Zacks Investment Research downgraded shares of Solar Senior Capital (NASDAQ:SUNS) from a hold rating to a sell rating in a research report sent to investors on Friday morning.
According to Zacks, “Solar Senior Capital Ltd. operates as a business development company under the Investment Company Act of 1940. The Company invests primarily in senior secured loans, including first lien, unitranche and second lien debt instruments, made to private middle-market companies whose debt is rated below investment grade. “
Separately, BidaskClub downgraded shares of Solar Senior Capital from a hold rating to a sell rating in a research report on Wednesday, December 27th.
Solar Senior Capital (NASDAQ:SUNS) last posted its earnings results on Thursday, November 2nd. The asset manager reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. The company had revenue of $7.97 million during the quarter, compared to the consensus estimate of $7.82 million. Solar Senior Capital had a net margin of 76.43% and a return on equity of 8.39%. equities analysts expect that Solar Senior Capital will post 1.41 earnings per share for the current year.
The company also recently disclosed a monthly dividend, which was paid on Thursday, January 4th. Shareholders of record on Thursday, December 21st were given a $0.117 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 7.91%. The ex-dividend date was Wednesday, December 20th. Solar Senior Capital’s payout ratio is 97.92%.
A number of hedge funds have recently modified their holdings of the business. Ladenburg Thalmann Financial Services Inc. grew its position in Solar Senior Capital by 18.4% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 50,673 shares of the asset manager’s stock worth $874,000 after purchasing an additional 7,860 shares in the last quarter. OxFORD Asset Management LLP grew its position in Solar Senior Capital by 24.8% in the 3rd quarter. OxFORD Asset Management LLP now owns 33,478 shares of the asset manager’s stock worth $583,000 after purchasing an additional 6,644 shares in the last quarter. JPMorgan Chase & Co. grew its position in Solar Senior Capital by 19.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 542,976 shares of the asset manager’s stock worth $9,453,000 after purchasing an additional 87,062 shares in the last quarter. Cetera Investment Advisers bought a new stake in Solar Senior Capital in the 2nd quarter worth about $241,000. Finally, Intrinsic Edge Capital Management LLC bought a new stake in Solar Senior Capital in the 2nd quarter worth about $837,000. 30.24% of the stock is owned by institutional investors and hedge funds.
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About Solar Senior Capital
Solar Senior Capital Ltd. is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to seek to maximize current income consistent with the preservation of capital. The Company seeks to achieve its investment objective by directly and indirectly investing in senior loans, including first lien, unitranche, and second lien debt instruments, made to private middle-market companies whose debt is rated below investment grade, which it refers to collectively as senior loans.
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