Solar Capital Ltd. (NASDAQ:SLRC) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Solar Capital Ltd. (NASDAQ:SLRC) from a sell rating to a hold rating in a research note released on Wednesday morning.
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 equities analysts also recently commented on SLRC. J P Morgan Chase & Co downgraded shares of Solar Capital from an overweight rating to a neutral rating and set a $23.00 price objective on the stock. in a report on Monday, May 1st. National Securities reiterated a buy rating and issued a $24.00 price objective on shares of Solar Capital in a report on Monday, May 8th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Solar Capital currently has a consensus rating of Hold and an average target price of $22.34.
Solar Capital (NASDAQ:SLRC) traded up 0.37% during mid-day trading on Wednesday, reaching $21.87. 14,070 shares of the company’s stock traded hands. The firm has a 50 day moving average of $21.78 and a 200 day moving average of $21.81. Solar Capital has a 1-year low of $19.26 and a 1-year high of $22.94.
Solar Capital (NASDAQ:SLRC) last released its quarterly earnings data on Tuesday, May 2nd. The financial services provider reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Solar Capital had a net margin of 62.94% and a return on equity of 7.70%. The company had revenue of $34.39 million during the quarter, compared to analyst estimates of $36.24 million. On average, equities research analysts forecast that Solar Capital will post $1.66 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Thursday, June 22nd were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 20th. This represents a $1.60 annualized dividend and a dividend yield of 7.32%. Solar Capital’s dividend payout ratio (DPR) is presently 70.48%.
Several institutional investors have recently added to or reduced their stakes in SLRC. Northwestern Mutual Wealth Management Co. acquired a new position in Solar Capital during the first quarter valued at approximately $104,000. Global X Management Co. LLC increased its position in Solar Capital by 49.7% in the first 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 during the period. Ladenburg Thalmann Financial Services Inc. increased its position in 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 period. Mackenzie Financial Corp acquired a new position in Solar Capital during the first quarter valued at approximately $273,000. Finally, Eagle Global Advisors LLC acquired a new position in Solar Capital during the first quarter valued at approximately $306,000. Institutional investors and hedge funds own 62.42% of the company’s stock.
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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