Zacks Investment Research Downgrades FS Investment Corp. (FSIC) to Sell
FS Investment Corp. (NYSE:FSIC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.
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. “
Other analysts have also issued reports about the company. DA Davidson reaffirmed a “buy” rating and issued a $10.00 price target on shares of FS Investment Corp. in a research note on Saturday, August 13th. National Securities reaffirmed a “neutral” rating and issued a $9.00 price target on shares of FS Investment Corp. in a research note on Friday, August 12th. JPMorgan Chase & Co. lifted their price target on FS Investment Corp. from $9.00 to $9.50 and gave the stock a “neutral” rating in a research note on Thursday, August 11th. TheStreet raised FS Investment Corp. from a “hold” rating to a “buy” rating in a research note on Wednesday, August 10th. Finally, Barclays PLC lowered FS Investment Corp. from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $10.00 to $9.00 in a research note on Wednesday, September 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $9.63.
FS Investment Corp. (NYSE:FSIC) opened at 9.80 on Friday. The company’s 50-day moving average price is $9.44 and its 200-day moving average price is $9.31. FS Investment Corp. has a 12-month low of $7.11 and a 12-month high of $10.05.
FS Investment Corp. (NYSE:FSIC) last issued its quarterly earnings results on Wednesday, November 9th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.02. FS Investment Corp. had a return on equity of 9.68% and a net margin of 38.26%. Equities analysts forecast that FS Investment Corp. will post $1.00 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Shareholders of record on Wednesday, December 21st will be given a $0.2228 dividend. The ex-dividend date is Monday, December 19th. This represents a $0.89 dividend on an annualized basis and a yield of 9.09%. FS Investment Corp.’s dividend payout ratio is currently 130.88%.
A number of large investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its stake in FS Investment Corp. by 1,897.8% in the first quarter. Envestnet Asset Management Inc. now owns 168,653 shares of the company’s stock worth $1,547,000 after buying an additional 160,211 shares in the last quarter. Clark Capital Management Group Inc. acquired a new stake in FS Investment Corp. during the first quarter worth approximately $132,000. LPL Financial LLC increased its stake in FS Investment Corp. by 22.6% in the first quarter. LPL Financial LLC now owns 9,604,792 shares of the company’s stock worth $86,347,000 after buying an additional 1,771,458 shares in the last quarter. Creative Planning increased its stake in FS Investment Corp. by 7.8% in the second quarter. Creative Planning now owns 73,370 shares of the company’s stock worth $664,000 after buying an additional 5,282 shares in the last quarter. Finally, V Wealth Management LLC increased its stake in FS Investment Corp. by 8.8% in the second quarter. V Wealth Management LLC now owns 146,936 shares of the company’s stock worth $1,330,000 after buying an additional 11,945 shares in the last quarter. Institutional investors own 31.61% of the company’s stock.
FS Investment Corp. 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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