Naviter Wealth LLC Sells 21,282 Shares of Ares Capital Corporation $ARCC

Key Points

• Naviter Wealth LLC reduced its holdings in Ares Capital Corporation by 3.1%, selling 21,282 shares to end up with a total of 662,019 shares, representing 1.8% of its portfolio.
• Analysts have set a consensus price target of $22.81 for Ares Capital, with a mix of ratings including eight Buy and two Hold ratings.
• Ares Capital announced a quarterly dividend of $0.48, yielding 9.9% annually, reflecting a payout ratio of 93.66%.

Naviter Wealth LLC lessened its holdings in shares of Ares Capital Corporation (NASDAQ:ARCC - Free Report) by 3.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 662,019 shares of the investment management company's stock after selling 21,282 shares during the period. Ares Capital comprises 1.8% of Naviter Wealth LLC's holdings, making the stock its 11th largest holding. Naviter Wealth LLC owned 0.10% of Ares Capital worth $14,538,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Elequin Capital LP acquired a new position in shares of Ares Capital during the 1st quarter worth approximately $30,000. Continuum Advisory LLC grew 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 worth $36,000 after purchasing an additional 1,241 shares in the last quarter. Wolff Wiese Magana LLC acquired a new position in shares of Ares Capital during the 2nd quarter worth approximately $40,000. Investment Management Corp VA ADV grew 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 worth $41,000 after purchasing an additional 1,206 shares in the last quarter. Finally, PSI Advisors LLC grew 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 worth $47,000 after purchasing an additional 1,150 shares in the last quarter. Institutional investors and hedge funds own 27.38% of the company's stock.

Analysts Set New Price Targets

ARCC has been the topic of a number of analyst reports. Capital One Financial set a $22.50 target price on shares of Ares Capital in a research report on Friday. Citigroup reiterated an "outperform" rating on shares of Ares Capital in a research report on Thursday, July 31st. Weiss Ratings reiterated a "buy (b)" rating on shares of Ares Capital in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Ares Capital from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Wells Fargo & Company increased their price target on shares of Ares Capital from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Ares Capital currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.81.

Ares Capital Stock Performance

NASDAQ ARCC opened at $19.49 on Tuesday. The firm has a market capitalization of $13.75 billion, a price-to-earnings ratio of 9.51 and a beta of 0.68. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.01. The firm's 50 day simple moving average is $21.55 and its 200 day simple moving average is $21.60. 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 issued its quarterly earnings data on Tuesday, July 29th. The investment management company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.01). The company had revenue of $614.00 million during the quarter, compared to the consensus estimate of $748.76 million. Ares Capital had a net margin of 44.94% and a return on equity of 10.48%. During the same period in the previous year, the company earned $0.61 EPS. As a group, research analysts expect that Ares Capital Corporation will post 2.19 earnings per share for the current fiscal year.

Ares Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a $0.48 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.92 annualized dividend and a yield of 9.9%. Ares Capital's dividend payout ratio is presently 93.66%.

About Ares Capital

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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