Shares of Solar Capital Ltd. (NASDAQ:SLRC) rose 19.2% during trading on Wednesday . The stock traded as high as $10.89 and last traded at $12.30, approximately 20,615 shares changed hands during mid-day 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 topic of several research reports. Zacks Investment Research lowered shares of Solar Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 19th. LADENBURG THALM/SH SH lowered shares of Solar Capital from a “buy” rating to a “neutral” rating in a research report on Monday, February 24th. JPMorgan Chase & Co. lowered their price objective on shares of Solar Capital from $22.50 to $21.50 and set an “overweight” rating on the stock in a research report on Monday, February 24th. Deutsche Bank lowered their price objective on shares of Solar Capital from $24.00 to $23.50 and set a “buy” rating on the stock in a research report on Monday, February 24th. Finally, BidaskClub lowered shares of Solar Capital from a “sell” rating to a “strong sell” rating in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $23.00.
The stock has a market cap of $436.12 million, a PE ratio of 8.80 and a beta of 0.73. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.00 and a quick ratio of 1.00. The firm’s 50 day moving average price is $17.51 and its two-hundred day moving average price is $19.84.
The firm also recently announced 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. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a $1.64 annualized dividend and a dividend yield of 14.13%. Solar Capital’s payout ratio is 95.91%.
In other Solar Capital news, insider Michael S. Gross bought 15,000 shares of Solar Capital stock in a transaction dated Tuesday, February 25th. The stock was purchased at an average price of $19.61 per share, for a total transaction of $294,150.00. Following the completion of the purchase, the insider now directly owns 165,894 shares of the company’s stock, valued at $3,253,181.34. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Richard Peteka bought 5,000 shares of Solar Capital stock in a transaction dated Monday, March 23rd. The stock was acquired at an average price of $8.99 per share, with a total value of $44,950.00. Following the purchase, the chief financial officer now directly owns 24,000 shares of the company’s stock, valued at $215,760. The disclosure for this purchase can be found here. Insiders bought 245,377 shares of company stock valued at $3,300,447 in the last quarter. Corporate insiders own 6.00% of the company’s stock.
A number of large investors have recently modified their holdings of SLRC. Kennedy Capital Management Inc. grew its stake in Solar Capital by 98.1% during the fourth quarter. Kennedy Capital Management Inc. now owns 297,651 shares of the financial services provider’s stock valued at $6,138,000 after acquiring an additional 147,414 shares in the last quarter. Partners Group Holding AG grew its stake in Solar Capital by 19.3% during the fourth quarter. Partners Group Holding AG now owns 892,438 shares of the financial services provider’s stock valued at $18,402,000 after acquiring an additional 144,301 shares in the last quarter. Resource America Inc. grew its stake in Solar Capital by 46.2% during the fourth quarter. Resource America Inc. now owns 287,109 shares of the financial services provider’s stock valued at $5,920,000 after acquiring an additional 90,667 shares in the last quarter. Credit Suisse AG grew its stake in Solar Capital by 15.9% during the fourth quarter. Credit Suisse AG now owns 652,079 shares of the financial services provider’s stock valued at $13,446,000 after acquiring an additional 89,469 shares in the last quarter. Finally, Van ECK Associates Corp grew its stake in Solar Capital by 21.6% during the fourth quarter. Van ECK Associates Corp now owns 358,091 shares of the financial services provider’s stock valued at $7,384,000 after acquiring an additional 63,614 shares in the last quarter. 59.13% of the stock is owned by 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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