Solar Capital Ltd. (NASDAQ:SLRC) declared a quarterly dividend on Friday, February 22nd, Wall Street Journal reports. Investors of record on Thursday, March 21st will be given a dividend of 0.41 per share by the financial services provider on Wednesday, April 3rd. This represents a $1.64 annualized dividend and a yield of 7.59%. The ex-dividend date is Wednesday, March 20th.
Solar Capital has increased its dividend payment by an average of 0.6% annually over the last three years. Solar Capital has a payout ratio of 91.1% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect Solar Capital to earn $1.83 per share next year, which means the company should continue to be able to cover its $1.64 annual dividend with an expected future payout ratio of 89.6%.
Shares of NASDAQ:SLRC opened at $21.61 on Friday. Solar Capital has a 52 week low of $18.45 and a 52 week high of $22.00. The firm has a market capitalization of $908.59 million, a price-to-earnings ratio of 12.21, a price-to-earnings-growth ratio of 2.41 and a beta of 0.74. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78.
A number of brokerages have commented on SLRC. Wells Fargo & Co lifted their price objective on shares of Solar Capital from $18.00 to $19.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 26th. BidaskClub cut shares of Solar Capital from a “strong-buy” rating to a “buy” rating in a research note on Thursday. National Securities reissued a “buy” rating and issued a $25.00 price objective on shares of Solar Capital in a research note on Monday, February 25th. Zacks Investment Research cut shares of Solar Capital from a “hold” rating to a “sell” rating in a research note on Thursday, November 29th. Finally, Oppenheimer initiated coverage on shares of Solar Capital in a research note on Wednesday, November 28th. They set a “buy” rating and a $23.00 price target for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Solar Capital presently has an average rating of “Hold” and a consensus target price of $22.50.
In other news, insider Michael S. Gross purchased 7,777 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was purchased at an average cost of $21.54 per share, with a total value of $167,516.58. Following the purchase, the insider now owns 165,894 shares in the company, valued at $3,573,356.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.90% of the stock is currently owned by insiders.
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About Solar Capital
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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