It's always been maybe.
So far nothing has changed. For some reason I got blindsided when this stock last spiked up to 7 and I got out but then got back in too soon thinking that It was still a good one. But so far there has been a turnaround of PHD's and that caused the companies shares to drop to what it is today.
Over the last year, Fifth Street Finance's operating income declined by roughly $0.05 per share, while credit performance has deteriorated. Book value fell by $0.77 per share from the year-ago period, more than erasing $0.69 in dividends paid to its shareholders during 2015.
Take note that Fifth Street Finance is currently the subject of several lawsuits, the details of which are discussed on page 73 and 74 of its most-recent quarterly report. While many believe that the company's external manager should foot the bill for the associated legal expenses, the costs are currently being borne by Fifth Street Finance shareholders. The company's "professional fees" line item grew to nearly $7 million this quarter, up from $1.2 million in the year-ago period.
rly, the company's $100 million stock repurchase program approved in November remains dormant, despite the fact shares trade at a substantial discount to book value. The company only repurchased shares in sufficient quantity to paper over issuance through its dividend reinvestment program in the fourth quarter. The company says it intends to use its authorization in the quarter-ended March 2016, but to what extent is unknown.
Shareholder discontent is justified. While the market will tolerate periods of underperformance resulting from credit issues, it's becoming increasingly clear that the interests of the management team come before the interests of its investors.
50 million shares outstanding around 4 = 200million in assets They would have to have an awful lot of delinquencies to get that low.
. Finally, Ladenburg Thalmann decreased their price target on Medley Management from $8.00 to $7.00 and set a “buy” rating for the company in a report on Tuesday. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $6.50.
How can it be at a discount when MCC is buying up all its shares? they are down to 55.8m shares now. If they can get it down to around 50 that will really help the NAV. Then the stock can go back up and they can do more offerings.
hope they keep right on buying.