Merit Financial Group LLC bought a new stake in shares of FS Investment Co. (NYSE:FSIC) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 49,647 shares of the financial services provider’s stock, valued at approximately $364,000.
Other institutional investors have also added to or reduced their stakes in the company. Strategic Wealth Advisors Group LLC increased its stake in shares of FS Investment by 673.1% in the 3rd 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 last quarter. Citadel Advisors LLC increased its stake in shares of FS Investment by 970.2% in the 4th 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 last quarter. Oak Point Wealth Management bought a new stake in shares of FS Investment in the 4th quarter valued at about $2,461,000. Virtu Financial LLC increased its stake in shares of FS Investment by 2,436.5% in the 4th 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 last quarter. Finally, Advisor Group Inc. increased its stake in shares of FS Investment by 16.7% in the 3rd 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 last quarter. Institutional investors own 38.55% of the company’s stock.
A number of analysts recently issued reports on FSIC shares. Zacks Investment Research cut FS Investment from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. ValuEngine raised FS Investment from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. National Securities raised FS Investment from a “neutral” rating to a “buy” rating in a research note on Friday, December 15th. TheStreet cut 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 equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. FS Investment currently has an average rating of “Hold” and a consensus price target of $9.42.
Shares of FS Investment Co. (NYSE FSIC) traded up $0.02 on Wednesday, hitting $7.42. 738,127 shares of the stock traded hands, compared to its average volume of 1,444,525. The company has a market cap of $1,830.00, a PE ratio of 10.07, a P/E/G ratio of 3.17 and a beta of 0.96. FS Investment Co. has a one year low of $7.05 and a one year high of $10.00. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.75.
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 paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, March 20th. This represents a $0.76 annualized dividend and a dividend yield of 10.24%. FS Investment’s dividend payout ratio is currently 102.70%.
FS Investment announced that its board has approved a stock repurchase plan on Thursday, March 1st that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
In other FS Investment news, CEO Michael C. Forman purchased 16,531 shares of the firm’s stock in a transaction dated Thursday, December 28th. The stock was bought at an average cost of $7.46 per share, with a total value of $123,321.26. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Thomas Gravina purchased 4,500 shares of the firm’s stock in a transaction dated Thursday, January 4th. The shares were acquired at an average cost of $7.66 per share, with a total value of $34,470.00. Following the completion of the purchase, the director now directly owns 42,300 shares in the company, valued at $324,018. The disclosure for this purchase can be found here. Insiders have bought a total of 182,827 shares of company stock valued at $1,359,759 over the last ninety days. Company insiders own 1.07% of the company’s stock.
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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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