The Zacks Investment Research Downgrades Solar Capital Ltd. (SLRC) to Hold

The Zacks Investment Research Downgrades Solar Capital Ltd. (SLRC) to Hold

Solar Capital Ltd. (NASDAQ:SLRC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

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 analysts have also recently issued research reports about the stock. Deutsche Bank AG upped their price objective on shares of Solar Capital from $23.00 to $23.50 and gave the company a “buy” rating in a research note on Thursday, August 4th. National Securities reissued a “buy” rating and issued a $22.00 price target (up previously from $21.00) on shares of Solar Capital in a research note on Thursday, August 4th. Keefe, Bruyette & Woods set a $21.50 price target on shares of Solar Capital and gave the company a “hold” rating in a research note on Wednesday, August 3rd. Finally, Citigroup Inc. increased their price target on shares of Solar Capital from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, August 16th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $21.83.

Solar Capital (NASDAQ:SLRC) opened at 20.27 on Wednesday. Solar Capital has a one year low of $15.05 and a one year high of $20.88. The company’s 50-day moving average is $20.42 and its 200 day moving average is $19.18.

Solar Capital (NASDAQ:SLRC) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.05. Solar Capital had a net margin of 35.86% and a return on equity of 7.83%. On average, equities analysts anticipate that Solar Capital will post $1.74 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Thursday, September 22nd were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, September 20th. This represents a $1.60 annualized dividend and a dividend yield of 7.89%. Solar Capital’s dividend payout ratio is currently 136.75%.

Several institutional investors have recently modified their holdings of SLRC. Citigroup Inc. raised its position in shares of Solar Capital by 0.3% in the second quarter. Citigroup Inc. now owns 22,960 shares of the company’s stock valued at $437,000 after buying an additional 80 shares in the last quarter. Commonwealth Equity Services Inc raised its position in shares of Solar Capital by 1.0% in the first quarter. Commonwealth Equity Services Inc now owns 15,099 shares of the company’s stock valued at $261,000 after buying an additional 145 shares in the last quarter. Legal & General Group Plc raised its position in shares of Solar Capital by 0.5% in the second quarter. Legal & General Group Plc now owns 82,734 shares of the company’s stock valued at $1,576,000 after buying an additional 414 shares in the last quarter. Sanders Morris Harris Inc. raised its position in shares of Solar Capital by 0.8% in the second quarter. Sanders Morris Harris Inc. now owns 56,646 shares of the company’s stock valued at $1,079,000 after buying an additional 423 shares in the last quarter. Finally, KCG Holdings Inc. raised its position in shares of Solar Capital by 7.4% in the second quarter. KCG Holdings Inc. now owns 11,164 shares of the company’s stock valued at $213,000 after buying an additional 770 shares in the last quarter. Hedge funds and other institutional investors own 58.55% of the company’s stock.

Solar Capital Company Profile

Solar Capital Ltd. is a 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 the United States middle market companies. It invests primarily in leveraged middle markets companies in the form of senior secured loans, mezzanine loans and equity securities.

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