Pallas Capital Advisors LLC decreased its position in Ares Capital Co. (NASDAQ:ARCC – Free Report) by 20.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,577 shares of the investment management company’s stock after selling 16,142 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Ares Capital were worth $1,370,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the company. Van ECK Associates Corp grew its holdings in Ares Capital by 8.3% during the 3rd quarter. Van ECK Associates Corp now owns 12,656,154 shares of the investment management company’s stock valued at $272,107,000 after purchasing an additional 975,045 shares in the last quarter. Confluence Investment Management LLC grew its stake in shares of Ares Capital by 1.7% during the third quarter. Confluence Investment Management LLC now owns 3,836,573 shares of the investment management company’s stock valued at $80,338,000 after acquiring an additional 63,999 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Ares Capital by 2,104.7% during the third quarter. International Assets Investment Management LLC now owns 3,613,285 shares of the investment management company’s stock worth $756,620,000 after acquiring an additional 3,449,395 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Ares Capital by 3.2% in the third quarter. JPMorgan Chase & Co. now owns 3,387,097 shares of the investment management company’s stock worth $70,926,000 after acquiring an additional 104,710 shares in the last quarter. Finally, Sound Income Strategies LLC boosted its holdings in Ares Capital by 3.7% in the third quarter. Sound Income Strategies LLC now owns 2,217,277 shares of the investment management company’s stock valued at $46,430,000 after purchasing an additional 79,074 shares during the last quarter. 27.38% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities analysts have issued reports on the company. Wells Fargo & Company raised Ares Capital from an “equal weight” rating to an “overweight” rating in a research report on Thursday, December 12th. StockNews.com raised shares of Ares Capital from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, B. Riley raised their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Ares Capital has an average rating of “Moderate Buy” and an average target price of $22.29.
Ares Capital Stock Up 0.5 %
ARCC stock opened at $22.10 on Tuesday. The firm has a fifty day moving average price of $21.82 and a two-hundred day moving average price of $21.24. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.29 and a quick ratio of 1.29. Ares Capital Co. has a 1-year low of $19.32 and a 1-year high of $22.43. The firm has a market cap of $14.28 billion, a price-to-earnings ratio of 8.50 and a beta of 1.00.
Ares Capital (NASDAQ:ARCC – Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The investment management company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.01). Ares Capital had a return on equity of 12.06% and a net margin of 53.71%. The business had revenue of $755.00 million for the quarter, compared to analyst estimates of $770.45 million. During the same quarter last year, the company earned $0.59 EPS. Ares Capital’s revenue was up 15.3% compared to the same quarter last year. Research analysts predict that Ares Capital Co. will post 2.36 EPS for the current year.
Ares Capital Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.92 dividend on an annualized basis and a yield of 8.69%. Ares Capital’s dividend payout ratio is currently 73.85%.
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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