Deutsche Bank AG purchased a new stake in shares of Solar Capital Ltd. (NASDAQ:SLRC) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 76,228 shares of the financial services provider’s stock, valued at approximately $887,000. Deutsche Bank AG owned 0.18% of Solar Capital at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in Solar Capital by 6.8% during the first quarter. JPMorgan Chase & Co. now owns 1,245,841 shares of the financial services provider’s stock valued at $14,501,000 after acquiring an additional 78,884 shares during the period. Partners Group Holding AG raised its position in shares of Solar Capital by 9.6% during the first quarter. Partners Group Holding AG now owns 977,791 shares of the financial services provider’s stock valued at $11,381,000 after buying an additional 85,353 shares during the last quarter. Credit Suisse AG raised its position in shares of 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 buying an additional 89,469 shares during the last quarter. 1832 Asset Management L.P. raised its position in shares of Solar Capital by 2.0% during the fourth quarter. 1832 Asset Management L.P. now owns 520,335 shares of the financial services provider’s stock valued at $10,821,000 after buying an additional 10,394 shares during the last quarter. Finally, Resource America Inc. raised its position in shares of Solar Capital by 79.3% during the first quarter. Resource America Inc. now owns 514,872 shares of the financial services provider’s stock valued at $5,993,000 after buying an additional 227,763 shares during the last quarter. Institutional investors own 57.86% of the company’s stock.
A number of research analysts have recently commented on the stock. JMP Securities cut their price objective on shares of Solar Capital from $21.50 to $18.50 and set a “market outperform” rating for the company in a research report on Monday, May 11th. Wells Fargo & Co upped their price objective on shares of Solar Capital from $13.50 to $16.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. ValuEngine lowered shares of Solar Capital from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. JPMorgan Chase & Co. dropped their price target on shares of Solar Capital from $21.50 to $17.00 and set an “overweight” rating for the company in a research report on Monday, May 4th. Finally, BidaskClub raised shares of Solar Capital from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $18.42.
Solar Capital (NASDAQ:SLRC) last posted its quarterly earnings data on Thursday, May 7th. The financial services provider reported $0.38 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.04). The firm had revenue of $32.90 million for the quarter, compared to analyst estimates of $37.43 million. Solar Capital had a positive return on equity of 7.82% and a negative net margin of 29.85%. On average, analysts forecast that Solar Capital Ltd. will post 1.43 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Thursday, June 18th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 10.19%. The ex-dividend date is Wednesday, June 17th. Solar Capital’s payout ratio is 95.91%.
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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