Ares Capital (NASDAQ:ARCC – Get Free Report) was downgraded by investment analysts at Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Friday,Zacks.com reports.
ARCC has been the topic of a number of other reports. Citizens Jmp lowered their price objective on shares of Ares Capital from $23.00 to $22.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 22nd. Truist Financial reduced their target price on shares of Ares Capital from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. JPMorgan Chase & Co. lowered their target price on shares of Ares Capital from $22.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, March 13th. Oppenheimer cut their price target on shares of Ares Capital from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Wednesday, April 29th. Finally, UBS Group reduced their price objective on shares of Ares Capital from $21.00 to $19.00 and set a “neutral” rating for the company in a research report on Friday, March 13th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.65.
Check Out Our Latest Report on ARCC
Ares Capital Stock Up 1.0%
Ares Capital (NASDAQ:ARCC – Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The investment management company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.01). Ares Capital had a return on equity of 9.85% and a net margin of 37.30%.The business had revenue of $763.00 million for the quarter, compared to analysts’ expectations of $778.00 million. During the same period in the previous year, the business posted $0.50 earnings per share. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. Sell-side analysts expect that Ares Capital will post 1.91 earnings per share for the current year.
Institutional Trading of Ares Capital
Institutional investors have recently added to or reduced their stakes in the stock. LFG Wealth Partners LLC grew its position in Ares Capital by 34.8% during the first quarter. LFG Wealth Partners LLC now owns 164,037 shares of the investment management company’s stock worth $2,956,000 after buying an additional 42,384 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in shares of Ares Capital during the 1st quarter valued at approximately $2,364,000. Western Wealth Management LLC lifted its position in shares of Ares Capital by 15.3% during the 1st quarter. Western Wealth Management LLC now owns 76,957 shares of the investment management company’s stock valued at $1,387,000 after acquiring an additional 10,198 shares during the period. Orographic Financial Advisors LLC purchased a new stake in shares of Ares Capital during the 1st quarter worth approximately $1,816,000. Finally, Bank of America Corp DE boosted its stake in shares of Ares Capital by 16.0% during the 1st quarter. Bank of America Corp DE now owns 9,135,454 shares of the investment management company’s stock worth $164,621,000 after acquiring an additional 1,259,230 shares in the last quarter. Hedge funds and other institutional investors own 27.38% of the company’s stock.
About Ares Capital
Ares Capital Corporation (NASDAQ: ARCC) is a publicly traded business development company (BDC) that specializes in providing debt and equity financing solutions to U.S. middle-market companies. As a BDC, Ares Capital offers investors access to a diversified portfolio of tailored credit investments, including senior secured loans, unitranche financing, mezzanine debt and equity co-investments. The firm’s flexible capital structures are designed to support companies seeking growth capital, refinancing or strategic acquisitions.
Through its credit platform, Ares Capital focuses on originations, underwriting and portfolio management across a range of industries, with a particular emphasis on sectors such as healthcare, technology, industrials and business services.
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