Solar Capital Ltd. (SLRC) Upgraded to “Hold” at Zacks Investment Research
Solar Capital Ltd. (NASDAQ:SLRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued 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. “
A number of other equities analysts have also weighed in on the company. National Securities reiterated a “buy” rating and set a $24.00 target price on shares of Solar Capital in a research note on Monday, May 8th. J P Morgan Chase & Co lowered Solar Capital from an “overweight” rating to a “neutral” rating and set a $23.00 target price on the stock. in a research note on Monday, May 1st. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Solar Capital currently has an average rating of “Hold” and an average price target of $22.34.
Solar Capital (NASDAQ:SLRC) traded up 0.23% during mid-day trading on Wednesday, hitting $21.84. The stock had a trading volume of 52,152 shares. The stock’s 50 day moving average price is $21.78 and its 200 day moving average price is $21.81. Solar Capital has a one year low of $19.16 and a one year high of $22.94.
Solar Capital (NASDAQ:SLRC) last announced its earnings results on Tuesday, May 2nd. The financial services provider reported $0.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.42 by $0.03. The firm had revenue of $34.39 million for the quarter, compared to the consensus estimate of $36.24 million. Solar Capital had a return on equity of 7.70% and a net margin of 62.94%. Equities research analysts forecast that Solar Capital will post $1.66 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Thursday, June 22nd were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 20th. This represents a $1.60 dividend on an annualized basis and a yield of 7.33%. Solar Capital’s dividend payout ratio (DPR) is presently 70.48%.
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A number of institutional investors have recently bought and sold shares of SLRC. Northwestern Mutual Wealth Management Co. bought a new position in Solar Capital during the first quarter worth approximately $104,000. Global X Management Co. LLC raised its position in Solar Capital by 49.7% in the first quarter. Global X Management Co. LLC now owns 6,043 shares of the financial services provider’s stock worth $137,000 after buying an additional 2,005 shares during the period. Ladenburg Thalmann Financial Services Inc. raised 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 during the period. Mackenzie Financial Corp bought a new position in Solar Capital during the first quarter worth approximately $273,000. Finally, Eagle Global Advisors LLC bought a new position in Solar Capital during the first quarter worth approximately $306,000. Hedge funds and other institutional investors own 62.50% of the company’s stock.
Solar Capital Company 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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