WealthPLAN Partners LLC lifted its stake in FS Investment Co. (NYSE:FSIC) by 35.4% during the first quarter, Holdings Channel reports. The fund owned 673,450 shares of the financial services provider’s stock after purchasing an additional 176,196 shares during the quarter. FS Investment comprises approximately 1.1% of WealthPLAN Partners LLC’s holdings, making the stock its 20th biggest position. WealthPLAN Partners LLC’s holdings in FS Investment were worth $4,882,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. LPL Financial LLC boosted its stake in FS Investment by 16.6% in the first quarter. LPL Financial LLC now owns 6,032,659 shares of the financial services provider’s stock valued at $43,737,000 after acquiring an additional 860,754 shares during the last quarter. Millennium Management LLC lifted its stake in shares of FS Investment by 9,310.6% in the fourth quarter. Millennium Management LLC now owns 3,158,473 shares of the financial services provider’s stock valued at $23,215,000 after buying an additional 3,124,910 shares in the last quarter. Advisor Group Inc. lifted its stake in shares of FS Investment by 7.7% in the fourth quarter. Advisor Group Inc. now owns 1,877,028 shares of the financial services provider’s stock valued at $13,795,000 after buying an additional 134,002 shares in the last quarter. LexAurum Advisors LLC lifted its stake in shares of FS Investment by 670.0% in the first quarter. LexAurum Advisors LLC now owns 1,851,129 shares of the financial services provider’s stock valued at $240,000 after buying an additional 1,610,723 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in shares of FS Investment by 7.9% in the fourth quarter. BlackRock Inc. now owns 1,559,269 shares of the financial services provider’s stock valued at $11,461,000 after buying an additional 114,056 shares in the last quarter. 32.60% of the stock is currently owned by institutional investors and hedge funds.
FS Investment traded up $0.08, reaching $7.88, during trading hours on Thursday, according to MarketBeat. 54,176 shares of the company were exchanged, compared to its average volume of 1,238,471. FS Investment Co. has a 1 year low of $6.95 and a 1 year high of $9.31. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.69 and a current ratio of 2.69. The company has a market capitalization of $1.89 billion, a PE ratio of 9.49, a price-to-earnings-growth ratio of 3.51 and a beta of 0.88.
FS Investment declared that its board has approved a share repurchase plan on Thursday, March 1st that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 3rd. Stockholders of record on Wednesday, June 20th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, June 19th. This represents a $0.76 annualized dividend and a dividend yield of 9.65%. FS Investment’s payout ratio is 91.57%.
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 purchased at an average price of $7.05 per share, for a total transaction of $105,806.40. Following the completion of the purchase, the director now directly owns 34,063 shares of the company’s stock, valued at $240,144.15. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael C. Forman bought 5,885 shares of FS Investment stock in a transaction dated Wednesday, March 21st. The stock was acquired at an average price of $7.05 per share, with a total value of $41,489.25. The disclosure for this purchase can be found here. Insiders bought 23,645 shares of company stock valued at $167,980 in the last quarter. Corporate insiders own 1.07% of the company’s stock.
Several analysts have recently commented on FSIC shares. Zacks Investment Research downgraded shares of FS Investment from a “buy” rating to a “hold” rating in a report on Wednesday, May 16th. National Securities reiterated a “buy” rating and issued a $10.00 target price on shares of FS Investment in a report on Tuesday, May 15th. ValuEngine downgraded shares of FS Investment from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Finally, Keefe, Bruyette & Woods set a $9.00 target price on shares of FS Investment and gave the company a “hold” rating in a report on Friday, March 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. FS Investment presently has a consensus rating of “Hold” and an average 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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