Solar Senior Capital Ltd. (SUNS) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Solar Senior Capital Ltd. (NASDAQ:SUNS) from a sell rating to a hold rating in a report released on Wednesday morning.
According to Zacks, “Solar Senior Capital Ltd. operates as a business development company under the Investment Company Act of 1940. The Company invests primarily in senior secured loans, including first lien, unitranche and second lien debt instruments, made to private middle-market companies whose debt is rated below investment grade. “
Separately, BidaskClub downgraded shares of Solar Senior Capital from a hold rating to a sell rating in a research note on Wednesday, August 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $17.17.
Shares of Solar Senior Capital (NASDAQ SUNS) traded up 1.38% during midday trading on Wednesday, hitting $17.60. 25,000 shares of the stock were exchanged. The firm has a 50 day moving average of $16.82 and a 200 day moving average of $17.22. Solar Senior Capital has a 12-month low of $15.06 and a 12-month high of $18.46.
Solar Senior Capital (NASDAQ:SUNS) last posted its quarterly earnings data on Tuesday, August 1st. The asset manager reported $0.35 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.35. Solar Senior Capital had a net margin of 76.07% and a return on equity of 7.98%. The firm had revenue of $7.66 million for the quarter, compared to the consensus estimate of $8.24 million. Equities research analysts anticipate that Solar Senior Capital will post $1.36 earnings per share for the current fiscal year.
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The business also recently disclosed a monthly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Thursday, October 19th will be paid a dividend of $0.1175 per share. The ex-dividend date of this dividend is Wednesday, October 18th. This represents a $1.41 dividend on an annualized basis and a yield of 8.01%. Solar Senior Capital’s dividend payout ratio (DPR) is 94.63%.
A number of hedge funds and other institutional investors have recently bought and sold shares of SUNS. Russell Investments Group Ltd. boosted its stake in Solar Senior Capital by 149.7% during the 1st quarter. Russell Investments Group Ltd. now owns 11,392 shares of the asset manager’s stock valued at $205,000 after acquiring an additional 6,829 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Solar Senior Capital by 4.7% during the 1st quarter. Wells Fargo & Company MN now owns 68,802 shares of the asset manager’s stock valued at $1,238,000 after acquiring an additional 3,086 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Solar Senior Capital by 10.0% during the 1st quarter. JPMorgan Chase & Co. now owns 447,983 shares of the asset manager’s stock valued at $8,055,000 after acquiring an additional 40,612 shares during the last quarter. AXA bought a new position in Solar Senior Capital during the 1st quarter valued at $728,000. Finally, Wellington Management Group LLP boosted its stake in Solar Senior Capital by 12.5% during the 1st quarter. Wellington Management Group LLP now owns 160,272 shares of the asset manager’s stock valued at $2,882,000 after acquiring an additional 17,840 shares during the last quarter. Hedge funds and other institutional investors own 32.84% of the company’s stock.
Solar Senior Capital Company Profile
Solar Senior Capital Ltd. is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to seek to maximize current income consistent with the preservation of capital. The Company seeks to achieve its investment objective by directly and indirectly investing in senior loans, including first lien, unitranche, and second lien debt instruments, made to private middle-market companies whose debt is rated below investment grade, which it refers to collectively as senior loans.
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