Gilbert & Cook Inc. increased its stake in FS Investment Corporation (NYSE:FSIC) by 7.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 794,256 shares of the financial services provider’s stock after buying an additional 57,562 shares during the period. FS Investment Corporation accounts for approximately 3.2% of Gilbert & Cook Inc.’s holdings, making the stock its 10th largest position. Gilbert & Cook Inc.’s holdings in FS Investment Corporation were worth $7,784,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Advisory Services Network LLC bought a new stake in FS Investment Corporation during the first quarter valued at approximately $110,000. Wayne Hummer Investments L.L.C. bought a new stake in FS Investment Corporation during the first quarter valued at approximately $112,000. BLB&B Advisors LLC bought a new stake in FS Investment Corporation during the first quarter valued at approximately $113,000. JPMorgan Chase & Co. bought a new stake in FS Investment Corporation during the first quarter valued at approximately $122,000. Finally, Exencial Wealth Advisors LLC boosted its stake in FS Investment Corporation by 4.4% in the first quarter. Exencial Wealth Advisors LLC now owns 15,311 shares of the financial services provider’s stock valued at $147,000 after buying an additional 650 shares in the last quarter. Institutional investors and hedge funds own 32.79% of the company’s stock.
FS Investment Corporation (NYSE FSIC) traded up 2.84% during mid-day trading on Friday, reaching $9.05. 1,917,471 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $9.29 and a 200 day moving average price of $9.90. FS Investment Corporation has a 52-week low of $8.03 and a 52-week high of $10.80.
FS Investment Corporation (NYSE:FSIC) last released its quarterly earnings results on Wednesday, May 10th. The financial services provider reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. FS Investment Corporation had a return on equity of 9.44% and a net margin of 86.84%. The firm had revenue of $106.06 million during the quarter, compared to the consensus estimate of $101.94 million. On average, analysts anticipate that FS Investment Corporation will post $0.86 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Wednesday, June 21st will be given a dividend of $0.2228 per share. This represents a $0.89 dividend on an annualized basis and a yield of 9.82%. The ex-dividend date of this dividend is Monday, June 19th. FS Investment Corporation’s dividend payout ratio (DPR) is currently 58.55%.
Several research firms recently commented on FSIC. National Securities raised their price target on shares of FS Investment Corporation from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Monday, March 6th. Wells Fargo & Company cut shares of FS Investment Corporation from an “outperform” rating to a “market perform” rating in a report on Friday, March 3rd. 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. Zacks Investment Research upgraded shares of FS Investment Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, March 28th. Finally, TheStreet upgraded shares of FS Investment Corporation from a “c” rating to a “b” rating in a report on Monday, April 17th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $9.93.
In other news, Director David J. Adelman purchased 11,160 shares of FS Investment Corporation stock in a transaction on Thursday, June 22nd. The stock was purchased at an average price of $8.88 per share, with a total value of $99,100.80. Following the transaction, the director now directly owns 34,063 shares in the company, valued at approximately $302,479.44. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael C. Forman purchased 22,320 shares of FS Investment Corporation stock in a transaction on Thursday, June 22nd. The shares were purchased at an average cost of $8.88 per share, with a total value of $198,201.60. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 38,130 shares of company stock valued at $339,461. Insiders own 1.16% 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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