FS Investment Corporation’s (FSIC) “Neutral” Rating Reaffirmed at National Securities

National Securities reiterated their neutral rating on shares of FS Investment Corporation (NYSE:FSIC) in a research report report published on Monday morning. They currently have a $10.00 target price on the financial services provider’s stock.

“• FSIC posted adjusted NII/share of $0.21 for 3Q17, beating our estimate of $0.19 and matching the quarterly dividend. Interest income came in stronger than we had anticipated, although we expect this was buoyed by accelerated accretion of OID (original issue discount) pertaining to prepayment activity.

• NAV/share improved Q/Q to $9.43 from $9.30 largely as a result of unrealized appreciation of $54.2 million on investments during the quarter, partially offset by $18.2 million of realized losses. Asset quality remains sound at FSIC with non-accruals at cost decreasing to $18.1 million or 0.5% of the portfolio from $25.3 million or 0.7% Q/Q. Paw Luxco II came off non-accrual but Brock Holdings III and Global A&T Electronics were both added to non-accrual status during the quarter.

• The portfolio at cost decreased modestly during the quarter to $3.77 billion from $3.82 billion in 2Q17 as sales and repayments of $225.5 million outpaced the $182.4 million of originations during the quarter. We think that FSIC has the origination platform and capacity to increase the portfolio steadily from 4Q17 – 4Q18 although we note that net portfolio growth is likely more contingent upon prepayment activity slowing down than originations picking up meaningfully.

• We are revising our 2017 adjusted NII/share estimate to $0.85 from $0.82 and our 2018 NII/share estimate to $0.87 from $0.85.,” National Securities’ analyst commented.

A number of other equities research analysts have also recently issued reports on FSIC. Zacks Investment Research cut FS Investment Corporation from a buy rating to a hold rating in a research note on Thursday, August 3rd. ValuEngine upgraded FS Investment Corporation from a hold rating to a buy rating in a research note on Monday, October 2nd. BidaskClub cut FS Investment Corporation from a sell rating to a strong sell rating in a research note on Tuesday, August 8th. Finally, Keefe, Bruyette & Woods set a $9.00 price objective on FS Investment Corporation and gave the stock a hold rating in a research note on Thursday, October 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $9.56.

FS Investment Corporation (FSIC) traded down $0.15 during midday trading on Monday, reaching $8.05. The company’s stock had a trading volume of 2,625,600 shares, compared to its average volume of 1,102,735. The company has a market cap of $1,990.00, a PE ratio of 9.65, a price-to-earnings-growth ratio of 3.42 and a beta of 0.94. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.12 and a quick ratio of 2.12. FS Investment Corporation has a 12-month low of $7.65 and a 12-month high of $10.80.

FS Investment Corporation (NYSE:FSIC) last released its earnings results on Thursday, November 9th. The financial services provider reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.02. FS Investment Corporation had a return on equity of 8.97% and a net margin of 52.49%. The firm had revenue of $103.69 million for the quarter, compared to analysts’ expectations of $97.03 million. sell-side analysts forecast that FS Investment Corporation will post 0.8 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 9.44%. The ex-dividend date of this dividend is Tuesday, December 19th. FS Investment Corporation’s dividend payout ratio is 100.00%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BDO Wealth Advisors LLC acquired a new stake in shares of FS Investment Corporation during the 2nd quarter worth $103,000. Advisory Services Network LLC grew its holdings in shares of FS Investment Corporation by 3.6% during the 2nd quarter. Advisory Services Network LLC now owns 11,577 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 400 shares in the last quarter. Lakeview Capital Partners LLC acquired a new stake in shares of FS Investment Corporation during the 3rd quarter worth $108,000. Shelton Capital Management acquired a new stake in shares of FS Investment Corporation during the 2nd quarter worth $111,000. Finally, JPMorgan Chase & Co. acquired a new stake in shares of FS Investment Corporation during the 1st quarter worth $122,000. 33.14% of the stock is currently owned by hedge funds and other institutional investors.

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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