Pinebridge Investments L.P. increased its holdings in shares of Solar Capital Ltd. (NASDAQ:SLRC) by 101.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,853 shares of the financial services provider’s stock after purchasing an additional 11,014 shares during the period. Pinebridge Investments L.P. owned approximately 0.05% of Solar Capital worth $473,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in shares of Solar Capital by 0.3% in the second quarter. Royal Bank of Canada now owns 38,320 shares of the financial services provider’s stock valued at $838,000 after purchasing an additional 116 shares in the last quarter. Green Square Capital LLC lifted its holdings in shares of Solar Capital by 1.3% in the second quarter. Green Square Capital LLC now owns 16,796 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 212 shares in the last quarter. Sei Investments Co. increased its position in shares of Solar Capital by 2.4% during the second quarter. Sei Investments Co. now owns 34,100 shares of the financial services provider’s stock valued at $746,000 after acquiring an additional 792 shares during the last quarter. Northern Trust Corp increased its position in shares of Solar Capital by 11.7% during the second quarter. Northern Trust Corp now owns 10,412 shares of the financial services provider’s stock valued at $228,000 after acquiring an additional 1,088 shares during the last quarter. Finally, OxFORD Asset Management LLP increased its position in shares of Solar Capital by 3.4% during the third quarter. OxFORD Asset Management LLP now owns 71,054 shares of the financial services provider’s stock valued at $1,522,000 after acquiring an additional 2,352 shares during the last quarter. 63.08% of the stock is owned by institutional investors and hedge funds.
SLRC has been the subject of a number of research analyst reports. Zacks Investment Research downgraded Solar Capital from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. National Securities raised their target price on Solar Capital from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Ladenburg Thalmann Financial Services upgraded Solar Capital from a “neutral” rating to a “buy” rating in a research report on Monday, November 6th. Finally, BidaskClub cut Solar Capital from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $23.35.
Shares of Solar Capital Ltd. (NASDAQ SLRC) traded down $0.13 during mid-day trading on Tuesday, reaching $20.08. The company’s stock had a trading volume of 186,882 shares, compared to its average volume of 240,700. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.01 and a current ratio of 1.01. Solar Capital Ltd. has a 52-week low of $19.90 and a 52-week high of $22.94. The company has a market capitalization of $848.60, a price-to-earnings ratio of 11.95, a P/E/G ratio of 2.53 and a beta of 0.54.
Solar Capital (NASDAQ:SLRC) last issued its quarterly earnings results on Thursday, November 2nd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.01). Solar Capital had a return on equity of 7.32% and a net margin of 50.29%. The firm had revenue of $36.15 million for the quarter, compared to the consensus estimate of $35.95 million. equities analysts expect that Solar Capital Ltd. will post 1.6 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Thursday, March 22nd will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date of this dividend is Wednesday, March 21st. This is a positive change from Solar Capital’s previous quarterly dividend of $0.40. Solar Capital’s payout ratio is 95.24%.
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About Solar Capital
Solar Capital Ltd. is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. It invests in privately held the United States middle market companies.
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