Envestnet Asset Management Inc. increased its position in shares of FS Investment (NYSE:FSIC) by 8.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 95,519 shares of the financial services provider’s stock after purchasing an additional 7,176 shares during the quarter. Envestnet Asset Management Inc.’s holdings in FS Investment were worth $702,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC grew its position in FS Investment by 43.0% during the third quarter. Cubist Systematic Strategies LLC now owns 36,009 shares of the financial services provider’s stock worth $304,000 after buying an additional 10,824 shares in the last quarter. Bank of New York Mellon Corp grew its position in FS Investment by 5.2% during the third quarter. Bank of New York Mellon Corp now owns 268,053 shares of the financial services provider’s stock worth $2,265,000 after buying an additional 13,329 shares in the last quarter. Capital Analysts LLC acquired a new stake in FS Investment during the fourth quarter worth about $1,115,000. Lehman Financial Resources Inc. acquired a new stake in FS Investment during the fourth quarter worth about $103,000. Finally, Belpointe Asset Management LLC acquired a new stake in FS Investment during the third quarter worth about $132,000. 33.44% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO Michael C. Forman bought 33,500 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was bought at an average price of $7.45 per share, for a total transaction of $249,575.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brian Gerson bought 15,000 shares of the business’s stock in a transaction dated Thursday, March 15th. The stock was purchased at an average price of $7.30 per share, with a total value of $109,500.00. Following the purchase, the insider now directly owns 15,000 shares of the company’s stock, valued at approximately $109,500. The disclosure for this purchase can be found here. Insiders have acquired 141,308 shares of company stock worth $1,035,533 over the last ninety days. Company insiders own 1.07% of the company’s stock.
NYSE FSIC opened at $7.55 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.66 and a current ratio of 1.66. The company has a market cap of $1,842.94, a price-to-earnings ratio of 9.10, a P/E/G ratio of 3.23 and a beta of 0.89. FS Investment has a 1-year low of $6.95 and a 1-year high of $9.90.
FS Investment (NYSE:FSIC) last released its quarterly earnings data on Thursday, March 1st. The financial services provider reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The company had revenue of $110.86 million for the quarter, compared to the consensus estimate of $94.50 million. FS Investment had a return on equity of 8.87% and a net margin of 43.40%. sell-side analysts predict that FS Investment will post 0.77 EPS for the current year.
FS Investment declared that its board has initiated a share repurchase plan on Thursday, March 1st that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 3rd. Shareholders of record on Wednesday, March 21st were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 10.07%. The ex-dividend date of this dividend was Tuesday, March 20th. FS Investment’s payout ratio is 91.57%.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research raised FS Investment from a “sell” rating to a “hold” rating in a research report on Wednesday, March 7th. National Securities reissued a “buy” rating and set a $10.00 target price on shares of FS Investment in a research report on Monday, March 5th. Keefe, Bruyette & Woods set a $9.00 price objective on FS Investment and gave the company a “hold” rating in a report on Friday, March 2nd. ValuEngine downgraded FS Investment from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Finally, TheStreet downgraded FS Investment from a “b-” rating to a “c+” rating in a report on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. FS Investment presently has a consensus rating of “Hold” and a consensus price target of $9.42.
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About FS Investment
FS Investment Corporation is a business development company specializing in investments in debt securities. It seeks to purchase interests in loans through secondary market transactions or directly from the target companies as primary market investments. It also seeks to invest in first lien senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans, or mezzanine loans.
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