Concurrent Investment Advisors LLC Has $2.88 Million Holdings in Ares Capital Corporation $ARCC

Key Points

• Concurrent Investment Advisors increased its Ares Capital stake by 132.4% in the second quarter, adding 88,558 shares to reach 155,429 shares valued at approximately $2.88 million. Institutional investors collectively own 27.38% of ARCC.
• Ares Capital reported quarterly EPS of $0.47, matching analyst expectations, while revenue of $768 million was slightly below the $770.19 million consensus estimate.
• The company declared a quarterly dividend of $0.48 per share, or $1.92 annualized, representing a 9.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $20.60.

Concurrent Investment Advisors LLC lifted its holdings in Ares Capital Corporation (NASDAQ:ARCC - Free Report) by 132.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,429 shares of the investment management company's stock after purchasing an additional 88,558 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Ares Capital were worth $2,880,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ARCC. AQR Capital Management LLC lifted its position in Ares Capital by 6.5% during the 1st quarter. AQR Capital Management LLC now owns 16,502 shares of the investment management company's stock worth $365,000 after buying an additional 1,000 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ares Capital during the 1st quarter worth about $273,000. Goldman Sachs Group Inc. grew its holdings in shares of Ares Capital by 14.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,835,007 shares of the investment management company's stock valued at $62,824,000 after acquiring an additional 358,829 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Ares Capital by 139.9% in the 1st quarter. Empowered Funds LLC now owns 27,655 shares of the investment management company's stock valued at $613,000 after acquiring an additional 16,128 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in shares of Ares Capital in the first quarter valued at about $14,766,000. Institutional investors and hedge funds own 27.38% of the company's stock.

Ares Capital Price Performance

Shares of ARCC stock opened at $20.04 on Tuesday. 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 firm's 50-day moving average is $19.33 and its 200-day moving average is $18.86. The stock has a market cap of $14.39 billion, a price-to-earnings ratio of 14.84 and a beta of 0.57. Ares Capital Corporation has a 52-week low of $17.40 and a 52-week high of $22.51.

Ares Capital (NASDAQ:ARCC - Get Free Report) last issued its 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. Ares Capital had a net margin of 30.91% and a return on equity of 9.80%. The business had revenue of $768.00 million during the quarter, compared to the consensus estimate of $770.19 million. During the same period last year, the business posted $0.50 EPS. Sell-side analysts predict that Ares Capital Corporation will post 1.91 EPS for the current year.

Ares Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 9.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Ares Capital's dividend payout ratio (DPR) is presently 142.22%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. UBS Group upped their target price on 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 decreased their price target on Ares Capital from $21.00 to $20.00 and set an "outperform" rating for the company in a research note on Thursday, July 30th. Truist Financial lowered their price target on Ares Capital from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Wells Fargo & Company reiterated 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, JPMorgan Chase & Co. cut their price objective on Ares Capital from $19.00 to $18.50 and set an "overweight" rating for the company in a report on Thursday, July 2nd. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $20.60.

About Ares Capital

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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