Bank of Montreal Can purchased a new stake in FS Investment Corp. (NYSE:FSIC) during the second quarter, Holdings Channel reports. The firm purchased 3,492,000 shares of the company’s stock, valued at approximately $31,603,000.
A number of other hedge funds have also recently bought and sold shares of the company. Clark Capital Management Group Inc. purchased a new stake in FS Investment Corp. during the first quarter valued at about $132,000. CWM LLC raised its stake in FS Investment Corp. by 112.6% in the second quarter. CWM LLC now owns 22,586 shares of the company’s stock valued at $204,000 after buying an additional 11,961 shares during the period. Creative Planning raised its stake in FS Investment Corp. by 7.8% in the second quarter. Creative Planning now owns 73,370 shares of the company’s stock valued at $664,000 after buying an additional 5,282 shares during the period. Portfolio Solutions LLC raised its stake in FS Investment Corp. by 3.4% in the second quarter. Portfolio Solutions LLC now owns 85,907 shares of the company’s stock valued at $777,000 after buying an additional 2,831 shares during the period. Finally, V Wealth Management LLC raised its stake in FS Investment Corp. by 8.8% in the second quarter. V Wealth Management LLC now owns 146,936 shares of the company’s stock valued at $1,330,000 after buying an additional 11,945 shares during the period. 29.92% of the stock is currently owned by hedge funds and other institutional investors.
FS Investment Corp. (NYSE:FSIC) traded up 0.96% during trading on Friday, hitting $9.50. 686,901 shares of the company traded hands. The stock has a 50 day moving average price of $9.61 and a 200 day moving average price of $9.23. FS Investment Corp. has a 12-month low of $7.11 and a 12-month high of $10.05.
FS Investment Corp. (NYSE:FSIC) last announced its earnings results on Tuesday, August 9th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. FS Investment Corp. had a return on equity of 9.65% and a net margin of 10.27%. Analysts expect that FS Investment Corp. will post $0.96 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 4th. Shareholders of record on Wednesday, September 21st will be given a $0.2228 dividend. The ex-dividend date is Monday, September 19th. This represents a $0.89 annualized dividend and a yield of 9.38%. FS Investment Corp.’s payout ratio is 468.45%.
FSIC has been the topic of several analyst reports. TheStreet raised shares of FS Investment Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 10th. DA Davidson reissued a “buy” rating and issued a $10.00 price objective on shares of FS Investment Corp. in a research report on Saturday, August 13th. Barclays PLC lowered shares of FS Investment Corp. from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $10.00 to $9.00 in a research report on Wednesday, September 7th. Zacks Investment Research raised shares of FS Investment Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, July 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of FS Investment Corp. from $9.00 to $9.50 and gave the company a “neutral” rating in a research report on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $9.75.
About FS Investment Corp.
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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