Prime Capital Investment Advisors LLC bought a new stake in shares of FS Investment Co. (NYSE:FSIC) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 28,338 shares of the financial services provider’s stock, valued at approximately $208,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lehman Financial Resources Inc. purchased a new stake in FS Investment during the 4th quarter valued at $103,000. Regal Investment Advisors LLC purchased a new stake in FS Investment during the 3rd quarter valued at $130,000. First Citizens Bank & Trust Co. purchased a new stake in FS Investment during the 4th quarter valued at $130,000. Belpointe Asset Management LLC purchased a new stake in FS Investment during the 3rd quarter valued at $132,000. Finally, AI Financial Services LLC purchased a new stake in FS Investment during the 4th quarter valued at $147,000. Hedge funds and other institutional investors own 38.55% of the company’s stock.
In other news, insider Michael John Kelly purchased 10,000 shares of the company’s stock in a transaction dated Thursday, December 28th. The shares were acquired at an average price of $7.49 per share, with a total value of $74,900.00. Following the transaction, the insider now owns 35,000 shares of the company’s stock, valued at $262,150. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Barry Frank purchased 5,500 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were purchased at an average cost of $7.43 per share, for a total transaction of $40,865.00. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 212,827 shares of company stock worth $1,594,959. Insiders own 1.07% of the company’s stock.
FS Investment declared that its board has initiated a share repurchase program on Thursday, March 1st that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often 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, April 3rd. Shareholders of record on Wednesday, March 21st will be paid a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, March 20th. This represents a $0.76 dividend on an annualized basis and a yield of 10.27%. FS Investment’s payout ratio is 101.33%.
Several analysts recently weighed in on FSIC shares. National Securities restated a “buy” rating and set a $10.00 price target on shares of FS Investment in a report on Monday, March 5th. Zacks Investment Research upgraded FS Investment from a “hold” rating to a “buy” rating and set a $9.25 price target on the stock in a report on Monday, November 13th. ValuEngine upgraded FS Investment from a “hold” rating to a “buy” rating in a report on Friday, December 1st. TheStreet lowered FS Investment from a “b-” rating to a “c+” rating in a research note on Thursday, January 11th. Finally, Keefe, Bruyette & Woods set a $9.00 target price on FS Investment and gave the stock a “hold” rating in a research note on Friday, March 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. FS Investment has a consensus rating of “Hold” and an average price target of $9.42.
FS Investment Company 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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