FS Investment Corporation (NYSE:FSIC) to Issue $0.22 Quarterly Dividend
FS Investment Corporation (NYSE:FSIC) declared a quarterly dividend on Thursday, August 10th, Wall Street Journal reports. Stockholders of record on Wednesday, September 20th will be paid a dividend of 0.2228 per share by the financial services provider on Tuesday, October 3rd. This represents a $0.89 annualized dividend and a dividend yield of 10.61%. The ex-dividend date of this dividend is Tuesday, September 19th.
FS Investment Corporation has a payout ratio of 109.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect FS Investment Corporation to earn $0.82 per share next year, which means the company may not be able to cover its $0.89 annual dividend with an expected future payout ratio of 108.5%.
Shares of FS Investment Corporation (FSIC) traded down 3.45% on Thursday, hitting $8.40. The stock had a trading volume of 2,769,709 shares. FS Investment Corporation has a 52 week low of $8.30 and a 52 week high of $10.80. The firm has a 50-day moving average price of $9.05 and a 200-day moving average price of $9.61.
FS Investment Corporation (NYSE:FSIC) last issued its earnings results on Wednesday, August 9th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by $0.01. The business had revenue of $98.70 million for the quarter, compared to the consensus estimate of $103.14 million. FS Investment Corporation had a net margin of 86.84% and a return on equity of 9.44%. On average, equities analysts predict that FS Investment Corporation will post $0.84 EPS for the current fiscal year.
FSIC has been the topic of several recent analyst reports. Zacks Investment Research downgraded FS Investment Corporation from a “buy” rating to a “hold” rating in a research note on Friday, May 12th. BidaskClub downgraded FS Investment Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday. Keefe, Bruyette & Woods reissued a “hold” rating and set a $10.00 target price on shares of FS Investment Corporation in a research note on Tuesday, July 25th. Finally, National Securities reissued a “neutral” rating and set a $10.00 target price on shares of FS Investment Corporation in a research note on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $9.79.
In other news, Director David J. Adelman acquired 11,160 shares of FS Investment Corporation stock in a transaction on Thursday, June 22nd. The shares were acquired at an average price of $8.88 per share, with a total value of $99,100.80. Following the purchase, the director now directly owns 34,063 shares in the company, valued at approximately $302,479.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael C. Forman acquired 22,320 shares of FS Investment Corporation stock in a transaction on Thursday, June 22nd. The stock was purchased at an average cost of $8.88 per share, for a total transaction of $198,201.60. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 38,880 shares of company stock worth $345,560. Corporate insiders own 1.00% of the company’s stock.
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FS Investment Corporation 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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