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

Rivernorth Capital Management LLC grew its stake in FS KKR Capital Corp. (NYSE:FSK) by 580.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,097,170 shares of the company’s stock after purchasing an additional 1,789,090 shares during the quarter. FS KKR Capital makes up 1.1% of Rivernorth Capital Management LLC’s holdings, making the stock its 17th biggest position. Rivernorth Capital Management LLC owned about 0.75% of FS KKR Capital worth $21,349,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. Bison Wealth LLC raised its holdings in FS KKR Capital by 3.4% in the 4th quarter. Bison Wealth LLC now owns 21,935 shares of the company’s stock valued at $476,000 after acquiring an additional 720 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of FS KKR Capital by 13.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 267,890 shares of the company’s stock valued at $5,612,000 after buying an additional 32,258 shares during the period. Empowered Funds LLC lifted its stake in shares of FS KKR Capital by 139.9% in the 1st quarter. Empowered Funds LLC now owns 26,744 shares of the company’s stock valued at $560,000 after purchasing an additional 15,596 shares during the last quarter. Marshall Wace LLP acquired a new position in FS KKR Capital in the second quarter valued at about $1,806,000. Finally, Nebula Research & Development LLC lifted its holdings in shares of FS KKR Capital by 83.1% in the 2nd quarter. Nebula Research & Development LLC now owns 20,236 shares of the company’s stock worth $420,000 after acquiring an additional 9,183 shares during the last quarter. 36.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

FS KKR Capital Price Performance

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

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

FS KKR Capital Dividend Announcement

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

FS KKR Capital Company 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.