Solar Capital Ltd. (SLRC) Stake Lifted by Punch & Associates Investment Management Inc.
Punch & Associates Investment Management Inc. grew its holdings in Solar Capital Ltd. (NASDAQ:SLRC) by 6.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 244,774 shares of the financial services provider’s stock after acquiring an additional 15,841 shares during the quarter. Punch & Associates Investment Management Inc.’s holdings in Solar Capital were worth $5,353,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in SLRC. Bronfman E.L. Rothschild L.P. acquired a new stake in shares of Solar Capital during the 2nd quarter worth about $125,000. Global X Management Co. LLC lifted its stake in Solar Capital by 49.7% during the first quarter. Global X Management Co. LLC now owns 6,043 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 2,005 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Solar Capital during the second quarter worth approximately $217,000. Northern Trust Corp lifted its stake in Solar Capital by 11.7% during the second quarter. Northern Trust Corp now owns 10,412 shares of the financial services provider’s stock worth $228,000 after purchasing an additional 1,088 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new stake in Solar Capital during the second quarter worth approximately $261,000. Institutional investors and hedge funds own 62.75% of the company’s stock.
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Shares of Solar Capital Ltd. (SLRC) traded up 0.2843% during trading on Tuesday, hitting $21.6213. The company’s stock had a trading volume of 27,080 shares. The firm’s 50 day moving average price is $21.25 and its 200-day moving average price is $21.81. Solar Capital Ltd. has a 52 week low of $19.26 and a 52 week high of $22.94.
Solar Capital (NASDAQ:SLRC) last posted its quarterly earnings data on Tuesday, August 1st. The financial services provider reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.03). Solar Capital had a net margin of 54.87% and a return on equity of 7.30%. The company had revenue of $33.89 million for the quarter, compared to the consensus estimate of $36.51 million. Analysts forecast that Solar Capital Ltd. will post $1.62 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Thursday, September 21st will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 7.42%. The ex-dividend date is Wednesday, September 20th. Solar Capital’s payout ratio is currently 85.11%.
A number of equities analysts recently issued reports on the company. Zacks Investment Research raised Solar Capital from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub lowered shares of Solar Capital from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Keefe, Bruyette & Woods set a $23.00 price objective on shares of Solar Capital and gave the stock a “hold” rating in a report on Thursday, August 3rd. Finally, National Securities reissued a “buy” rating and set a $24.00 price objective on shares of Solar Capital in a report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $22.88.
Solar Capital 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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