Zacks Investment Research lowered shares of Solar Capital (NASDAQ:SLRC) from a hold rating to a sell rating in a report released on Thursday.
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. “
Other equities research analysts also recently issued research reports about the company. Oppenheimer initiated coverage on Solar Capital in a research report on Wednesday. They set a buy rating and a $23.00 price objective on the stock. BidaskClub raised Solar Capital from a hold rating to a buy rating in a research report on Tuesday, November 13th. National Securities reaffirmed a buy rating and set a $25.00 price objective on shares of Solar Capital in a research report on Tuesday, November 6th. Wells Fargo & Co cut Solar Capital from an outperform rating to a market perform rating in a research note on Thursday, October 4th. Finally, ValuEngine cut Solar Capital from a hold rating to a sell rating in a research note on Monday, October 8th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $23.50.
Solar Capital (NASDAQ:SLRC) last issued its quarterly earnings data on Monday, November 5th. The financial services provider reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.03). Solar Capital had a net margin of 48.83% and a return on equity of 8.12%. The company had revenue of $37.01 million for the quarter, compared to the consensus estimate of $39.59 million. On average, equities analysts anticipate that Solar Capital will post 1.78 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Shareholders of record on Thursday, December 20th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 7.74%. The ex-dividend date is Wednesday, December 19th. Solar Capital’s dividend payout ratio (DPR) is presently 101.23%.
A number of institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in Solar Capital by 14.7% in the third quarter. JPMorgan Chase & Co. now owns 826,552 shares of the financial services provider’s stock valued at $17,672,000 after buying an additional 106,198 shares during the last quarter. United Services Automobile Association raised its stake in Solar Capital by 167.0% in the second quarter. United Services Automobile Association now owns 713,108 shares of the financial services provider’s stock valued at $37,809,000 after buying an additional 445,980 shares during the last quarter. Aristotle Capital Boston LLC raised its stake in Solar Capital by 4.4% in the third quarter. Aristotle Capital Boston LLC now owns 542,230 shares of the financial services provider’s stock valued at $11,593,000 after buying an additional 22,981 shares during the last quarter. Eagle Boston Investment Management Inc. raised its stake in Solar Capital by 4.3% in the second quarter. Eagle Boston Investment Management Inc. now owns 405,810 shares of the financial services provider’s stock valued at $8,294,000 after buying an additional 16,860 shares during the last quarter. Finally, CNO Financial Group Inc. raised its stake in Solar Capital by 49.0% in the second quarter. CNO Financial Group Inc. now owns 365,000 shares of the financial services provider’s stock valued at $7,461,000 after buying an additional 120,000 shares during the last quarter. Institutional investors own 58.99% of the company’s stock.
About Solar Capital
Solar Capital Ltd. is a business development company specializing in secured debt (first lien unitranche and second lien), subordinated (unsecured) debt, minority equity, and strategic income-oriented control equity investments in leveraged middle market companies. The fund invests in aerospace and defense; air freight & logistics; asset management; automotive; banking; beverage, food and tobacco; building products; buildings and real estate; broadcasting and entertainment; cargo transport; commercial services and supplies; communications equipment; chemicals, plastics and rubber; containers, packaging and glass; construction & engineering; diversified/conglomerate manufacturing; consumer Finance; distributors; diversified/conglomerate services; diversified financial services; diversified real estate sctivities; food products; Footwear; Education Services; diversified telecommunications services; electronics; farming and agriculture; finance; grocery; health care equipment and supplies; health care facilities; education and childcare; home and office furnishing, durable consumer products; hotels, motels, inns and gaming; insurance; restaurants, leisure, amusement, and entertainment; leisure equipment tolls and services, media, multiline retail, multi sector holdings; paper and forest products; personal products; professional services, research and consulting services, software; specialty retail; textiles apparel and luxury goods, thrifts and mortgage finance, trading companies and distributors, utilities, and wireless telecommunication services; industrial conglomerates; internet software and services, IT services, machinery; mining, steel, iron, and non precious metals; oil and gas; personal, food and miscellaneous services; printing and publishing; retail stores; telecommunications; textiles and leather; and utilities.
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