Zacks Investment Research upgraded shares of Solar Capital Ltd. (NASDAQ:SLRC) from a sell rating to a hold rating in a report issued on Wednesday.
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. “
SLRC has been the topic of a number of other research reports. National Securities reiterated a buy rating and issued a $24.00 target price on shares of Solar Capital in a report on Monday, August 7th. Keefe, Bruyette & Woods set a $23.00 target price on Solar Capital and gave the company a hold rating in a report on Thursday, August 3rd. Finally, BidaskClub downgraded Solar Capital from a hold rating to a sell rating in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $23.10.
Shares of Solar Capital (SLRC) opened at 21.66 on Wednesday. The firm’s 50 day moving average is $21.28 and its 200 day moving average is $21.79. Solar Capital has a 1-year low of $19.26 and a 1-year high of $22.94.
Solar Capital (NASDAQ:SLRC) last issued its earnings results on Tuesday, August 1st. The financial services provider reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.03). The business had revenue of $33.89 million during the quarter, compared to analyst estimates of $36.51 million. Solar Capital had a net margin of 54.87% and a return on equity of 7.30%. Equities research analysts predict that Solar Capital will post $1.62 EPS for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Thursday, September 21st were issued a $0.40 dividend. The ex-dividend date was Wednesday, September 20th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 7.39%. Solar Capital’s dividend payout ratio is 85.11%.
Institutional investors and hedge funds have recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. acquired a new position in shares of Solar Capital in the 2nd quarter valued at about $125,000. Global X Management Co. LLC grew its stake in shares of Solar Capital by 49.7% in the 1st quarter. Global X Management Co. LLC now owns 6,043 shares of the financial services provider’s stock valued at $137,000 after buying an additional 2,005 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Solar Capital in the 2nd quarter valued at approximately $217,000. Northern Trust Corp grew its stake in shares of Solar Capital by 11.7% in the 2nd quarter. Northern Trust Corp now owns 10,412 shares of the financial services provider’s stock valued at $228,000 after buying an additional 1,088 shares in the last quarter. Finally, Alps Advisors Inc. bought a new stake in shares of Solar Capital in the 2nd quarter valued at approximately $261,000. Institutional investors own 62.75% of the company’s stock.
About Solar Capital
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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