Solar Senior Capital Ltd (SUNS) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research lowered shares of Solar Senior Capital Ltd (NASDAQ:SUNS) from a hold rating to a sell rating in a report published on Friday, May 5th.
According to Zacks, “Solar Senior Capital Ltd. operates as a business development company under the Investment Company Act of 1940. The Company invests primarily in senior secured loans, including first lien, unitranche and second lien debt instruments, made to private middle-market companies whose debt is rated below investment grade. “
Separately, Maxim Group reiterated a buy rating and issued a $18.50 target price on shares of Solar Senior Capital in a research report on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $17.88.
Shares of Solar Senior Capital (NASDAQ:SUNS) traded down 0.97% on Friday, reaching $17.40. 22,571 shares of the company’s stock traded hands. The firm’s 50 day moving average is $17.94 and its 200 day moving average is $17.10. Solar Senior Capital has a 52 week low of $15.06 and a 52 week high of $18.46.
Solar Senior Capital (NASDAQ:SUNS) last issued its quarterly earnings data on Tuesday, May 2nd. The asset manager reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. The firm had revenue of $7.50 million during the quarter, compared to analyst estimates of $7.96 million. Solar Senior Capital had a return on equity of 7.94% and a net margin of 52.81%. On average, equities research analysts predict that Solar Senior Capital will post $1.41 EPS for the current year.
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The company also recently disclosed a monthly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Thursday, May 18th will be issued a dividend of $0.117 per share. This represents a $1.40 annualized dividend and a yield of 7.99%. The ex-dividend date is Tuesday, May 16th. Solar Senior Capital’s dividend payout ratio is 120.51%.
In other news, insider Michael S. Gross acquired 14,438 shares of Solar Senior Capital stock in a transaction on Thursday, March 2nd. The shares were purchased at an average price of $17.57 per share, with a total value of $253,675.66. Following the acquisition, the insider now owns 231,608 shares in the company, valued at $4,069,352.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. 7.50% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in SUNS. Muzinich & Co. Inc. boosted its stake in Solar Senior Capital by 122.9% in the first quarter. Muzinich & Co. Inc. now owns 565,539 shares of the asset manager’s stock worth $10,168,000 after buying an additional 311,852 shares in the last quarter. Ares Management LLC purchased a new stake in Solar Senior Capital during the third quarter worth approximately $3,745,000. JPMorgan Chase & Co. boosted its position in Solar Senior Capital by 74.5% in the third quarter. JPMorgan Chase & Co. now owns 312,388 shares of the asset manager’s stock worth $5,063,000 after buying an additional 133,409 shares during the period. Acadian Asset Management LLC boosted its position in Solar Senior Capital by 74.7% in the first quarter. Acadian Asset Management LLC now owns 272,641 shares of the asset manager’s stock worth $4,900,000 after buying an additional 116,576 shares during the period. Finally, UBS Group AG boosted its position in Solar Senior Capital by 37.8% in the third quarter. UBS Group AG now owns 298,854 shares of the asset manager’s stock worth $4,845,000 after buying an additional 82,041 shares during the period. Institutional investors and hedge funds own 28.01% of the company’s stock.
About Solar Senior Capital
Solar Senior Capital Ltd. is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to seek to maximize current income consistent with the preservation of capital. The Company seeks to achieve its investment objective by directly and indirectly investing in senior loans, including first lien, unitranche, and second lien debt instruments, made to private middle-market companies whose debt is rated below investment grade, which it refers to collectively as senior loans.
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