Solar Capital Ltd. (NASDAQ:SLRC)’s stock price dropped 0.5% on Monday after Deutsche Bank lowered their price target on the stock from $24.00 to $23.50. Deutsche Bank currently has a buy rating on the stock. Solar Capital traded as low as $19.50 and last traded at $19.75, approximately 16,927 shares were traded during trading. A decline of 86% from the average daily volume of 123,648 shares. The stock had previously closed at $19.85.
A number of other research analysts have also issued reports on SLRC. LADENBURG THALM/SH SH lowered shares of Solar Capital from a “buy” rating to a “neutral” rating in a research note on Monday. TheStreet lowered shares of Solar Capital from a “b” rating to a “c+” rating in a research note on Tuesday, November 19th. BidaskClub lowered shares of Solar Capital from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 14th. Compass Point lowered shares of Solar Capital from a “buy” rating to a “neutral” rating and reduced their target price for the company from $22.50 to $21.50 in a research note on Friday. Finally, JPMorgan Chase & Co. reduced their target price on shares of Solar Capital from $22.50 to $21.50 and set an “overweight” rating for the company in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $22.43.
In other news, insider Guy Talarico bought 7,150 shares of Solar Capital stock in a transaction on Friday, December 13th. The stock was purchased at an average cost of $20.86 per share, with a total value of $149,149.00. Following the purchase, the insider now directly owns 930 shares of the company’s stock, valued at approximately $19,399.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 6.00% of the company’s stock.
Several large investors have recently modified their holdings of the company. Partners Group Holding AG lifted its stake in shares of Solar Capital by 19.3% in the 4th quarter. Partners Group Holding AG now owns 892,438 shares of the financial services provider’s stock worth $18,402,000 after acquiring an additional 144,301 shares during the period. Credit Suisse AG lifted its stake in shares of Solar Capital by 15.9% in the 4th quarter. Credit Suisse AG now owns 652,079 shares of the financial services provider’s stock worth $13,446,000 after acquiring an additional 89,469 shares during the period. 1832 Asset Management L.P. lifted its stake in shares of Solar Capital by 2.0% in the 4th quarter. 1832 Asset Management L.P. now owns 520,335 shares of the financial services provider’s stock worth $10,821,000 after acquiring an additional 10,394 shares during the period. Van ECK Associates Corp lifted its stake in shares of Solar Capital by 21.6% in the 4th quarter. Van ECK Associates Corp now owns 358,091 shares of the financial services provider’s stock worth $7,384,000 after acquiring an additional 63,614 shares during the period. Finally, Punch & Associates Investment Management Inc. lifted its stake in shares of Solar Capital by 1.0% in the 4th quarter. Punch & Associates Investment Management Inc. now owns 348,468 shares of the financial services provider’s stock worth $7,185,000 after acquiring an additional 3,455 shares during the period. 59.36% of the stock is owned by institutional investors.
The business’s 50 day moving average price is $20.76 and its two-hundred day moving average price is $20.60. The company has a market capitalization of $838.86 million, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 3.73 and a beta of 0.71. 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 business also recently declared a quarterly dividend, which will be paid on Friday, April 3rd. Stockholders of record on Thursday, March 19th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 8.22%. The ex-dividend date is Wednesday, March 18th. Solar Capital’s dividend payout ratio is currently 95.91%.
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.
