Palogic Value Management L.P. purchased a new stake in Ares Capital Corporation (NASDAQ:ARCC – Free Report) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 110,948 shares of the investment management company’s stock, valued at approximately $2,056,000.
Several other institutional investors also recently bought and sold shares of the company. Palladiem LLC acquired a new position in shares of Ares Capital during the fourth quarter valued at approximately $26,000. SWAN Capital LLC purchased a new position in shares of Ares Capital in the third quarter valued at approximately $27,000. Sankala Group LLC acquired a new stake in shares of Ares Capital in the fourth quarter worth approximately $28,000. Core Wealth Advisors LLC acquired a new stake in shares of Ares Capital in the fourth quarter worth approximately $33,000. Finally, Quarry LP purchased a new stake in shares of Ares Capital during the third quarter worth approximately $33,000. 27.38% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
ARCC has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their price objective on Ares Capital from $19.00 to $18.50 and set an “overweight” rating for the company in a research note on Thursday, July 2nd. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $19.00 target price (down from $20.00) on shares of Ares Capital in a report on Friday, June 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ares Capital in a research report on Tuesday, June 9th. Oppenheimer decreased their price target on shares of Ares Capital from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Ares Capital from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, July 30th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Ares Capital presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.40.
Ares Capital Stock Down 0.2%
Shares of NASDAQ:ARCC opened at $19.90 on Thursday. Ares Capital Corporation has a 52-week low of $17.40 and a 52-week high of $22.51. The stock has a market cap of $14.29 billion, a P/E ratio of 14.74 and a beta of 0.56. The business has a fifty day moving average of $19.02 and a two-hundred day moving average of $18.83. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.14.
Ares Capital (NASDAQ:ARCC – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The investment management company reported $0.47 earnings per share for the quarter, meeting the consensus estimate of $0.47. Ares Capital had a net margin of 30.91% and a return on equity of 9.80%. The firm had revenue of $768.00 million for the quarter, compared to analysts’ expectations of $770.19 million. During the same quarter in the previous year, the company posted $0.50 EPS. On average, research analysts expect that Ares Capital Corporation will post 1.91 earnings per share for the current year.
Ares Capital Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.92 annualized dividend and a dividend yield of 9.6%. Ares Capital’s dividend payout ratio is 142.22%.
Ares Capital Profile
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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