WealthPLAN Partners LLC Has $4.88 Million Holdings in FS Investment Co. (FSIC)
WealthPLAN Partners LLC raised its position in shares of FS Investment Co. (NYSE:FSIC) by 35.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 673,450 shares of the financial services provider’s stock after acquiring an additional 176,196 shares during the period. FS Investment makes up 1.1% of WealthPLAN Partners LLC’s portfolio, making the stock its 20th biggest holding. WealthPLAN Partners LLC owned approximately 0.28% of FS Investment worth $4,882,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its position in FS Investment by 8.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 95,519 shares of the financial services provider’s stock worth $702,000 after purchasing an additional 7,176 shares in the last quarter. Wealthcare Advisory Partners LLC increased its holdings in shares of FS Investment by 59.6% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 35,113 shares of the financial services provider’s stock valued at $255,000 after acquiring an additional 13,106 shares during the last quarter. Keystone Financial Group increased its holdings in shares of FS Investment by 6.2% in the 1st quarter. Keystone Financial Group now owns 228,794 shares of the financial services provider’s stock valued at $1,659,000 after acquiring an additional 13,304 shares during the last quarter. Capital Analysts LLC purchased a new position in shares of FS Investment in the 4th quarter valued at about $1,115,000. Finally, Lehman Financial Resources Inc. purchased a new position in shares of FS Investment in the 4th quarter valued at about $103,000. Institutional investors own 32.60% of the company’s stock.
FS Investment traded up $0.08, hitting $7.88, during midday trading on Thursday, MarketBeat reports. The stock had a trading volume of 54,176 shares, compared to its average volume of 1,238,471. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.76. The firm has a market cap of $1.89 billion, a P/E ratio of 9.49, a P/E/G ratio of 3.51 and a beta of 0.88. FS Investment Co. has a 12 month low of $6.95 and a 12 month high of $9.31.
FS Investment announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 1st that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 3rd. Stockholders of record on Wednesday, June 20th will be given a dividend of $0.19 per share. The ex-dividend date is Tuesday, June 19th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 9.65%. FS Investment’s dividend payout ratio (DPR) is presently 91.57%.
In other news, Director David J. Adelman bought 15,008 shares of the business’s stock in a transaction on Wednesday, March 21st. The shares were bought at an average cost of $7.05 per share, with a total value of $105,806.40. Following the purchase, the director now directly owns 34,063 shares in the company, valued at $240,144.15. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael C. Forman bought 5,885 shares of the business’s stock in a transaction on Wednesday, March 21st. The shares were purchased at an average cost of $7.05 per share, for a total transaction of $41,489.25. The disclosure for this purchase can be found here. Insiders have bought a total of 23,645 shares of company stock valued at $167,980 in the last quarter. Insiders own 1.07% of the company’s stock.
FSIC has been the topic of a number of recent analyst reports. National Securities reiterated a “buy” rating and issued a $10.00 price objective on shares of FS Investment in a report on Tuesday, May 15th. Zacks Investment Research upgraded FS Investment from a “hold” rating to a “buy” rating and set a $8.50 price objective on the stock in a research note on Monday, May 7th. Keefe, Bruyette & Woods set a $9.00 price objective on FS Investment and gave the stock a “hold” rating in a research note on Friday, March 2nd. Finally, ValuEngine cut FS Investment from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $9.17.
FS Investment Profile
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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