Columbus Macro LLC boosted its holdings in shares of Ares Capital Corporation (NASDAQ:ARCC – Free Report) by 6.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 576,520 shares of the investment management company’s stock after acquiring an additional 33,142 shares during the period. Ares Capital makes up approximately 1.1% of Columbus Macro LLC’s investment portfolio, making the stock its 25th largest holding. Columbus Macro LLC’s holdings in Ares Capital were worth $11,012,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ARCC. Strs Ohio bought a new stake in shares of Ares Capital in the first quarter worth about $189,210,000. Bank of America Corp DE bought a new position in shares of Ares Capital during the 2nd quarter valued at about $165,569,000. Legal & General Group Plc bought a new position in shares of Ares Capital during the 2nd quarter valued at about $120,538,000. Advisors Capital Management LLC bought a new position in shares of Ares Capital during the 2nd quarter valued at about $63,140,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Ares Capital in the 2nd quarter valued at approximately $53,867,000. 27.38% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts recently issued reports on ARCC shares. JPMorgan Chase & Co. lowered their target price 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. UBS Group raised their target price on shares of Ares Capital from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Tuesday, September 1st. Keefe, Bruyette & Woods cut 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 note on Thursday, July 30th. Truist Financial cut their price target on shares of Ares Capital from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of Ares Capital from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Ares Capital has an average rating of “Moderate Buy” and a consensus target price of $20.39.
Ares Capital Stock Up 0.2%
ARCC stock traded up $0.03 during trading hours on Wednesday, reaching $18.59. 3,969,422 shares of the stock were exchanged, compared to its average volume of 5,817,549. The firm’s 50-day moving average is $19.52 and its 200-day moving average is $18.96. The company has a market cap of $13.35 billion, a price-to-earnings ratio of 13.77 and a beta of 0.61. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.28 and a quick ratio of 1.28. Ares Capital Corporation has a 12 month low of $17.40 and a 12 month high of $21.14.
Ares Capital (NASDAQ:ARCC – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The investment management company reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. The firm had revenue of $768.00 million for the quarter, compared to the consensus estimate of $770.19 million. Ares Capital had a return on equity of 9.80% and a net margin of 30.91%. During the same quarter last year, the business posted $0.50 EPS. On average, equities research analysts expect that Ares Capital Corporation will post 1.91 earnings per share for the current year.
Ares Capital Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 10.3%. The ex-dividend date of this dividend was Tuesday, September 15th. Ares Capital’s dividend payout ratio is currently 142.22%.
Ares Capital Company Profile
Ares Capital Corporation (NASDAQ: ARCC) is a specialty finance company that operates as a business development company (BDC). It provides financing to middle-market companies, primarily through directly originated loans and other investments. Ares Capital seeks to support businesses that may require capital for acquisitions, growth initiatives, recapitalizations, refinancings and other corporate purposes.
The company invests across a range of industries and typically provides first-lien senior secured loans, second-lien loans, subordinated debt and, to a lesser extent, equity investments.
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