Belpointe Asset Management LLC Sells 18,002 Shares of Ares Capital Corporation $ARCC

Key Points

• Belpointe Asset Management LLC decreased its stake in Ares Capital Corporation by 40.6%, selling 18,002 shares and ending the quarter with 26,356 shares valued at approximately $579,000.
• Ares Capital announced a quarterly dividend of $0.48, yielding 10.1%, with a dividend payout ratio of 93.66%.
• Analyst ratings for Ares Capital show a consensus rating of "Moderate Buy" with an average target price of $22.86, indicating positive market sentiment overall.

Belpointe Asset Management LLC reduced its stake in shares of Ares Capital Corporation (NASDAQ:ARCC - Free Report) by 40.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,356 shares of the investment management company's stock after selling 18,002 shares during the quarter. Belpointe Asset Management LLC's holdings in Ares Capital were worth $579,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Kingstone Capital Partners Texas LLC bought a new position in shares of Ares Capital during the second quarter valued at about $877,203,000. Confluence Investment Management LLC grew its stake in shares of Ares Capital by 0.6% during the second quarter. Confluence Investment Management LLC now owns 3,796,791 shares of the investment management company's stock valued at $83,378,000 after buying an additional 21,344 shares during the last quarter. Advisors Capital Management LLC grew its stake in shares of Ares Capital by 3.0% during the first quarter. Advisors Capital Management LLC now owns 3,627,990 shares of the investment management company's stock valued at $80,396,000 after buying an additional 104,339 shares during the last quarter. LPL Financial LLC grew its stake in shares of Ares Capital by 9.0% during the first quarter. LPL Financial LLC now owns 3,567,816 shares of the investment management company's stock valued at $79,063,000 after buying an additional 293,442 shares during the last quarter. Finally, Allen Investment Management LLC grew its stake in shares of Ares Capital by 8.4% in the first quarter. Allen Investment Management LLC now owns 2,975,197 shares of the investment management company's stock worth $65,930,000 after purchasing an additional 230,924 shares during the last quarter. 27.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Ares Capital from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 1st. Citigroup reissued an "outperform" rating on shares of Ares Capital in a research note on Thursday, July 31st. JMP Securities set a $23.00 target price on Ares Capital and gave the stock a "market outperform" rating in a research note on Thursday, July 31st. UBS Group raised their target price on Ares Capital from $22.00 to $22.50 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods raised their target price on Ares Capital from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Ares Capital has an average rating of "Moderate Buy" and a consensus price target of $22.86.

Ares Capital Stock Performance

Shares of ARCC opened at $19.10 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.14 and a quick ratio of 1.14. Ares Capital Corporation has a one year low of $18.26 and a one year high of $23.84. The company has a 50-day simple moving average of $21.68 and a two-hundred day simple moving average of $21.65. The firm has a market capitalization of $13.47 billion, a PE ratio of 9.32 and a beta of 0.68.

Ares Capital (NASDAQ:ARCC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The investment management company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.01). Ares Capital had a return on equity of 10.48% and a net margin of 44.94%.The company had revenue of $614.00 million during the quarter, compared to analysts' expectations of $748.76 million. During the same quarter last year, the business earned $0.61 earnings per share. On average, analysts anticipate that Ares Capital Corporation will post 2.19 EPS for the current fiscal year.

Ares Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a $0.48 dividend. The ex-dividend date was Monday, September 15th. This represents a $1.92 annualized dividend and a yield of 10.1%. Ares Capital's dividend payout ratio (DPR) is 93.66%.

Ares Capital 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.

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