Financial Gravity Asset Management Inc. Makes New Investment in Ares Capital Corporation (NASDAQ:ARCC)

Financial Gravity Asset Management Inc. acquired a new position in Ares Capital Corporation (NASDAQ:ARCC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 62,432 shares of the investment management company's stock, valued at approximately $1,384,000.

Other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its position in Ares Capital by 0.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 241,119 shares of the investment management company's stock worth $5,343,000 after purchasing an additional 1,776 shares during the last quarter. M&T Bank Corp bought a new position in Ares Capital in the 4th quarter worth approximately $222,000. Mirae Asset Global Investments Co. Ltd. raised its position in Ares Capital by 18.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 47,840 shares of the investment management company's stock worth $1,058,000 after purchasing an additional 7,381 shares during the last quarter. Bessemer Group Inc. raised its position in Ares Capital by 23,571.4% in the 1st quarter. Bessemer Group Inc. now owns 3,314 shares of the investment management company's stock worth $73,000 after purchasing an additional 3,300 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Ares Capital by 2,116.0% in the 1st quarter. GAMMA Investing LLC now owns 13,274 shares of the investment management company's stock worth $2,940,000 after purchasing an additional 12,675 shares during the last quarter. Institutional investors own 27.38% of the company's stock.

Ares Capital Stock Up 0.3%

ARCC traded up $0.06 during trading on Friday, hitting $22.84. The company had a trading volume of 2,646,760 shares, compared to its average volume of 4,214,170. The company has a market capitalization of $15.86 billion, a PE ratio of 11.14 and a beta of 0.67. Ares Capital Corporation has a one year low of $18.26 and a one year high of $23.84. The firm's 50-day moving average price is $21.82 and its 200 day moving average price is $21.97. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.02.

Ares Capital (NASDAQ:ARCC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The investment management company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.04). The company had revenue of $599.00 million during the quarter, compared to the consensus estimate of $769.32 million. Ares Capital had a net margin of 43.50% and a return on equity of 11.05%. The company's revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.59 earnings per share. As a group, equities analysts expect that Ares Capital Corporation will post 2.19 earnings per share for the current year.

Ares Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.92 annualized dividend and a yield of 8.41%. Ares Capital's dividend payout ratio (DPR) is presently 93.66%.

Analyst Upgrades and Downgrades

ARCC has been the subject of several research analyst reports. UBS Group dropped their price objective on shares of Ares Capital from $22.00 to $21.00 and set a "neutral" rating for the company in a research report on Thursday, April 17th. Wells Fargo & Company boosted their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Royal Bank Of Canada dropped their price objective on shares of Ares Capital from $24.00 to $23.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. B. Riley raised shares of Ares Capital to a "hold" rating in a report on Monday, June 16th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Ares Capital from $24.50 to $22.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Ares Capital currently has a consensus rating of "Moderate Buy" and an average price target 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.