Solar Capital Ltd. (SLRC) Upgraded to Hold at Zacks Investment Research
Solar Capital Ltd. (NASDAQ:SLRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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 research analysts have also commented on the stock. National Securities reaffirmed a “buy” rating and issued a $22.00 price target (up from $21.00) on shares of Solar Capital in a report on Thursday, August 4th. Deutsche Bank AG lifted their price target on shares of Solar Capital from $23.00 to $23.50 and gave the company a “buy” rating in a report on Thursday, August 4th. Keefe, Bruyette & Woods set a $21.50 target price on shares of Solar Capital and gave the company a “hold” rating in a research note on Wednesday, August 3rd. Finally, Citigroup Inc. boosted their target price on shares of Solar Capital from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, August 16th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $21.67.
Shares of Solar Capital (NASDAQ:SLRC) opened at 20.65 on Tuesday. Solar Capital has a 52-week low of $15.05 and a 52-week high of $21.48. The stock has a 50 day moving average of $20.32 and a 200 day moving average of $19.82.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 4th. Shareholders of record on Thursday, December 15th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, December 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 7.67%. Solar Capital’s dividend payout ratio (DPR) is 89.89%.
Several hedge funds have recently added to or reduced their stakes in SLRC. Raiff Partners Inc. bought a new stake in Solar Capital during the second quarter worth approximately $191,000. Green Square Capital LLC bought a new stake in Solar Capital during the second quarter worth approximately $198,000. Bbva Compass Bancshares Inc. bought a new stake in Solar Capital during the second quarter worth approximately $204,000. KCG Holdings Inc. increased its stake in Solar Capital by 7.4% in the second quarter. KCG Holdings Inc. now owns 11,164 shares of the company’s stock worth $213,000 after buying an additional 770 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Solar Capital during the second quarter worth approximately $218,000. Institutional investors own 60.23% of the company’s stock.
About Solar Capital
Solar Capital Ltd. is a 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 the United States middle market companies. It invests primarily in leveraged middle markets companies in the form of senior secured loans, mezzanine loans and equity securities.
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