SLR Investment Corp. $SLRC Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America initiated a stake in SLR Investment during the second quarter, purchasing 167,300 shares worth approximately $2.07 million, or about 0.31% of the company. Institutional investors collectively own 35.32% of SLRC.
• Analyst sentiment remains mixed but centered on “Hold”: the consensus target price is $14.10, while JPMorgan lowered its target to $12.00 and maintained an underweight rating.
• SLRC shares opened at $11.59, near their 52-week low, while the company maintained a quarterly dividend of $0.31, equivalent to a 10.7% annualized yield. The latest earnings matched estimates at $0.33 per share, though revenue of $20.5 million fell short of the $48.82 million consensus estimate.

Bank of America Corp DE purchased a new stake in shares of SLR Investment Corp. (NASDAQ:SLRC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 167,300 shares of the financial services provider's stock, valued at approximately $2,070,000. Bank of America Corp DE owned about 0.31% of SLR Investment as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SLRC. Legal & General Group Plc purchased a new stake in SLR Investment during the second quarter valued at approximately $5,516,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of SLR Investment by 0.4% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 378,888 shares of the financial services provider's stock valued at $5,422,000 after buying an additional 1,619 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new position in shares of SLR Investment in the second quarter valued at about $4,205,000. Intrepid Family Office LLC boosted its stake in shares of SLR Investment by 6.0% in the fourth quarter. Intrepid Family Office LLC now owns 265,000 shares of the financial services provider's stock worth $4,097,000 after acquiring an additional 15,000 shares during the period. Finally, Closed End Fund Advisors Inc. purchased a new position in SLR Investment in the 4th quarter worth approximately $4,033,000. Institutional investors own 35.32% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on SLRC shares. JPMorgan Chase & Co. dropped their price target on SLR Investment from $13.50 to $12.00 and set an "underweight" rating for the company in a research note on Thursday, July 2nd. Weiss Ratings lowered SLR Investment from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, July 28th. Wall Street Zen raised SLR Investment from a "sell" rating to a "hold" rating in a report on Saturday, September 26th. B. Riley Financial cut shares of SLR Investment from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Finally, Zacks Research upgraded shares of SLR Investment from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, SLR Investment currently has an average rating of "Hold" and a consensus target price of $14.10.

SLR Investment Stock Performance

Shares of SLR Investment stock opened at $11.59 on Thursday. SLR Investment Corp. has a 52 week low of $11.53 and a 52 week high of $16.36. The stock's fifty day moving average is $12.51 and its two-hundred day moving average is $13.28. The company has a market capitalization of $632.29 million, a PE ratio of 8.59 and a beta of 0.64. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.17.

SLR Investment (NASDAQ:SLRC - Get Free Report) last issued its earnings results on Tuesday, August 4th. The financial services provider reported $0.33 EPS for the quarter, hitting analysts' consensus estimates of $0.33. The business had revenue of $20.50 million for the quarter, compared to the consensus estimate of $48.82 million. SLR Investment had a net margin of 35.20% and a return on equity of 7.96%. As a group, analysts expect that SLR Investment Corp. will post 1.31 earnings per share for the current year.

SLR Investment Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were issued a $0.31 dividend. The ex-dividend date was Friday, September 11th. This represents a $1.24 annualized dividend and a dividend yield of 10.7%. SLR Investment's payout ratio is currently 91.85%.

Insider Buying and Selling at SLR Investment

In other SLR Investment news, insider Michael Gross acquired 20,000 shares of the company's stock in a transaction dated Thursday, September 10th. The shares were purchased at an average cost of $12.35 per share, for a total transaction of $247,000.00. Following the completion of the purchase, the insider owned 4,065,153 shares in the company, valued at approximately $50,204,639.55. This trade represents a 0.49% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 8.80% of the company's stock.

SLR Investment Company Profile

SLR Investment Corp. NASDAQ: SLRC is a business development company that provides financing to middle-market companies, primarily in the United States. The company invests mainly in senior secured loans and other debt instruments, with a focus on businesses that may require flexible capital solutions to support acquisitions, growth, recapitalizations, refinancing, and other corporate initiatives.

SLR Investment may also make subordinated debt and equity investments, including investments alongside its lending activities.

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