Short Interest in Solar Capital Ltd. (NASDAQ:SLRC) Rises By 27.0%
Solar Capital Ltd. (NASDAQ:SLRC) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 101,100 shares, an increase of 27.0% from the July 31st total of 79,600 shares. Currently, 0.3% of the company’s shares are sold short. Based on an average daily volume of 84,700 shares, the short-interest ratio is presently 1.2 days.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Solar Capital by 1.8% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 37,863 shares of the financial services provider’s stock worth $777,000 after acquiring an additional 656 shares during the period. SMH Capital Advisors Inc. increased its position in shares of Solar Capital by 4.2% during the first quarter. SMH Capital Advisors Inc. now owns 16,488 shares of the financial services provider’s stock worth $344,000 after acquiring an additional 659 shares during the period. Chicago Partners Investment Group LLC increased its position in shares of Solar Capital by 0.9% during the second quarter. Chicago Partners Investment Group LLC now owns 92,649 shares of the financial services provider’s stock worth $1,882,000 after acquiring an additional 785 shares during the period. Bank of America Corp DE increased its position in shares of Solar Capital by 5.4% during the fourth quarter. Bank of America Corp DE now owns 21,406 shares of the financial services provider’s stock worth $411,000 after acquiring an additional 1,096 shares during the period. Finally, Cetera Advisors LLC increased its position in shares of Solar Capital by 13.1% during the second quarter. Cetera Advisors LLC now owns 11,200 shares of the financial services provider’s stock worth $231,000 after acquiring an additional 1,300 shares during the period. 57.86% of the stock is owned by institutional investors and hedge funds.
Several analysts have issued reports on SLRC shares. Zacks Investment Research downgraded shares of Solar Capital from a “hold” rating to a “sell” rating in a research note on Friday. BidaskClub downgraded shares of Solar Capital from a “hold” rating to a “sell” rating in a research note on Saturday, September 7th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $22.70.
Solar Capital (NASDAQ:SLRC) last announced its quarterly earnings data on Monday, August 5th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.44. The business had revenue of $38.68 million during the quarter, compared to the consensus estimate of $40.38 million. Solar Capital had a net margin of 46.63% and a return on equity of 7.97%. On average, sell-side analysts predict that Solar Capital will post 1.76 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Thursday, September 19th will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 7.84%. The ex-dividend date is Wednesday, September 18th. Solar Capital’s payout ratio is currently 92.66%.
Solar Capital Company 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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