Millennium Management LLC grew its stake in shares of FS Investment (NYSE:FSIC) by 9,310.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,158,473 shares of the financial services provider’s stock after acquiring an additional 3,124,910 shares during the quarter. Millennium Management LLC owned about 1.29% of FS Investment worth $23,215,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lehman Financial Resources Inc. purchased a new stake in shares of FS Investment during the 4th quarter worth about $103,000. First Citizens Bank & Trust Co. purchased a new stake in shares of FS Investment during the 4th quarter worth about $130,000. Belpointe Asset Management LLC purchased a new stake in shares of FS Investment during the 3rd quarter worth about $132,000. AI Financial Services LLC purchased a new stake in shares of FS Investment during the 4th quarter worth about $147,000. Finally, Cornerstone Financial Partners LLC purchased a new stake in shares of FS Investment during the 4th quarter worth about $173,000. 33.50% of the stock is owned by institutional investors.
A number of brokerages have recently issued reports on FSIC. Zacks Investment Research upgraded FS Investment from a “sell” rating to a “hold” rating in a report on Wednesday, March 7th. National Securities reiterated a “buy” rating and set a $10.00 target price on shares of FS Investment in a report on Monday, March 5th. Keefe, Bruyette & Woods set a $9.00 target price on FS Investment and gave the stock a “hold” rating in a report on Friday, March 2nd. ValuEngine cut FS Investment from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Finally, TheStreet cut FS Investment from a “b-” rating to a “c+” rating in a report on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. FS Investment presently has a consensus rating of “Hold” and a consensus target price of $9.42.
FS Investment (NYSE:FSIC) last released its quarterly earnings results on Thursday, March 1st. The financial services provider reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.03. The firm had revenue of $110.86 million during the quarter, compared to analysts’ expectations of $94.50 million. FS Investment had a return on equity of 8.87% and a net margin of 43.40%. sell-side analysts anticipate that FS Investment will post 0.77 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, April 3rd. Shareholders of record on Wednesday, March 21st were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 10.27%. The ex-dividend date was Tuesday, March 20th. FS Investment’s dividend payout ratio is presently 91.57%.
FS Investment declared that its board has approved a stock buyback plan on Thursday, March 1st that allows the company to buyback $50.00 million in shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other FS Investment news, Director David J. Adelman bought 15,008 shares of FS Investment stock in a transaction dated Wednesday, March 21st. The stock was bought at an average cost of $7.05 per share, for a total transaction of $105,806.40. Following the purchase, the director now owns 34,063 shares in the company, valued at approximately $240,144.15. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Brian Gerson bought 15,000 shares of FS Investment stock in a transaction dated Thursday, March 15th. The shares were acquired at an average price of $7.30 per share, with a total value of $109,500.00. Following the completion of the purchase, the insider now owns 15,000 shares in the company, valued at approximately $109,500. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 141,308 shares of company stock valued at $1,035,533. 1.07% of the stock is owned by company insiders.
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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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