Gateway Wealth Partners LLC Acquires New Position in Ares Capital Corporation (NASDAQ:ARCC)

Gateway Wealth Partners LLC acquired a new stake in shares of Ares Capital Corporation (NASDAQ:ARCC - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 102,393 shares of the investment management company's stock, valued at approximately $2,269,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its position in Ares Capital by 0.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 241,119 shares of the investment management company's stock valued at $5,343,000 after purchasing an additional 1,776 shares in the last quarter. M&T Bank Corp purchased a new position in Ares Capital during the fourth quarter valued at approximately $222,000. Mirae Asset Global Investments Co. Ltd. grew its position in Ares Capital by 18.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 47,840 shares of the investment management company's stock valued at $1,058,000 after purchasing an additional 7,381 shares in the last quarter. Bessemer Group Inc. grew its position in Ares Capital by 23,571.4% during the first quarter. Bessemer Group Inc. now owns 3,314 shares of the investment management company's stock valued at $73,000 after purchasing an additional 3,300 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Ares Capital by 2,116.0% during the first quarter. GAMMA Investing LLC now owns 13,274 shares of the investment management company's stock valued at $2,940,000 after purchasing an additional 12,675 shares in the last quarter. 27.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on ARCC. Wells Fargo & Company boosted their target price 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. UBS Group decreased their target price 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. Keefe, Bruyette & Woods decreased their target price 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. B. Riley raised shares of Ares Capital to a "hold" rating in a research report on Monday, June 16th. Finally, Royal Bank Of Canada decreased their target price 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Ares Capital presently has an average rating of "Moderate Buy" and a consensus price target of $22.00.

Ares Capital Price Performance

NASDAQ ARCC opened at $22.78 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 1.02. The company has a fifty day simple moving average of $21.78 and a 200 day simple moving average of $21.96. The company has a market cap of $15.81 billion, a P/E ratio of 11.11 and a beta of 0.67. Ares Capital Corporation has a 1 year low of $18.26 and a 1 year high of $23.84.

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

Ares Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 8.43%. The ex-dividend date of this dividend was Friday, June 13th. Ares Capital's payout ratio is currently 93.66%.

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.

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