Cary Street Partners Financial LLC Invests $621,000 in Ares Capital Co. (NASDAQ:ARCC)

Cary Street Partners Financial LLC purchased a new position in Ares Capital Co. (NASDAQ:ARCC - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 28,350 shares of the investment management company's stock, valued at approximately $621,000.

A number of other institutional investors also recently modified their holdings of ARCC. Van ECK Associates Corp boosted its position in Ares Capital by 11.8% during the fourth quarter. Van ECK Associates Corp now owns 14,145,706 shares of the investment management company's stock valued at $309,649,000 after acquiring an additional 1,489,552 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Ares Capital by 12.3% during the 4th quarter. Bank of America Corp DE now owns 7,951,926 shares of the investment management company's stock valued at $174,068,000 after purchasing an additional 871,370 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Ares Capital by 26.0% during the fourth quarter. JPMorgan Chase & Co. now owns 4,268,547 shares of the investment management company's stock worth $93,439,000 after purchasing an additional 881,450 shares during the period. Generali Asset Management SPA SGR bought a new stake in Ares Capital in the fourth quarter worth approximately $84,426,000. Finally, Advisors Capital Management LLC boosted its holdings in shares of Ares Capital by 3.1% during the 4th quarter. Advisors Capital Management LLC now owns 3,523,651 shares of the investment management company's stock worth $77,133,000 after buying an additional 105,526 shares in the last quarter. 27.38% of the stock is owned by institutional investors.

Ares Capital Stock Up 0.4 %

NASDAQ:ARCC traded up $0.08 on Friday, hitting $21.08. The stock had a trading volume of 4,359,697 shares, compared to its average volume of 4,135,004. Ares Capital Co. has a 1 year low of $18.26 and a 1 year high of $23.84. The firm's fifty day simple moving average is $21.11 and its two-hundred day simple moving average is $21.89. The stock has a market cap of $14.54 billion, a P/E ratio of 8.60 and a beta of 0.70. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.21 and a current ratio of 1.21.

Ares Capital (NASDAQ:ARCC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The investment management company reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.04). Ares Capital had a return on equity of 11.54% and a net margin of 50.90%. The business had revenue of $599.00 million for the quarter, compared to the consensus estimate of $769.32 million. During the same quarter last year, the business posted $0.59 earnings per share. The business's revenue was up 4.4% compared to the same quarter last year. Analysts predict that Ares Capital Co. will post 2.19 earnings per share for the current year.

Ares Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 9.11%. The ex-dividend date of this dividend is Friday, June 13th. Ares Capital's dividend payout ratio is 93.66%.

Wall Street Analysts Forecast Growth

ARCC has been the subject of a number of research reports. Raymond James cut shares of Ares Capital from an "outperform" rating to a "market perform" rating in a report on Thursday, February 6th. JPMorgan Chase & Co. cut their price target on Ares Capital from $24.50 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. StockNews.com downgraded Ares Capital from a "hold" rating to a "sell" rating in a report on Friday, February 7th. Keefe, Bruyette & Woods reduced their price target on shares of Ares Capital from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company lowered their price objective on shares of Ares Capital from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.00.

Ares Capital Company Profile

Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors.