Spinnaker Trust Takes Position in Ares Capital Corporation (NASDAQ:ARCC)

Spinnaker Trust acquired a new position in shares of Ares Capital Corporation (NASDAQ:ARCC - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 513,981 shares of the investment management company's stock, valued at approximately $11,390,000. Ares Capital makes up approximately 0.7% of Spinnaker Trust's holdings, making the stock its 29th biggest position. Spinnaker Trust owned 0.08% of Ares Capital as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ARCC. World Investment Advisors boosted its stake in shares of Ares Capital by 4.1% during the 4th quarter. World Investment Advisors now owns 12,521 shares of the investment management company's stock worth $274,000 after buying an additional 488 shares during the last quarter. BankPlus Wealth Management LLC increased its position in shares of Ares Capital by 2.5% in the first quarter. BankPlus Wealth Management LLC now owns 19,809 shares of the investment management company's stock valued at $439,000 after acquiring an additional 492 shares during the last quarter. Fiduciary Group LLC raised its holdings in Ares Capital by 2.3% during the fourth quarter. Fiduciary Group LLC now owns 21,851 shares of the investment management company's stock worth $478,000 after acquiring an additional 500 shares in the last quarter. Western Financial Corp CA raised its holdings in Ares Capital by 2.2% during the first quarter. Western Financial Corp CA now owns 26,961 shares of the investment management company's stock worth $597,000 after acquiring an additional 574 shares in the last quarter. Finally, Taylor Frigon Capital Management LLC boosted its position in Ares Capital by 0.6% during the first quarter. Taylor Frigon Capital Management LLC now owns 104,519 shares of the investment management company's stock valued at $2,316,000 after purchasing an additional 582 shares during the last quarter. Institutional investors and hedge funds own 27.38% of the company's stock.

Ares Capital Stock Performance

NASDAQ ARCC opened at $21.95 on Monday. Ares Capital Corporation has a 52-week low of $18.26 and a 52-week high of $23.84. The stock has a market cap of $15.24 billion, a PE ratio of 10.71 and a beta of 0.68. The firm has a 50-day moving average of $21.48 and a 200-day moving average of $21.91. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.40 and a current ratio of 1.40.

Ares Capital (NASDAQ:ARCC - Get Free Report) last issued 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). Ares Capital had a return on equity of 11.05% and a net margin of 43.50%. The company had revenue of $599.00 million for the quarter, compared to analyst estimates of $769.32 million. During the same quarter last year, the business earned $0.59 earnings per share. The company's revenue was up 4.4% on a year-over-year basis. On average, sell-side analysts anticipate that Ares Capital Corporation will post 2.19 EPS for the current year.

Ares Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.48 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.92 annualized dividend and a yield of 8.75%. Ares Capital's dividend payout ratio (DPR) is presently 93.66%.

Analyst Upgrades and Downgrades

ARCC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lowered their price target on Ares Capital from $23.00 to $22.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 8th. Royal Bank Of Canada lowered their target price on shares of Ares Capital from $24.00 to $23.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. JPMorgan Chase & Co. cut their price target on shares of Ares Capital from $24.50 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. B. Riley upgraded shares of Ares Capital to a "hold" rating in a research note on Monday, June 16th. Finally, Wells Fargo & Company upped their target price on shares of Ares Capital from $21.00 to $22.00 and gave the company an "overweight" rating in a report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Ares Capital currently has a consensus rating of "Moderate Buy" and an average target price of $22.00.

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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