Creative Planning Has $707,000 Stake in FS Investment Corporation (NYSE:FSIC)
Creative Planning lowered its position in shares of FS Investment Corporation (NYSE:FSIC) by 21.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,234 shares of the financial services provider’s stock after selling 21,653 shares during the period. Creative Planning’s holdings in FS Investment Corporation were worth $707,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Sumitomo Mitsui Asset Management Company LTD increased its stake in FS Investment Corporation by 103.0% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 860,296 shares of the financial services provider’s stock worth $8,430,000 after buying an additional 436,519 shares during the last quarter. Exencial Wealth Advisors LLC increased 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 worth $147,000 after buying an additional 650 shares during the last quarter. IFP Advisors Inc increased its stake in FS Investment Corporation by 29.3% in the first quarter. IFP Advisors Inc now owns 710,172 shares of the financial services provider’s stock worth $6,960,000 after buying an additional 161,032 shares during the last quarter. Paragon Capital Management Ltd bought a new stake in FS Investment Corporation during the first quarter worth $155,000. Finally, FC Advisory LLC bought a new stake in FS Investment Corporation during the first quarter worth $323,000. Hedge funds and other institutional investors own 32.30% of the company’s stock.
FS Investment Corporation (NYSE FSIC) traded down 0.59% during trading on Friday, hitting $8.40. The stock had a trading volume of 784,054 shares. The company has a 50-day moving average of $8.94 and a 200-day moving average of $9.52. FS Investment Corporation has a 52 week low of $8.30 and a 52 week high of $10.80.
FS Investment Corporation (NYSE:FSIC) last released its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.01. FS Investment Corporation had a net margin of 59.88% and a return on equity of 8.92%. The firm had revenue of $98.70 million for the quarter, compared to analysts’ expectations of $103.14 million. On average, equities analysts anticipate that FS Investment Corporation will post $0.74 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Wednesday, September 20th will be given a dividend of $0.2228 per share. The ex-dividend date is Tuesday, September 19th. This represents a $0.89 dividend on an annualized basis and a yield of 10.61%. FS Investment Corporation’s payout ratio is 87.26%.
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A number of analysts have recently weighed in on the company. Zacks Investment Research downgraded FS Investment Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $10.00 target price on shares of FS Investment Corporation in a research report on Friday, April 28th. National Securities reiterated a “neutral” rating and set a $10.00 target price on shares of FS Investment Corporation in a research report on Monday, May 15th. Finally, BidaskClub upgraded FS Investment Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. One analyst has rated the stock with a sell rating and six have given a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $9.80.
In other news, CEO Michael C. Forman purchased 22,320 shares of the stock in a transaction on Thursday, June 22nd. The shares were acquired at an average price of $8.88 per share, for a total transaction of $198,201.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David J. Adelman purchased 11,160 shares of the stock in a transaction on Thursday, June 22nd. The shares were purchased at an average price of $8.88 per share, for a total transaction of $99,100.80. Following the transaction, the director now directly owns 34,063 shares of the company’s stock, valued at $302,479.44. The disclosure for this purchase can be found here. Insiders have acquired 56,738 shares of company stock worth $493,577 in the last 90 days. Company insiders own 1.00% of the company’s stock.
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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