Sterling Group Wealth Management LLC decreased its stake in Ares Capital Corporation (NASDAQ:ARCC – Free Report) by 72.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 10,411 shares of the investment management company’s stock after selling 27,069 shares during the period. Sterling Group Wealth Management LLC’s holdings in Ares Capital were worth $188,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in ARCC. Morgan Stanley grew its stake in Ares Capital by 2.0% in the fourth quarter. Morgan Stanley now owns 17,558,581 shares of the investment management company’s stock valued at $355,210,000 after acquiring an additional 341,578 shares during the period. UBS Group AG boosted its stake in shares of Ares Capital by 41.8% during the 4th quarter. UBS Group AG now owns 11,201,905 shares of the investment management company’s stock worth $226,615,000 after buying an additional 3,301,890 shares during the last quarter. Strs Ohio acquired a new stake in shares of Ares Capital in the first quarter valued at about $189,210,000. Bank of America Corp DE raised its holdings in Ares Capital by 8.9% during the second quarter. Bank of America Corp DE now owns 8,678,129 shares of the investment management company’s stock worth $190,572,000 after acquiring an additional 705,882 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Ares Capital by 16.4% during the fourth quarter. Legal & General Group Plc now owns 5,408,067 shares of the investment management company’s stock valued at $109,432,000 after purchasing an additional 761,838 shares during the last quarter. 27.38% of the stock is owned by institutional investors.
Ares Capital Stock Performance
Shares of Ares Capital stock opened at $18.64 on Tuesday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 1.13. The company has a market cap of $13.38 billion, a PE ratio of 11.44 and a beta of 0.56. The company has a 50 day moving average of $18.66 and a 200-day moving average of $19.04. Ares Capital Corporation has a 1-year low of $17.40 and a 1-year high of $23.42.
Ares Capital Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 10.3%. Ares Capital’s payout ratio is 117.79%.
Analysts Set New Price Targets
Several research firms have weighed in on ARCC. Royal Bank Of Canada lowered their price target on Ares Capital from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ares Capital in a research report on Tuesday, June 9th. 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 research note on Wednesday, April 29th. Wells Fargo & Company restated an “equal weight” rating and set a $19.00 price objective (down from $20.00) on shares of Ares Capital in a research note on Friday, June 12th. Finally, Truist Financial cut 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. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $20.60.
Read Our Latest Report on ARCC
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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