Patriot Investment Management Group Inc. bought a new position in shares of Ares Capital Corporation (NASDAQ:ARCC – Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 28,531 shares of the investment management company’s stock, valued at approximately $545,000.
A number of other hedge funds also recently modified their holdings of ARCC. Strs Ohio acquired a new position in shares of Ares Capital in the 1st quarter valued at approximately $189,210,000. Bank of America Corp DE bought a new position in Ares Capital in the second quarter valued at approximately $165,569,000. Legal & General Group Plc acquired a new position in Ares Capital during the second quarter valued at approximately $120,538,000. Advisors Capital Management LLC acquired a new position in Ares Capital during the second quarter valued at approximately $63,140,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in Ares Capital during the second quarter valued at approximately $53,867,000. Institutional investors own 27.38% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on ARCC shares. Keefe, Bruyette & Woods reduced their target price on Ares Capital from $21.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, July 30th. UBS Group boosted their price target on Ares Capital from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Tuesday, September 1st. JPMorgan Chase & Co. lowered their price target on Ares Capital from $19.00 to $18.50 and set an “overweight” rating for the company in a report on Thursday, July 2nd. Wall Street Zen upgraded Ares Capital from a “sell” rating to a “hold” rating in a research report on Saturday, September 19th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ares Capital in a research report on Friday, September 4th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.39.
Get Our Latest Analysis on ARCC
Ares Capital Stock Up 1.8%
Shares of ARCC opened at $18.92 on Friday. Ares Capital Corporation has a 52 week low of $17.40 and a 52 week high of $21.14. The stock has a market capitalization of $13.58 billion, a price-to-earnings ratio of 14.01 and a beta of 0.61. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.28 and a current ratio of 1.28. The stock has a fifty day moving average of $19.49 and a 200-day moving average of $18.97.
Ares Capital (NASDAQ:ARCC – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The investment management company reported $0.47 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.47. The business had revenue of $768.00 million for the quarter, compared to analyst estimates 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 in the previous year, the company posted $0.50 EPS. As a group, sell-side analysts anticipate that Ares Capital Corporation will post 1.91 earnings per share for the current fiscal year.
Ares Capital Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 10.1%. The ex-dividend date was Tuesday, September 15th. Ares Capital’s payout ratio is 142.22%.
About Ares Capital
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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