CIBC Private Wealth Group LLC lifted its stake in shares of Ares Capital Co. (NASDAQ:ARCC) by 1.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 178,538 shares of the investment management company’s stock after acquiring an additional 2,799 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Ares Capital were worth $3,060,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of ARCC. GWM Advisors LLC raised its position in Ares Capital by 91.5% during the fourth quarter. GWM Advisors LLC now owns 22,520 shares of the investment management company’s stock valued at $351,000 after purchasing an additional 10,760 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of Ares Capital in the 4th quarter worth $124,000. Keybank National Association OH boosted its position in shares of Ares Capital by 50.6% in the 4th quarter. Keybank National Association OH now owns 50,527 shares of the investment management company’s stock worth $787,000 after purchasing an additional 16,967 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Ares Capital by 6.2% in the 4th quarter. Advisors Asset Management Inc. now owns 546,755 shares of the investment management company’s stock worth $8,518,000 after purchasing an additional 32,007 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Ares Capital by 138.6% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 6,573 shares of the investment management company’s stock worth $102,000 after purchasing an additional 3,818 shares in the last quarter. 37.58% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ ARCC traded down $0.12 during trading on Wednesday, reaching $17.68. 1,630,380 shares of the company traded hands, compared to its average volume of 1,905,745. The company has a fifty day moving average price of $17.83. The firm has a market cap of $7.59 billion, a PE ratio of 10.52 and a beta of 0.64. Ares Capital Co. has a 12-month low of $14.50 and a 12-month high of $18.24. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.47 and a current ratio of 2.47.
Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings results on Tuesday, April 30th. The investment management company reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.06. Ares Capital had a return on equity of 10.12% and a net margin of 59.58%. The firm had revenue of $373.00 million during the quarter, compared to analyst estimates of $337.96 million. During the same quarter in the previous year, the business earned $0.57 EPS. As a group, equities analysts expect that Ares Capital Co. will post 1.79 earnings per share for the current fiscal year.
The firm also recently declared a special dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a dividend yield of 9.04%. Ares Capital’s dividend payout ratio is presently 95.24%.
In other Ares Capital news, Director Steven B. Mckeever purchased 5,640 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $17.52 per share, for a total transaction of $98,812.80. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel G. Kelly, Jr. acquired 4,500 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $18.01 per share, for a total transaction of $81,045.00. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 20,465 shares of company stock valued at $361,733. 0.53% of the stock is owned by company insiders.
A number of analysts have recently weighed in on the company. BidaskClub cut Ares Capital from a “buy” rating to a “hold” rating in a research report on Friday, June 14th. Wedbush set a $20.00 target price on Ares Capital and gave the stock a “buy” rating in a research note on Tuesday, May 14th. National Securities restated a “buy” rating and issued a $20.00 target price on shares of Ares Capital in a research note on Wednesday, May 1st. Finally, Zacks Investment Research lowered Ares Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $19.25.
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.
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