Confluence Investment Management LLC lessened its holdings in shares of Ares Capital Co. (NASDAQ:ARCC - Free Report) by 1.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,775,447 shares of the investment management company's stock after selling 37,774 shares during the quarter. Confluence Investment Management LLC owned about 0.55% of Ares Capital worth $83,664,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the business. Generali Asset Management SPA SGR purchased a new position in shares of Ares Capital during the fourth quarter valued at approximately $84,426,000. Raymond James Financial Inc. purchased a new stake in Ares Capital in the fourth quarter worth $58,159,000. Van ECK Associates Corp grew its stake in shares of Ares Capital by 11.8% in the fourth quarter. Van ECK Associates Corp now owns 14,145,706 shares of the investment management company's stock worth $309,649,000 after acquiring an additional 1,489,552 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Ares Capital by 81.0% in the fourth quarter. Two Sigma Investments LP now owns 2,678,525 shares of the investment management company's stock worth $58,633,000 after acquiring an additional 1,198,580 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of 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 valued at $93,439,000 after buying an additional 881,450 shares during the last quarter. Institutional investors own 27.38% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on ARCC. JPMorgan Chase & Co. dropped their target price on Ares Capital from $24.50 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. UBS Group reduced their price objective on Ares Capital from $22.00 to $21.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. Wells Fargo & Company lowered their price objective on Ares Capital from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Raymond James cut Ares Capital from an "outperform" rating to a "market perform" rating in a report on Thursday, February 6th. Finally, Royal Bank of Canada decreased their price objective on Ares Capital from $24.00 to $23.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $22.00.
Check Out Our Latest Report on Ares Capital
Ares Capital Trading Down 0.4%
NASDAQ ARCC traded down $0.10 on Monday, reaching $21.95. 1,252,394 shares of the company were exchanged, compared to its average volume of 4,136,222. The business's fifty day moving average price is $21.05 and its 200 day moving average price is $21.93. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 1.03. Ares Capital Co. has a fifty-two week low of $18.26 and a fifty-two week high of $23.84. The stock has a market capitalization of $15.24 billion, a P/E ratio of 8.96 and a beta of 0.70.
Ares Capital (NASDAQ:ARCC - Get Free Report) last issued its earnings results on Tuesday, April 29th. The investment management company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.04). The business had revenue of $599.00 million for the quarter, compared to analyst estimates of $769.32 million. Ares Capital had a return on equity of 11.54% and a net margin of 50.90%. Ares Capital's revenue was up 4.4% on a year-over-year basis. During the same period last year, the business posted $0.59 EPS. Analysts forecast that Ares Capital Co. will post 2.19 earnings per share for the current year.
Ares Capital Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.48 per share. The ex-dividend date is Friday, June 13th. This represents a $1.92 dividend on an annualized basis and a yield of 8.75%. Ares Capital's payout ratio is 93.66%.
About Ares Capital
(
Free Report)
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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