Rivernorth Capital Management LLC Boosts Holdings in FS KKR Capital Corp. $FSK

Rivernorth Capital Management LLC increased its position in FS KKR Capital Corp. (NYSE:FSK) by 580.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,097,170 shares of the company’s stock after purchasing an additional 1,789,090 shares during the period. FS KKR Capital accounts for about 1.1% of Rivernorth Capital Management LLC’s holdings, making the stock its 17th biggest holding. Rivernorth Capital Management LLC’s holdings in FS KKR Capital were worth $21,349,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in FSK. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in FS KKR Capital in the fourth quarter valued at approximately $26,000. Jessup Wealth Management Inc acquired a new position in shares of FS KKR Capital in the 4th quarter valued at $26,000. FNY Investment Advisers LLC purchased a new stake in FS KKR Capital in the 4th quarter valued at $28,000. Halbert Hargrove Global Advisors LLC purchased a new stake in FS KKR Capital in the 4th quarter valued at $31,000. Finally, Basepoint Wealth LLC acquired a new stake in FS KKR Capital during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 36.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Zacks Research lowered shares of FS KKR Capital from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Weiss Ratings restated a “sell (d+)” rating on shares of FS KKR Capital in a report on Tuesday, June 2nd. Wells Fargo & Company lowered their price objective on shares of FS KKR Capital from $11.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 12th. Keefe, Bruyette & Woods dropped their price target on FS KKR Capital from $15.00 to $11.00 and set a “market perform” rating on the stock in a research report on Thursday, April 16th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $11.00 target price on shares of FS KKR Capital in a research note on Tuesday, May 12th. Six analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $10.58.

FS KKR Capital Price Performance

Shares of FSK opened at $10.98 on Wednesday. The business’s 50-day moving average is $10.69 and its 200-day moving average is $11.43. The company has a debt-to-equity ratio of 1.38, a current ratio of 2.00 and a quick ratio of 2.00. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of -5.58 and a beta of 0.82. FS KKR Capital Corp. has a fifty-two week low of $9.72 and a fifty-two week high of $21.76.

FS KKR Capital (NYSE:FSK) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.03). The firm had revenue of $304.00 million for the quarter, compared to analysts’ expectations of $316.81 million. FS KKR Capital had a positive return on equity of 4.34% and a negative net margin of 38.65%.FS KKR Capital’s revenue was down 24.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.65 earnings per share. Equities research analysts expect that FS KKR Capital Corp. will post 1.64 EPS for the current fiscal year.

FS KKR Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 17th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 15.3%. The ex-dividend date was Wednesday, June 17th. FS KKR Capital’s dividend payout ratio (DPR) is -85.28%.

FS KKR Capital Profile

FS KKR Capital Corp (NYSE:FSK) is a closed-end, externally managed business development company that primarily invests in private middle-market U.S. companies. The firm seeks to generate current income and capital appreciation by structuring investments in floating-rate senior secured loans, unitranche financings, second lien debt and mezzanine instruments. As a business development company, FSK provides financing solutions designed to support growth initiatives, acquisitions, leveraged buyouts and recapitalizations for privately held enterprises.

Established in 2018 through a strategic partnership between FS Investment Corporation and KKR Credit Advisors, a division of global investment firm KKR & Co Inc, FSK combines the credit underwriting capabilities of KKR’s global platform with FS’s expertise in private credit markets.