Zacks Investment Research upgraded shares of Solar Capital Ltd. (NASDAQ:SLRC) from a sell rating to a hold rating in a research report report published on Tuesday morning.
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 equities analysts have also weighed in on the company. National Securities restated a buy rating and set a $24.00 target price on shares of Solar Capital in a report 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 report on Monday, May 1st. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $22.34.
Shares of Solar Capital (SLRC) opened at 21.84 on Tuesday. The stock has a 50 day moving average price of $21.78 and a 200 day moving average price of $21.81. Solar Capital has a 12 month low of $19.16 and a 12 month high of $22.94.
Solar Capital (NASDAQ:SLRC) last posted its earnings results on Tuesday, May 2nd. The financial services provider reported $0.39 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Solar Capital had a net margin of 62.94% and a return on equity of 7.70%. The company had revenue of $34.39 million for the quarter, compared to the consensus estimate of $36.24 million. Equities analysts predict that Solar Capital will post $1.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Stockholders of record on Thursday, June 22nd were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 7.33%. The ex-dividend date was Tuesday, June 20th. Solar Capital’s dividend payout ratio is currently 70.48%.
Several large investors have recently modified their holdings of the stock. Muzinich & Co. Inc. increased its stake in shares of Solar Capital by 24.3% in the first quarter. Muzinich & Co. Inc. now owns 1,564,743 shares of the financial services provider’s stock valued at $35,379,000 after buying an additional 306,142 shares in the last quarter. UBS Group AG increased its stake in shares of Solar Capital by 13.5% in the first quarter. UBS Group AG now owns 1,594,885 shares of the financial services provider’s stock valued at $36,060,000 after buying an additional 189,227 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Solar Capital by 79.8% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 421,081 shares of the financial services provider’s stock valued at $9,520,000 after buying an additional 186,840 shares in the last quarter. Oxford Asset Management acquired a new stake in shares of Solar Capital during the first quarter valued at about $2,016,000. Finally, Clough Capital Partners L P increased its stake in shares of Solar Capital by 12.0% in 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 buying an additional 88,141 shares in the last quarter. 62.50% of the stock is currently owned by institutional investors.
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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