Solar Capital Ltd. (NASDAQ:SLRC)’s stock price rose 19.2% during trading on Wednesday . The company traded as high as $10.89 and last traded at $12.30, approximately 20,615 shares were traded during trading. A decline of 96% from the average daily volume of 477,855 shares. The stock had previously closed at $10.32.
SLRC has been the subject of a number of recent analyst reports. Deutsche Bank lowered their price target on shares of Solar Capital from $24.00 to $23.50 and set a “buy” rating for the company in a report on Monday, February 24th. JPMorgan Chase & Co. lowered their price target on shares of Solar Capital from $22.50 to $21.50 and set an “overweight” rating for the company in a report on Monday, February 24th. Compass Point lowered shares of Solar Capital from a “buy” rating to a “neutral” rating and lowered their price target for the company from $22.50 to $21.50 in a report on Friday, February 21st. LADENBURG THALM/SH SH lowered shares of Solar Capital from a “buy” rating to a “neutral” rating in a report on Monday, February 24th. Finally, Wells Fargo & Co upgraded shares of Solar Capital from an “equal weight” rating to an “overweight” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $23.00.
The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50-day simple moving average is $17.51 and its 200-day simple moving average is $19.84. The firm has a market capitalization of $436.12 million, a PE ratio of 8.80 and a beta of 0.73.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Thursday, March 19th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 14.13%. The ex-dividend date of this dividend is Wednesday, March 18th. Solar Capital’s payout ratio is currently 95.91%.
In related news, insider Bruce J. Spohler acquired 53,526 shares of Solar Capital stock in a transaction on Monday, March 23rd. The shares were acquired at an average cost of $9.32 per share, with a total value of $498,862.32. Following the transaction, the insider now owns 67,526 shares in the company, valued at $629,342.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Richard Peteka acquired 8,000 shares of Solar Capital stock in a transaction on Monday, March 16th. The shares were bought at an average cost of $13.32 per share, for a total transaction of $106,560.00. Following the completion of the transaction, the chief financial officer now owns 19,000 shares in the company, valued at approximately $253,080. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 245,377 shares of company stock worth $3,300,447. Insiders own 6.00% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Solar Capital in the 4th quarter worth about $203,000. CA Family Wealth LLC purchased a new stake in shares of Solar Capital in the 4th quarter worth about $223,000. Eagle Global Advisors LLC purchased a new stake in shares of Solar Capital in the 4th quarter worth about $245,000. Great West Life Assurance Co. Can purchased a new stake in shares of Solar Capital in the 4th quarter worth about $244,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Solar Capital in the 4th quarter worth about $246,000. 59.13% of the stock is currently owned by hedge funds and other institutional investors.
About Solar Capital (NASDAQ:SLRC)
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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