in a research report released on Friday, May 12th.
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 brokerages have also recently weighed in on FSIC. Janney Montgomery Scott started coverage on shares of FS Investment Corporation in a report on Tuesday, January 24th. They set a neutral rating and a $10.00 target price for the company. Wells Fargo & Company lowered shares of FS Investment Corporation from an outperform rating to a market perform rating in a research note on Friday, March 3rd. National Securities lifted their target price on shares of FS Investment Corporation from $9.00 to $10.00 and gave the company a neutral rating in a research note on Monday, March 6th. TheStreet upgraded shares of FS Investment Corporation from a c rating to a b rating in a report on Monday, April 17th. Finally, Keefe, Bruyette & Woods restated a hold rating and set a $10.00 price target on shares of FS Investment Corporation in a report on Friday, April 28th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $9.93.
Shares of FS Investment Corporation (NYSE:FSIC) traded up 1.09% during mid-day trading on Friday, hitting $9.30. The stock had a trading volume of 957,118 shares. The firm has a 50 day moving average price of $9.33 and a 200 day moving average price of $9.92. FS Investment Corporation has a 52-week low of $8.03 and a 52-week high of $10.80. The firm has a market cap of $2.28 billion, a PE ratio of 6.13 and a beta of 0.95.
FS Investment Corporation (NYSE:FSIC) last announced its quarterly earnings results on Wednesday, May 10th. The financial services provider reported $0.22 EPS for the quarter, beating the consensus estimate of $0.20 by $0.02. FS Investment Corporation had a net margin of 86.84% and a return on equity of 9.44%. The company had revenue of $106.06 million for the quarter, compared to analyst estimates of $101.94 million. Equities analysts predict that FS Investment Corporation will post $0.86 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Wednesday, June 21st will be issued a dividend of $0.2228 per share. This represents a $0.89 annualized dividend and a yield of 9.58%. The ex-dividend date is Monday, June 19th. FS Investment Corporation’s payout ratio is 58.55%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Muzinich & Co. Inc. boosted its position in shares of FS Investment Corporation by 32.0% in the first quarter. Muzinich & Co. Inc. now owns 9,476,520 shares of the financial services provider’s stock valued at $92,870,000 after buying an additional 2,296,435 shares during the last quarter. Ares Management LLC boosted its position in shares of FS Investment Corporation by 204.6% in the third quarter. Ares Management LLC now owns 1,816,309 shares of the financial services provider’s stock valued at $17,200,000 after buying an additional 1,220,100 shares during the last quarter. UBS Group AG raised its stake in FS Investment Corporation by 96.5% in the first quarter. UBS Group AG now owns 2,433,563 shares of the financial services provider’s stock valued at $23,849,000 after buying an additional 1,194,896 shares during the period. Advantage Investment Management LLC purchased a new stake in FS Investment Corporation during the fourth quarter valued at about $11,259,000. Finally, Cetera Advisor Networks LLC raised its stake in FS Investment Corporation by 58.7% in the third quarter. Cetera Advisor Networks LLC now owns 1,764,520 shares of the financial services provider’s stock valued at $16,710,000 after buying an additional 652,620 shares during the period. Institutional investors and hedge funds own 33.16% 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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