Sumitomo Mitsui Asset Management Company LTD lowered its holdings in FS Investment Co. (NYSE:FSIC) by 24.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 528,233 shares of the financial services provider’s stock after selling 175,364 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD owned 0.22% of FS Investment worth $3,724,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Great West Life Assurance Co. Can acquired a new position in FS Investment during the 1st quarter worth about $473,000. California Public Employees Retirement System lifted its holdings in FS Investment by 8.6% during the 1st quarter. California Public Employees Retirement System now owns 615,400 shares of the financial services provider’s stock worth $4,462,000 after buying an additional 48,700 shares during the period. United Capital Financial Advisers LLC lifted its holdings in FS Investment by 128.3% during the 1st quarter. United Capital Financial Advisers LLC now owns 27,647 shares of the financial services provider’s stock worth $200,000 after buying an additional 15,536 shares during the period. Jane Street Group LLC acquired a new position in FS Investment during the 1st quarter worth about $337,000. Finally, Legal & General Group Plc lifted its holdings in FS Investment by 17.7% during the 1st quarter. Legal & General Group Plc now owns 895,113 shares of the financial services provider’s stock worth $6,512,000 after buying an additional 134,501 shares during the period. Hedge funds and other institutional investors own 29.11% of the company’s stock.
Shares of FSIC stock traded down $0.02 during mid-day trading on Friday, hitting $6.57. The company’s stock had a trading volume of 976,756 shares, compared to its average volume of 1,238,306. FS Investment Co. has a 52 week low of $6.22 and a 52 week high of $8.30. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.76. The firm has a market cap of $1.60 billion, a PE ratio of 7.92, a price-to-earnings-growth ratio of 2.86 and a beta of 0.96.
FS Investment (NYSE:FSIC) last posted its quarterly earnings data on Wednesday, November 7th. The financial services provider reported $0.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.04. FS Investment had a positive return on equity of 9.40% and a negative net margin of 3.73%. The firm had revenue of $94.52 million during the quarter, compared to analyst estimates of $96.66 million. On average, analysts forecast that FS Investment Co. will post 0.78 earnings per share for the current year.
The firm also recently disclosed a special dividend, which will be paid on Monday, December 3rd. Stockholders of record on Monday, November 19th will be given a $0.09 dividend. This represents a dividend yield of 11.53%. The ex-dividend date of this dividend is Friday, November 16th. FS Investment’s dividend payout ratio (DPR) is presently 91.57%.
FSIC has been the topic of several recent research reports. Wells Fargo & Co downgraded FS Investment from an “outperform” rating to a “market perform” rating in a report on Thursday, October 4th. National Securities reaffirmed a “buy” rating and set a $11.00 target price on shares of FS Investment in a report on Monday, August 13th. ValuEngine downgraded FS Investment from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 18th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $8.00 target price on shares of FS Investment in a report on Friday, August 10th. Finally, Zacks Investment Research downgraded FS Investment from a “hold” rating to a “sell” rating in a report on Wednesday, August 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. FS Investment currently has a consensus rating of “Hold” and a consensus target price of $8.92.
About FS Investment
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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