FS Investment Corporation (NYSE:FSIC)‘s stock had its “neutral” rating restated by analysts at National Securities in a research report issued on Monday. They currently have a $10.00 price target on the financial services provider’s stock. National Securities’ price target indicates a potential upside of 21.95% from the company’s current price.
The analysts wrote, “• FSIC posted adjusted NII/share of $0.21 for 3Q17, beating our estimate of $0.19 and matching the quarterly dividend. Interest income came in stronger than we had anticipated, although we expect this was buoyed by accelerated accretion of OID (original issue discount) pertaining to prepayment activity.
• NAV/share improved Q/Q to $9.43 from $9.30 largely as a result of unrealized appreciation of $54.2 million on investments during the quarter, partially offset by $18.2 million of realized losses. Asset quality remains sound at FSIC with non-accruals at cost decreasing to $18.1 million or 0.5% of the portfolio from $25.3 million or 0.7% Q/Q. Paw Luxco II came off non-accrual but Brock Holdings III and Global A&T Electronics were both added to non-accrual status during the quarter.
• The portfolio at cost decreased modestly during the quarter to $3.77 billion from $3.82 billion in 2Q17 as sales and repayments of $225.5 million outpaced the $182.4 million of originations during the quarter. We think that FSIC has the origination platform and capacity to increase the portfolio steadily from 4Q17 – 4Q18 although we note that net portfolio growth is likely more contingent upon prepayment activity slowing down than originations picking up meaningfully.
• We are revising our 2017 adjusted NII/share estimate to $0.85 from $0.82 and our 2018 NII/share estimate to $0.87 from $0.85.”
FSIC has been the topic of several other reports. ValuEngine upgraded shares of FS Investment Corporation from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Zacks Investment Research lowered shares of FS Investment Corporation from a “buy” rating to a “hold” rating in a report on Monday, October 16th. BidaskClub lowered shares of FS Investment Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $10.00 price objective on shares of FS Investment Corporation in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $9.75.
FS Investment Corporation (NYSE FSIC) opened at $8.20 on Monday. FS Investment Corporation has a twelve month low of $7.65 and a twelve month high of $10.80. The firm has a market cap of $2,014.95, a P/E ratio of 9.65, a P/E/G ratio of 3.40 and a beta of 0.94. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.74.
FS Investment Corporation (NYSE:FSIC) last announced its quarterly earnings data 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. FS Investment Corporation had a net margin of 52.49% and a return on equity of 8.97%. The business had revenue of $103.69 million for the quarter, compared to analyst estimates of $97.03 million. equities analysts predict that FS Investment Corporation will post 0.8 EPS for the current fiscal year.
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Institutional investors and hedge funds have recently bought and sold shares of the business. BDO Wealth Advisors LLC acquired a new stake in FS Investment Corporation in the second quarter worth $103,000. Advisory Services Network LLC raised its holdings in FS Investment Corporation by 3.6% in the second quarter. Advisory Services Network LLC now owns 11,577 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 400 shares during the period. Lakeview Capital Partners LLC acquired a new stake in FS Investment Corporation in the third quarter worth $108,000. Shelton Capital Management acquired a new stake in FS Investment Corporation in the second quarter worth $111,000. Finally, JPMorgan Chase & Co. acquired a new stake in FS Investment Corporation in the first quarter worth $122,000. Institutional investors own 33.14% 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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