Brokerages Set Solar Capital Ltd. (SLRC) Price Target at $22.28
Solar Capital Ltd. (NASDAQ:SLRC) has been assigned an average recommendation of “Hold” from the eight analysts that are currently covering the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $22.40.
SLRC has been the topic of several recent research reports. National Securities lifted their target price on shares of Solar Capital from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, February 27th. Zacks Investment Research raised shares of Solar Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, March 28th. Ladenburg Thalmann Financial Services cut shares of Solar Capital from a “buy” rating to a “neutral” rating in a research note on Friday, February 24th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. cut shares of Solar Capital from an “overweight” rating to a “neutral” rating and set a $23.00 target price on the stock. in a research note on Monday, May 1st.
In related news, insider Michael S. Gross acquired 19,666 shares of Solar Capital stock in a transaction that occurred 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 acquisition, the insider now owns 165,894 shares in the company, valued at $3,696,118.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 5.80% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of SLRC. State of New Jersey Common Pension Fund D raised its stake in shares of Solar Capital by 21.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 730,000 shares of the financial services provider’s stock valued at $14,980,000 after buying an additional 130,000 shares during the period. California Public Employees Retirement System acquired a new stake in shares of Solar Capital during the third quarter worth about $277,000. Muzinich & Co. Inc. raised its stake in shares of Solar Capital by 43.4% in the third quarter. Muzinich & Co. Inc. now owns 902,226 shares of the financial services provider’s stock worth $18,514,000 after buying an additional 273,040 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of Solar Capital by 35.9% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 97,877 shares of the financial services provider’s stock worth $2,008,000 after buying an additional 25,832 shares during the period. Finally, Yorktown Management & Research Co Inc raised its stake in shares of Solar Capital by 60.3% in the third quarter. Yorktown Management & Research Co Inc now owns 1,010,000 shares of the financial services provider’s stock worth $20,725,000 after buying an additional 380,000 shares during the period. Hedge funds and other institutional investors own 59.26% of the company’s stock.
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Solar Capital (NASDAQ:SLRC) opened at 21.56 on Friday. Solar Capital has a 12 month low of $18.15 and a 12 month high of $22.94. The company has a 50-day moving average of $22.32 and a 200-day moving average of $21.53.
Solar Capital (NASDAQ:SLRC) last announced its earnings results on Tuesday, May 2nd. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by $0.03. Solar Capital had a return on equity of 7.83% and a net margin of 50.98%. The business had revenue of $34.39 million for the quarter, compared to analyst estimates of $36.24 million. On average, equities analysts expect that Solar Capital will post $1.67 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Thursday, June 22nd will be issued a $0.40 dividend. The ex-dividend date is Tuesday, June 20th. This represents a $1.60 annualized dividend and a yield of 7.42%. Solar Capital’s dividend payout ratio (DPR) is currently 89.89%.
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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