Pinebridge Investments L.P. Acquires 38,990 Shares of FS Investment Corporation (FSIC)
Pinebridge Investments L.P. lifted its holdings in shares of FS Investment Corporation (NYSE:FSIC) by 70.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 94,370 shares of the financial services provider’s stock after buying an additional 38,990 shares during the period. Pinebridge Investments L.P.’s holdings in FS Investment were worth $797,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Strategic Wealth Advisors Group LLC raised its holdings in shares of FS Investment by 673.1% in the 3rd quarter. Strategic Wealth Advisors Group LLC now owns 974,141 shares of the financial services provider’s stock valued at $8,231,000 after purchasing an additional 848,144 shares during the period. WealthPLAN Partners LLC raised its holdings in shares of FS Investment by 1,812.2% in the 2nd quarter. WealthPLAN Partners LLC now owns 485,724 shares of the financial services provider’s stock valued at $4,444,000 after purchasing an additional 460,323 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of FS Investment by 20.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,399,407 shares of the financial services provider’s stock valued at $21,943,000 after purchasing an additional 401,657 shares during the period. Commerce Bank bought a new stake in shares of FS Investment in the 2nd quarter valued at about $3,213,000. Finally, Van ECK Associates Corp raised its holdings in shares of FS Investment by 21.7% in the 2nd quarter. Van ECK Associates Corp now owns 1,672,044 shares of the financial services provider’s stock valued at $15,299,000 after purchasing an additional 298,166 shares during the period. Institutional investors own 32.46% of the company’s stock.
FSIC has been the topic of a number of research analyst reports. National Securities reaffirmed a “neutral” rating and issued a $10.00 target price on shares of FS Investment in a report on Monday, August 14th. Zacks Investment Research raised shares of FS Investment from a “hold” rating to a “strong-buy” rating and set a $10.00 price target on the stock in a report on Tuesday, October 10th. ValuEngine raised shares of FS Investment from a “hold” rating to a “buy” rating in a report on Friday, December 1st. BidaskClub raised shares of FS Investment from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 3rd. Finally, Keefe, Bruyette & Woods set a $9.00 price target on shares of FS Investment and gave the company a “hold” rating in a report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $9.56.
FS Investment (NYSE:FSIC) last released its quarterly earnings results on Thursday, November 9th. The financial services provider reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.02. The firm had revenue of $103.69 million for the quarter, compared to analysts’ expectations of $97.03 million. FS Investment had a net margin of 52.49% and a return on equity of 8.97%. equities research analysts anticipate that FS Investment Corporation will post 0.8 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th will be issued a $0.19 dividend. The ex-dividend date is Tuesday, December 19th. This represents a $0.76 annualized dividend and a yield of 9.74%. FS Investment’s dividend payout ratio is currently 98.89%.
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About FS Investment
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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