Leonard M. Tannenbaum Acquires 1,273,000 Shares of Fifth Street Finance Corp. (FSC) Stock
Fifth Street Finance Corp. (NASDAQ:FSC) major shareholder Leonard M. Tannenbaum acquired 1,273,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 15th. The stock was bought at an average cost of $4.51 per share, for a total transaction of $5,741,230.00. Following the completion of the purchase, the insider now owns 14,424,259 shares of the company’s stock, valued at $65,053,408.09. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.
Fifth Street Finance Corp. (NASDAQ:FSC) opened at 4.67 on Tuesday. Fifth Street Finance Corp. has a 1-year low of $4.31 and a 1-year high of $6.32. The company has a 50 day moving average price of $4.78 and a 200-day moving average price of $5.42.
Fifth Street Finance Corp. (NASDAQ:FSC) last announced its quarterly earnings data on Thursday, February 9th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.02. Fifth Street Finance Corp. had a negative net margin of 33.22% and a positive return on equity of 9.13%. Equities research analysts predict that Fifth Street Finance Corp. will post $0.62 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.125 per share. This is a boost from Fifth Street Finance Corp.’s previous quarterly dividend of $0.02. The ex-dividend date is Thursday, September 14th. This represents a $0.50 dividend on an annualized basis and a yield of 10.67%. Fifth Street Finance Corp.’s payout ratio is presently -130.91%.
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FSC has been the topic of a number of recent analyst reports. Zacks Investment Research raised Fifth Street Finance Corp. from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a research note on Tuesday, November 29th. Barclays PLC set a $5.00 price objective on Fifth Street Finance Corp. and gave the stock a “hold” rating in a research note on Tuesday, February 14th. Finally, National Securities cut their price objective on 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 issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $5.50.
A number of hedge funds and other institutional investors have recently made changes to their positions in FSC. The Manufacturers Life Insurance Company bought a new position in shares of Fifth Street Finance Corp. during the third quarter worth about $21,791,000. Ares Management LLC boosted its position in shares of Fifth Street Finance Corp. by 112.5% in the third quarter. Ares Management LLC now owns 1,876,907 shares of the company’s stock worth $10,905,000 after buying an additional 993,699 shares during the last quarter. Muzinich & Co. Inc. boosted its position in shares of Fifth Street Finance Corp. by 32.1% in the third quarter. Muzinich & Co. Inc. now owns 1,496,507 shares of the company’s stock worth $8,695,000 after buying an additional 363,233 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of Fifth Street Finance Corp. by 228.3% in the fourth quarter. Two Sigma Investments LP now owns 928,768 shares of the company’s stock worth $4,987,000 after buying an additional 645,862 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Fifth Street Finance Corp. by 19.9% in the fourth quarter. Van ECK Associates Corp now owns 721,733 shares of the company’s stock worth $3,876,000 after buying an additional 119,777 shares during the last quarter. Institutional investors and hedge funds 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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