TCW Group Inc. reduced its holdings in shares of Solar Capital Ltd. (NASDAQ:SLRC) by 18.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,300 shares of the financial services provider’s stock after selling 3,400 shares during the period. TCW Group Inc.’s holdings in Solar Capital were worth $319,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. JPMorgan Chase & Co. lifted its position in Solar Capital by 9.6% during the 1st quarter. JPMorgan Chase & Co. now owns 938,895 shares of the financial services provider’s stock valued at $19,567,000 after acquiring an additional 81,851 shares during the period. Partners Group Holding AG lifted its position in Solar Capital by 13.3% during the 4th quarter. Partners Group Holding AG now owns 718,001 shares of the financial services provider’s stock valued at $13,778,000 after acquiring an additional 84,220 shares during the period. 1832 Asset Management L.P. lifted its position in Solar Capital by 19.6% during the 4th quarter. 1832 Asset Management L.P. now owns 500,000 shares of the financial services provider’s stock valued at $9,594,000 after acquiring an additional 81,964 shares during the period. Confluence Investment Management LLC lifted its position in Solar Capital by 0.8% during the 1st quarter. Confluence Investment Management LLC now owns 491,489 shares of the financial services provider’s stock valued at $10,243,000 after acquiring an additional 3,749 shares during the period. Finally, Bank of Montreal Can lifted its position in Solar Capital by 39.3% during the 1st quarter. Bank of Montreal Can now owns 326,001 shares of the financial services provider’s stock valued at $6,794,000 after acquiring an additional 92,000 shares during the period. 58.11% of the stock is owned by institutional investors.
A number of research analysts recently issued reports on SLRC shares. Wells Fargo & Co lifted their price target on shares of Solar Capital from $18.00 to $19.00 and gave the company a “market perform” rating in a research report on Tuesday, February 26th. National Securities reissued a “buy” rating and set a $25.00 price target on shares of Solar Capital in a research report on Monday, February 25th. BidaskClub cut shares of Solar Capital from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Zacks Investment Research raised shares of Solar Capital from a “sell” rating to a “hold” rating in a research report on Tuesday, March 5th. Finally, Raymond James started coverage on shares of Solar Capital in a research report on Tuesday, April 16th. They set an “outperform” rating and a $22.50 price target for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $22.70.
Solar Capital (NASDAQ:SLRC) last released its quarterly earnings data on Monday, May 6th. The financial services provider reported $0.44 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.44. The business had revenue of $39.26 million during the quarter, compared to analyst estimates of $40.30 million. Solar Capital had a net margin of 46.58% and a return on equity of 8.05%. Equities research analysts expect that Solar Capital Ltd. will post 1.78 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Stockholders of record on Thursday, June 20th will be paid a $0.41 dividend. The ex-dividend date is Wednesday, June 19th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 7.90%. Solar Capital’s dividend payout ratio is presently 92.66%.
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Solar Capital Profile
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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