Sequoia Financial Advisors LLC bought a new position in shares of Ares Capital Corp. (NASDAQ:ARCC) during the second quarter, Holdings Channel reports. The institutional investor bought 17,379 shares of the investment management company’s stock, valued at approximately $247,000.
A number of other hedge funds have also recently added to or reduced their stakes in ARCC. LGT Capital Partners LTD. purchased a new stake in Ares Capital Corp. during the second quarter worth $26,128,000. BlackRock Group LTD increased its stake in Ares Capital Corp. by 32.7% in the first quarter. BlackRock Group LTD now owns 1,118,375 shares of the investment management company’s stock worth $16,597,000 after buying an additional 275,856 shares in the last quarter. Confluence Investment Management LLC increased its stake in Ares Capital Corp. by 7.6% in the second quarter. Confluence Investment Management LLC now owns 3,834,909 shares of the investment management company’s stock worth $54,456,000 after buying an additional 271,329 shares in the last quarter. LPL Financial LLC increased its stake in Ares Capital Corp. by 18.2% in the first quarter. LPL Financial LLC now owns 1,212,534 shares of the investment management company’s stock worth $17,958,000 after buying an additional 187,051 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in Ares Capital Corp. during the first quarter worth $2,597,000. 49.37% of the stock is owned by institutional investors and hedge funds.
Ares Capital Corp. (NASDAQ:ARCC) traded up 1.12% during mid-day trading on Wednesday, reaching $15.40. 1,256,928 shares of the company traded hands. The company’s 50-day moving average is $15.64 and its 200-day moving average is $15.12. Ares Capital Corp. has a 12-month low of $12.31 and a 12-month high of $16.43.
Ares Capital Corp. (NASDAQ:ARCC) last announced its quarterly earnings data on Wednesday, August 3rd. The investment management company reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Ares Capital Corp. had a return on equity of 9.44% and a net margin of 41.39%. During the same period in the prior year, the company earned $0.37 earnings per share. On average, equities analysts forecast that Ares Capital Corp. will post $1.53 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were given a $0.38 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.52 annualized dividend and a yield of 9.87%. Ares Capital Corp.’s payout ratio is currently 113.43%.
ARCC has been the subject of several recent analyst reports. National Securities initiated coverage on shares of Ares Capital Corp. in a research report on Tuesday, June 28th. They set a “neutral” rating and a $16.00 price objective for the company. Zacks Investment Research downgraded shares of Ares Capital Corp. from a “hold” rating to a “sell” rating in a research report on Monday, July 18th. Jefferies Group reaffirmed a “buy” rating and set a $17.50 price objective on shares of Ares Capital Corp. in a research report on Thursday, August 4th. Keefe, Bruyette & Woods raised their price objective on shares of Ares Capital Corp. from $17.00 to $17.50 and gave the stock an “outperform” rating in a research report on Thursday, August 4th. Finally, JMP Securities raised their price objective on shares of Ares Capital Corp. from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Tuesday, August 9th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $16.71.
In related news, insider Mitchell S. Goldstein acquired 6,472 shares of the stock in a transaction on Monday, August 15th. The stock was purchased at an average price of $15.45 per share, for a total transaction of $99,992.40. Following the completion of the transaction, the insider now owns 195,358 shares of the company’s stock, valued at approximately $3,018,281.10. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.57% of the stock is owned by company insiders.
Ares Capital Corp. Company Profile
Ares Capital Corporation is a specialty finance company that is a closed-end, non-diversified management investment company. The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in the United States middle-market companies.
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