Zacks Investment Research cut shares of Solar Senior Capital Ltd. (NASDAQ:SUNS) from a hold rating to a sell rating in a report released on Wednesday.
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 report on Wednesday, August 16th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. Solar Senior Capital currently has an average rating of Hold and a consensus price target of $17.17.
Solar Senior Capital (SUNS) opened at 17.59 on Wednesday. The firm’s 50 day moving average price is $16.65 and its 200-day moving average price is $17.23. Solar Senior Capital has a 52 week low of $15.06 and a 52 week high of $18.46.
Solar Senior Capital (NASDAQ:SUNS) last posted its earnings results on Tuesday, August 1st. The asset manager reported $0.35 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.35. The firm had revenue of $7.66 million for the quarter, compared to the consensus estimate of $8.24 million. Solar Senior Capital had a net margin of 76.07% and a return on equity of 7.98%. Equities research analysts forecast that Solar Senior Capital will post $1.36 earnings per share for the current fiscal year.
The firm also recently announced a monthly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Thursday, October 19th will be given a dividend of $0.1175 per share. This represents a $1.41 annualized dividend and a yield of 8.02%. The ex-dividend date of this dividend is Wednesday, October 18th. Solar Senior Capital’s payout ratio is 94.63%.
A number of institutional investors have recently bought and sold shares of SUNS. Cetera Investment Advisers acquired a new stake in shares of Solar Senior Capital in the second quarter valued at about $241,000. Intrinsic Edge Capital Management LLC acquired a new stake in shares of Solar Senior Capital in the second quarter valued at about $837,000. Muzinich & Co. Inc. grew its position in shares of Solar Senior Capital by 1.5% in the second quarter. Muzinich & Co. Inc. now owns 573,781 shares of the asset manager’s stock valued at $9,605,000 after purchasing an additional 8,242 shares during the last quarter. Advisor Group Inc. grew its position in shares of Solar Senior Capital by 1.4% in the second quarter. Advisor Group Inc. now owns 6,657 shares of the asset manager’s stock valued at $112,000 after purchasing an additional 95 shares during the last quarter. Finally, Summit Global Investments acquired a new stake in shares of Solar Senior Capital in the second quarter valued at about $493,000. 32.84% of the stock is currently owned by hedge funds and other institutional investors.
About Solar Senior Capital
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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