Solar Capital (SLRC) Downgraded to Buy at BidaskClub
BidaskClub lowered shares of Solar Capital (NASDAQ:SLRC) from a strong-buy rating to a buy rating in a research report released on Thursday morning.
SLRC has been the subject of several other research reports. Zacks Investment Research lowered shares of Solar Capital from a hold rating to a sell rating in a research report on Thursday, January 10th. Oppenheimer started coverage on shares of Solar Capital in a research report on Wednesday, November 28th. They set a buy rating and a $23.00 price objective for the company. National Securities restated a buy rating and set a $25.00 price objective on shares of Solar Capital in a research report on Monday, February 25th. Finally, Wells Fargo & Co raised their price objective on shares of Solar Capital from $18.00 to $19.00 and gave the company a market perform rating in a research report on Tuesday, February 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $22.50.
Shares of NASDAQ:SLRC traded down $0.07 during trading hours on Thursday, hitting $21.54. 8,248 shares of the company’s stock traded hands, compared to its average volume of 143,628. Solar Capital has a 52 week low of $18.45 and a 52 week high of $22.00. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a market cap of $908.59 million, a price-to-earnings ratio of 12.17, a price-to-earnings-growth ratio of 2.41 and a beta of 0.74.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 3rd. Stockholders of record on Thursday, March 21st will be given a dividend of $0.41 per share. The ex-dividend date is Wednesday, March 20th. This represents a $1.64 annualized dividend and a dividend yield of 7.61%. Solar Capital’s dividend payout ratio (DPR) is 92.66%.
In other news, insider Michael S. Gross bought 7,777 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was bought at an average cost of $21.54 per share, for a total transaction of $167,516.58. Following the completion of the acquisition, the insider now directly owns 165,894 shares in the company, valued at approximately $3,573,356.76. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 5.90% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Founders Capital Management acquired a new position in shares of Solar Capital in the fourth quarter worth about $29,000. Quantamental Technologies LLC acquired a new position in shares of Solar Capital in the fourth quarter worth about $44,000. Acadian Asset Management LLC acquired a new position in shares of Solar Capital in the fourth quarter worth about $111,000. Northern Trust Corp boosted its holdings in shares of Solar Capital by 6.3% in the fourth quarter. Northern Trust Corp now owns 10,566 shares of the financial services provider’s stock worth $202,000 after buying an additional 624 shares during the period. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of Solar Capital by 13.3% in the fourth quarter. Great West Life Assurance Co. Can now owns 11,516 shares of the financial services provider’s stock worth $214,000 after buying an additional 1,355 shares during the period. Institutional investors own 58.04% of the company’s stock.
About Solar Capital
Solar Capital Ltd. is a business development company specializing in secured debt (first lien unitranche and second lien), subordinated (unsecured) debt, minority equity, and strategic income-oriented control equity investments in leveraged middle market companies. The fund invests in aerospace and defense; air freight & logistics; asset management; automotive; banking; beverage, food and tobacco; building products; buildings and real estate; broadcasting and entertainment; cargo transport; commercial services and supplies; communications equipment; chemicals, plastics and rubber; containers, packaging and glass; construction & engineering; diversified/conglomerate manufacturing; consumer Finance; distributors; diversified/conglomerate services; diversified financial services; diversified real estate sctivities; food products; Footwear; Education Services; diversified telecommunications services; electronics; farming and agriculture; finance; grocery; health care equipment and supplies; health care facilities; education and childcare; home and office furnishing, durable consumer products; hotels, motels, inns and gaming; insurance; restaurants, leisure, amusement, and entertainment; leisure equipment tolls and services, media, multiline retail, multi sector holdings; paper and forest products; personal products; professional services, research and consulting services, software; specialty retail; textiles apparel and luxury goods, thrifts and mortgage finance, trading companies and distributors, utilities, and wireless telecommunication services; industrial conglomerates; internet software and services, IT services, machinery; mining, steel, iron, and non precious metals; oil and gas; personal, food and miscellaneous services; printing and publishing; retail stores; telecommunications; textiles and leather; and utilities.
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