Solar Capital Ltd. (SLRC) Upgraded 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 report released on Tuesday, July 4th.
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 firms have also weighed in on SLRC. National Securities restated a buy rating and set a $24.00 price objective on shares of Solar Capital in a research report on Monday, May 8th. J P Morgan Chase & Co lowered shares of Solar Capital from an overweight rating to a neutral rating and set a $23.00 price target for the company. in a research report on Monday, May 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $22.56.
Shares of Solar Capital (NASDAQ:SLRC) traded up 0.32% on Tuesday, hitting $22.07. 44,990 shares of the company’s stock were exchanged. Solar Capital has a 12-month low of $19.26 and a 12-month high of $22.94. The company’s 50-day moving average price is $21.84 and its 200 day moving average price is $21.96.
Solar Capital (NASDAQ:SLRC) last announced its earnings results on Tuesday, August 1st. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by $0.03. The company had revenue of $33.89 million during the quarter, compared to the consensus estimate of $36.51 million. Solar Capital had a net margin of 54.87% and a return on equity of 7.30%. On average, equities analysts expect that Solar Capital will post $1.64 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Thursday, September 21st will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 20th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 7.25%. Solar Capital’s payout ratio is presently 85.11%.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. GSA Capital Partners LLP bought a new position in shares of Solar Capital during the fourth quarter worth about $439,000. Two Sigma Investments LP boosted its position in Solar Capital by 20.6% in the fourth quarter. Two Sigma Investments LP now owns 123,917 shares of the financial services provider’s stock worth $2,580,000 after buying an additional 21,192 shares in the last quarter. Guggenheim Capital LLC boosted its position in Solar Capital by 18.4% in the fourth quarter. Guggenheim Capital LLC now owns 325,127 shares of the financial services provider’s stock worth $6,769,000 after buying an additional 50,601 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted 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 worth $230,000 after buying an additional 1,700 shares in the last quarter. Finally, Pekin Singer Strauss Asset Management IL boosted its position in Solar Capital by 37.8% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 92,095 shares of the financial services provider’s stock worth $1,917,000 after buying an additional 25,240 shares in the last quarter. 62.68% of the stock is owned by institutional investors.
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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