Merit Financial Group LLC purchased a new position in FS Investment Co. (NYSE:FSIC) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 49,647 shares of the financial services provider’s stock, valued at approximately $364,000.
A number of other large investors have also recently bought and sold shares of FSIC. Strategic Wealth Advisors Group LLC boosted its stake in FS Investment by 673.1% in the third quarter. Strategic Wealth Advisors Group LLC now owns 974,141 shares of the financial services provider’s stock valued at $8,231,000 after acquiring an additional 848,144 shares during the period. Citadel Advisors LLC boosted its stake in FS Investment by 970.2% in the fourth quarter. Citadel Advisors LLC now owns 629,118 shares of the financial services provider’s stock valued at $4,624,000 after acquiring an additional 570,335 shares during the period. Oak Point Wealth Management acquired a new position in FS Investment in the fourth quarter valued at approximately $2,461,000. Virtu Financial LLC boosted its stake in FS Investment by 2,436.5% in the fourth quarter. Virtu Financial LLC now owns 316,096 shares of the financial services provider’s stock valued at $2,324,000 after acquiring an additional 303,634 shares during the period. Finally, Advisor Group Inc. boosted its stake in FS Investment by 16.7% in the third quarter. Advisor Group Inc. now owns 1,743,026 shares of the financial services provider’s stock valued at $14,728,000 after acquiring an additional 249,179 shares during the period. Institutional investors and hedge funds own 38.55% of the company’s stock.
A number of equities analysts have commented on FSIC shares. ValuEngine upgraded FS Investment from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Zacks Investment Research upgraded FS Investment from a “sell” rating to a “hold” rating in a research note on Tuesday, January 16th. National Securities restated a “buy” rating and issued a $10.00 target price on shares of FS Investment in a research note on Monday, March 5th. Keefe, Bruyette & Woods set a $9.00 target price on FS Investment and gave the company a “hold” rating in a research note on Friday, March 2nd. Finally, TheStreet downgraded FS Investment from a “b-” rating to a “c+” rating in a research note on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. FS Investment currently has a consensus rating of “Hold” and an average price target of $9.42.
FS Investment Co. (FSIC) traded up $0.02 on Wednesday, hitting $7.42. The stock had a trading volume of 738,127 shares, compared to its average volume of 1,444,525. The company has a market capitalization of $1,830.00, a PE ratio of 10.07, a PEG ratio of 3.17 and a beta of 0.96. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.66 and a current ratio of 1.66. FS Investment Co. has a 52 week low of $7.05 and a 52 week high of $10.00.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Wednesday, March 21st will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, March 20th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 10.24%. FS Investment’s dividend payout ratio (DPR) is presently 102.70%.
FS Investment announced that its board has authorized a share buyback plan on Thursday, March 1st that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
In other FS Investment news, CEO Michael C. Forman purchased 33,500 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were bought at an average price of $7.45 per share, with a total value of $249,575.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Gravina purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were acquired at an average cost of $7.54 per share, for a total transaction of $37,700.00. Following the acquisition, the director now owns 40,000 shares of the company’s stock, valued at approximately $301,600. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 182,827 shares of company stock worth $1,359,759. Corporate insiders own 1.07% of the company’s stock.
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FS Investment Profile
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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