Insider Buying: Fifth Street Finance Corp. (FSC) Major Shareholder Buys $2,403,685.68 in Stock
Fifth Street Finance Corp. (NASDAQ:FSC) major shareholder Leonard M. Tannenbaum bought 532,968 shares of the firm’s stock in a transaction on Tuesday, March 14th. The shares were purchased at an average price of $4.51 per share, for a total transaction of $2,403,685.68. Following the purchase, the insider now owns 12,844,767 shares in the company, valued at approximately $57,929,899.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.
Shares of Fifth Street Finance Corp. (NASDAQ:FSC) opened at 4.67 on Tuesday. The stock’s 50 day moving average is $4.78 and its 200 day moving average is $5.42. Fifth Street Finance Corp. has a 52-week low of $4.31 and a 52-week high of $6.32.
Fifth Street Finance Corp. (NASDAQ:FSC) last issued its quarterly earnings results on Thursday, February 9th. The company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.02. Fifth Street Finance Corp. had a positive return on equity of 9.13% and a negative net margin of 33.22%. Analysts expect that Fifth Street Finance Corp. will post $0.62 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.125 per share. This is a positive change from Fifth Street Finance Corp.’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 10.67%. Fifth Street Finance Corp.’s payout ratio is presently -130.91%.
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A number of equities research analysts have commented on FSC shares. Zacks Investment Research upgraded shares of Fifth Street Finance Corp. from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a research note on Tuesday, November 29th. Barclays PLC set a $6.00 target price on shares of Fifth Street Finance Corp. and gave the stock a “hold” rating in a research note on Thursday, December 1st. Finally, National Securities decreased their target price on shares of Fifth Street Finance Corp. from $6.00 to $4.00 and set a “neutral” rating on the stock in a research note on Monday, February 13th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Fifth Street Finance Corp. presently has a consensus rating of “Hold” and a consensus price target of $5.50.
A number of large investors have recently modified their holdings of FSC. GAM Holding AG purchased a new stake in shares of Fifth Street Finance Corp. during the third quarter worth approximately $137,000. First Allied Advisory Services Inc. raised its stake in shares of Fifth Street Finance Corp. by 39.6% in the fourth quarter. First Allied Advisory Services Inc. now owns 27,150 shares of the company’s stock worth $146,000 after buying an additional 7,706 shares in the last quarter. Eagle Global Advisors LLC raised its stake in shares of Fifth Street Finance Corp. by 32.3% in the third quarter. Eagle Global Advisors LLC now owns 27,250 shares of the company’s stock worth $158,000 after buying an additional 6,660 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its stake in shares of Fifth Street Finance Corp. by 4.0% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 39,980 shares of the company’s stock worth $232,000 after buying an additional 1,542 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of Fifth Street Finance Corp. during the fourth quarter worth approximately $241,000. Hedge funds and other institutional investors own 32.17% of the company’s stock.
About Fifth Street Finance Corp.
Fifth Street Finance Corp. is a specialty finance company. The Company is a closed-end, non-diversified management investment company. The Company acts as a business development company (BDC). The Company’s investment objective is to maximize its portfolio’s total return by generating current income from its debt investments, and capital appreciation from its equity investments.
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