Raymond James began coverage on shares of Solar Capital (NASDAQ:SLRC) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm issued an outperform rating and a $22.50 target price on the financial services provider’s stock.
A number of other research analysts have also recently commented on SLRC. Zacks Investment Research cut Solar Capital from a hold rating to a sell rating in a research note on Thursday, December 20th. BidaskClub upgraded Solar Capital from a buy rating to a strong-buy rating in a research note on Thursday, December 27th. National Securities reiterated a buy rating and issued a $25.00 price target on shares of Solar Capital in a research note on Monday, February 25th. Finally, Wells Fargo & Co increased their price target on Solar Capital from $18.00 to $19.00 and gave the company a market perform rating in a research note on Tuesday, February 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $22.50.
NASDAQ SLRC opened at $21.29 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Solar Capital has a fifty-two week low of $18.45 and a fifty-two week high of $22.00. The firm has a market cap of $899.74 million, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 2.39 and a beta of 0.74.
Solar Capital (NASDAQ:SLRC) last released its earnings results on Thursday, February 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01. Solar Capital had a return on equity of 8.10% and a net margin of 43.56%. The firm had revenue of $38.24 million during the quarter, compared to analysts’ expectations of $37.46 million. As a group, analysts predict that Solar Capital will post 1.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, April 3rd. Stockholders of record on Thursday, March 21st were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 7.70%. The ex-dividend date was Wednesday, March 20th. Solar Capital’s payout ratio is 92.66%.
In other news, insider Michael S. Gross purchased 7,777 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was bought at an average cost of $21.54 per share, for a total transaction of $167,516.58. Following the purchase, the insider now owns 165,894 shares of the company’s stock, valued at $3,573,356.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 5.90% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in SLRC. Mirae Asset Global Investments Co. Ltd. bought a new position in Solar Capital during the 3rd quarter worth $274,000. JPMorgan Chase & Co. raised its position in Solar Capital by 14.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 826,552 shares of the financial services provider’s stock worth $17,672,000 after purchasing an additional 106,198 shares during the last quarter. Coe Capital Management LLC raised its position in Solar Capital by 6.6% during the 3rd quarter. Coe Capital Management LLC now owns 47,120 shares of the financial services provider’s stock worth $1,007,000 after purchasing an additional 2,900 shares during the last quarter. Founders Capital Management bought a new position in Solar Capital during the 4th quarter worth $29,000. Finally, Quantamental Technologies LLC bought a new position in Solar Capital during the 4th quarter worth $44,000. 58.04% of the stock is owned by institutional investors and hedge funds.
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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