Oppenheimer Research Analysts Lower Earnings Estimates for Solar Capital Ltd. (NASDAQ:SLRC)
Solar Capital Ltd. (NASDAQ:SLRC) – Analysts at Oppenheimer dropped their FY2019 earnings per share estimates for Solar Capital in a report released on Tuesday, November 5th. Oppenheimer analyst C. Kotowski now anticipates that the financial services provider will post earnings per share of $1.74 for the year, down from their prior estimate of $1.79. Oppenheimer also issued estimates for Solar Capital’s Q4 2019 earnings at $0.44 EPS, Q1 2020 earnings at $0.44 EPS, Q2 2020 earnings at $0.45 EPS, Q3 2020 earnings at $0.45 EPS, Q4 2020 earnings at $0.46 EPS and FY2020 earnings at $1.80 EPS.
A number of other equities analysts have also recently commented on SLRC. BidaskClub cut Solar Capital from a “hold” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research cut Solar Capital from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $22.70.
Solar Capital (NASDAQ:SLRC) last posted its quarterly earnings results on Monday, November 4th. The financial services provider reported $0.44 earnings per share for the quarter, hitting the consensus estimate of $0.44. The company had revenue of $39.71 million during the quarter, compared to the consensus estimate of $39.33 million. Solar Capital had a return on equity of 7.97% and a net margin of 43.03%.
Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of Solar Capital by 7.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,008,056 shares of the financial services provider’s stock worth $20,393,000 after purchasing an additional 69,161 shares in the last quarter. Partners Group Holding AG lifted its holdings in shares of Solar Capital by 0.6% during the second quarter. Partners Group Holding AG now owns 631,567 shares of the financial services provider’s stock worth $12,966,000 after purchasing an additional 4,003 shares during the period. Confluence Investment Management LLC lifted its holdings in shares of Solar Capital by 2.6% during the third quarter. Confluence Investment Management LLC now owns 461,665 shares of the financial services provider’s stock worth $9,533,000 after purchasing an additional 11,567 shares during the period. United Services Automobile Association lifted its holdings in shares of Solar Capital by 2.9% during the second quarter. United Services Automobile Association now owns 323,638 shares of the financial services provider’s stock worth $6,644,000 after purchasing an additional 9,010 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of Solar Capital by 10.1% during the second quarter. Van ECK Associates Corp now owns 277,435 shares of the financial services provider’s stock worth $5,696,000 after purchasing an additional 25,533 shares during the period. Hedge funds and other institutional investors own 57.88% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Thursday, December 19th will be given a $0.41 dividend. The ex-dividend date is Wednesday, December 18th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 8.01%. Solar Capital’s dividend 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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