Solar Capital Ltd. (SLRC) Lowered to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Solar Capital Ltd. (NASDAQ:SLRC) from a hold rating to a sell rating in a research report sent to investors on Wednesday 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. “
SLRC has been the topic of several other reports. National Securities reaffirmed a buy rating and issued a $24.00 price objective on shares of Solar Capital in a research report on Monday, August 7th. Keefe, Bruyette & Woods set a $23.00 price objective on shares of Solar Capital and gave the company a hold rating in a research report on Thursday, August 3rd. Finally, BidaskClub cut shares of Solar Capital from a hold rating to a sell rating in a research report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Solar Capital currently has an average rating of Hold and a consensus price target of $23.10.
Solar Capital (SLRC) traded up 0.23% during mid-day trading on Wednesday, hitting $21.81. The stock had a trading volume of 56,541 shares. The company has a 50-day moving average price of $21.27 and a 200 day moving average price of $21.81. Solar Capital has a 1-year low of $19.26 and a 1-year high of $22.94.
Solar Capital (NASDAQ:SLRC) last announced its quarterly earnings results 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). The firm had revenue of $33.89 million during the quarter, compared to analyst estimates of $36.51 million. Solar Capital had a net margin of 54.87% and a return on equity of 7.30%. On average, analysts anticipate that Solar Capital will post $1.62 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 3rd. Investors of record on Thursday, September 21st were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 20th. This represents a $1.60 annualized dividend and a yield of 7.35%. Solar Capital’s dividend payout ratio is currently 85.11%.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Bronfman E.L. Rothschild L.P. bought a new stake in Solar Capital in the 2nd quarter valued at $125,000. Global X Management Co. LLC lifted its position in Solar Capital by 49.7% in the 1st quarter. Global X Management Co. LLC now owns 6,043 shares of the financial services provider’s stock valued at $137,000 after acquiring an additional 2,005 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in Solar Capital in the 2nd quarter valued at $217,000. Northern Trust Corp lifted its position in Solar Capital by 11.7% in the 2nd quarter. Northern Trust Corp now owns 10,412 shares of the financial services provider’s stock valued at $228,000 after acquiring an additional 1,088 shares in the last quarter. Finally, Alps Advisors Inc. bought a new stake in Solar Capital in the 2nd quarter valued at $261,000. 62.75% of the stock is currently owned by institutional investors and hedge funds.
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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