Kestra Advisory Services LLC Sells 12,296 Shares of Ares Capital Corporation $ARCC

Key Points

• Kestra Advisory Services LLC sold 12,296 shares of Ares Capital Corporation, reducing its stake by 3.8%, with its holdings now valued at approximately $6.97 million.
• Several institutional investors increased their positions in Ares Capital, with notable boosts from Continuum Advisory LLC and Investment Management Corp VA ADV, indicating a growing interest in the stock.
• Ares Capital recently announced a quarterly dividend of $0.48 per share, equating to an annual yield of 8.7%, with the payment date set for September 30th.

Kestra Advisory Services LLC decreased its stake in shares of Ares Capital Corporation (NASDAQ:ARCC - Free Report) by 3.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 314,641 shares of the investment management company's stock after selling 12,296 shares during the quarter. Kestra Advisory Services LLC's holdings in Ares Capital were worth $6,972,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Elequin Capital LP acquired a new stake in shares of Ares Capital during the 1st quarter valued at about $30,000. Continuum Advisory LLC boosted its position in shares of Ares Capital by 320.7% during the 1st quarter. Continuum Advisory LLC now owns 1,628 shares of the investment management company's stock valued at $36,000 after acquiring an additional 1,241 shares in the last quarter. Investment Management Corp VA ADV boosted its position in shares of Ares Capital by 193.9% during the 1st quarter. Investment Management Corp VA ADV now owns 1,828 shares of the investment management company's stock valued at $41,000 after acquiring an additional 1,206 shares in the last quarter. PSI Advisors LLC boosted its position in shares of Ares Capital by 121.1% during the 1st quarter. PSI Advisors LLC now owns 2,100 shares of the investment management company's stock valued at $47,000 after acquiring an additional 1,150 shares in the last quarter. Finally, Archer Investment Corp boosted its position in shares of Ares Capital by 281.3% during the 1st quarter. Archer Investment Corp now owns 2,440 shares of the investment management company's stock valued at $54,000 after acquiring an additional 1,800 shares in the last quarter. 27.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ARCC shares. Keefe, Bruyette & Woods lifted their target price on shares of Ares Capital from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada decreased their target price on shares of Ares Capital from $24.00 to $23.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Citigroup reiterated an "outperform" rating on shares of Ares Capital in a research report on Thursday, July 31st. Wall Street Zen upgraded shares of Ares Capital from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Wells Fargo & Company boosted their price target on shares of Ares Capital from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Ares Capital currently has an average rating of "Moderate Buy" and a consensus price target of $22.86.

Ares Capital Price Performance

Shares of ARCC stock opened at $22.08 on Tuesday. Ares Capital Corporation has a 1 year low of $18.26 and a 1 year high of $23.84. The firm's 50 day moving average is $22.39 and its 200-day moving average is $21.94. The firm has a market capitalization of $15.57 billion, a price-to-earnings ratio of 10.77 and a beta of 0.70. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.01.

Ares Capital (NASDAQ:ARCC - Get Free Report) last announced its earnings results on Tuesday, July 29th. The investment management company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $748.76 million. During the same quarter in the previous year, the company posted $0.61 earnings per share. Sell-side analysts forecast that Ares Capital Corporation will post 2.19 EPS for the current fiscal year.

Ares Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 8.7%. The ex-dividend date is Monday, September 15th. Ares Capital's dividend payout ratio is presently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.