Solar Capital Ltd. (SLRC) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Solar Capital Ltd. (NASDAQ:SLRC) from a hold rating to a sell rating in a research note published on Tuesday.

According to Zacks, “Solar Capital Ltd. is a closed-end investment company that invests primarily in leveraged companies, including middle market companies, in the form of senior secured loans, mezzanine loans, and equity securities. “

Several other analysts have also weighed in on the stock. Compass Point started coverage on shares of Solar Capital in a research report on Tuesday, January 3rd. They set a buy rating and a $22.40 target price on the stock. Ladenburg Thalmann Financial Services lowered shares of Solar Capital from a buy rating to a neutral rating in a research report on Friday, February 24th. They noted that the move was a valuation call. Finally, National Securities lifted their target price on shares of Solar Capital from $22.00 to $24.00 and gave the company a buy rating in a research report on Monday, February 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $22.23.

Solar Capital (NASDAQ:SLRC) traded up 0.53% during trading on Tuesday, reaching $22.66. The company had a trading volume of 8,855 shares. The firm has a market capitalization of $957.34 million, a price-to-earnings ratio of 8.96 and a beta of 0.44. Solar Capital has a 52 week low of $17.40 and a 52 week high of $22.88. The company’s 50-day moving average is $22.29 and its 200 day moving average is $21.27.

Solar Capital (NASDAQ:SLRC) last issued its earnings results on Wednesday, February 22nd. The financial services provider reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. Solar Capital had a net margin of 50.98% and a return on equity of 7.83%. The business had revenue of $36.64 million for the quarter, compared to analyst estimates of $36.74 million. Equities analysts anticipate that Solar Capital will post $1.76 EPS for the current year.

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The company also recently declared a quarterly dividend, which was paid on Tuesday, April 4th. Shareholders of record on Thursday, March 23rd were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, March 21st. This represents a $1.60 dividend on an annualized basis and a yield of 7.10%. Solar Capital’s dividend payout ratio (DPR) is presently 89.89%.

In other news, insider Michael S. Gross purchased 19,666 shares of Solar Capital stock in a transaction on Thursday, March 2nd. The shares were purchased at an average cost of $22.28 per share, for a total transaction of $438,158.48. Following the completion of the transaction, the insider now directly owns 165,894 shares in the company, valued at $3,696,118.32. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.80% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the company. Green Square Capital LLC increased its position in shares of Solar Capital by 1.1% in the third quarter. Green Square Capital LLC now owns 10,409 shares of the financial services provider’s stock worth $218,000 after buying an additional 110 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Solar Capital by 18.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,062 shares of the financial services provider’s stock valued at $230,000 after buying an additional 1,700 shares during the last quarter. Crow Point Partners LLC purchased a new stake in shares of Solar Capital during the third quarter valued at approximately $267,000. California Public Employees Retirement System purchased a new stake in shares of Solar Capital during the third quarter valued at approximately $277,000. Finally, Horizon Investments LLC increased its stake in shares of Solar Capital by 0.7% in the fourth quarter. Horizon Investments LLC now owns 13,343 shares of the financial services provider’s stock valued at $278,000 after buying an additional 98 shares during the last quarter. 59.26% of the stock is owned by institutional investors.

Solar Capital Company Profile

Solar Capital Ltd. is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. It invests in privately held the United States middle market companies.

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