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 Thursday, November 9th.
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 recently weighed in on SLRC. Ladenburg Thalmann Financial Services raised Solar Capital from a neutral rating to a buy rating in a research report on Monday, November 6th. BidaskClub cut Solar Capital from a hold rating to a sell rating in a research report on Friday, July 28th. Keefe, Bruyette & Woods set a $23.00 target price on Solar Capital and gave the stock a hold rating in a research report on Thursday, August 3rd. Finally, National Securities raised their target price on Solar Capital from $24.00 to $25.00 and gave the stock a buy rating in a research report on Monday, November 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Solar Capital presently has a consensus rating of Hold and an average target price of $23.35.
Shares of Solar Capital (NASDAQ:SLRC) traded down $0.17 on Thursday, hitting $21.77. The stock had a trading volume of 95,403 shares, compared to its average volume of 97,830. The firm has a market cap of $927.20, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 2.74 and a beta of 0.55. Solar Capital has a one year low of $20.14 and a one year high of $22.94. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.51.
Solar Capital (NASDAQ:SLRC) last announced its earnings results on Thursday, November 2nd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The company had revenue of $36.15 million for the quarter, compared to the consensus estimate of $35.95 million. Solar Capital had a return on equity of 7.32% and a net margin of 50.29%. equities analysts predict that Solar Capital will post 1.6 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Thursday, March 22nd will be paid a $0.41 dividend. The ex-dividend date of this dividend is Wednesday, March 21st. This is a positive change from Solar Capital’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a dividend yield of 7.53%. Solar Capital’s dividend payout ratio (DPR) is 95.24%.
Several large investors have recently made changes to their positions in the company. Bank of America Corp DE increased its position in Solar Capital by 23.4% in the first quarter. Bank of America Corp DE now owns 15,693 shares of the financial services provider’s stock worth $354,000 after purchasing an additional 2,976 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Solar Capital during the 2nd quarter valued at about $310,000. Alps Advisors Inc. bought a new position in shares of Solar Capital during the 2nd quarter valued at about $261,000. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in shares of Solar Capital by 7.4% during the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 434,100 shares of the financial services provider’s stock valued at $9,393,000 after purchasing an additional 29,985 shares in the last quarter. Finally, Eagle Boston Investment Management Inc. lifted its holdings in shares of Solar Capital by 3.7% during the 2nd quarter. Eagle Boston Investment Management Inc. now owns 355,281 shares of the financial services provider’s stock valued at $7,769,000 after purchasing an additional 12,830 shares in the last quarter. Institutional investors own 61.80% 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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