Solar Capital Ltd. (SLRC) Upgraded to “Hold” by 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 issued to investors on Wednesday.
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. “
Other research analysts have also recently issued reports about the company. National Securities restated a buy rating and issued a $24.00 price objective on shares of Solar Capital in a research note on Monday, August 7th. Keefe, Bruyette & Woods set a $23.00 price objective on Solar Capital and gave the stock a hold rating in a research note on Thursday, August 3rd. Finally, BidaskClub cut Solar Capital from a hold rating to a sell rating in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $23.10.
Shares of Solar Capital (NASDAQ SLRC) traded down 0.87% during trading on Wednesday, reaching $21.53. The company’s stock had a trading volume of 15,487 shares. Solar Capital has a 12-month low of $19.26 and a 12-month high of $22.94. The firm’s 50-day moving average is $21.29 and its 200-day moving average is $21.80.
Solar Capital (NASDAQ:SLRC) last announced its quarterly earnings data on Tuesday, August 1st. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.03). Solar Capital had a return on equity of 7.30% and a net margin of 54.87%. The firm had revenue of $33.89 million during the quarter, compared to analysts’ expectations of $36.51 million. On average, equities analysts anticipate that Solar Capital will post $1.62 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 3rd. Investors of record on Thursday, September 21st were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 7.37%. The ex-dividend date was Wednesday, September 20th. Solar Capital’s dividend payout ratio is currently 85.11%.
A number of hedge funds have recently made changes to their positions in the stock. Muzinich & Co. Inc. raised its position in Solar Capital by 20.7% during the second quarter. Muzinich & Co. Inc. now owns 1,888,476 shares of the financial services provider’s stock valued at $41,301,000 after acquiring an additional 323,733 shares in the last quarter. Clough Capital Partners L P raised its position in Solar Capital by 12.0% during the first quarter. Clough Capital Partners L P now owns 825,572 shares of the financial services provider’s stock valued at $18,666,000 after acquiring an additional 88,141 shares in the last quarter. JPMorgan Chase & Co. raised its position in Solar Capital by 1.0% during the second quarter. JPMorgan Chase & Co. now owns 505,464 shares of the financial services provider’s stock valued at $11,054,000 after acquiring an additional 4,916 shares in the last quarter. Advisors Asset Management Inc. raised its position in Solar Capital by 18.9% during the second quarter. Advisors Asset Management Inc. now owns 375,783 shares of the financial services provider’s stock valued at $8,218,000 after acquiring an additional 59,621 shares in the last quarter. Finally, Eagle Boston Investment Management Inc. raised its position in Solar Capital by 3.7% during the second quarter. Eagle Boston Investment Management Inc. now owns 355,281 shares of the financial services provider’s stock valued at $7,769,000 after acquiring an additional 12,830 shares in the last quarter. Institutional investors own 62.75% of the company’s stock.
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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