Essex Financial Services Inc. acquired a new stake in Ares Capital Co. (NASDAQ:ARCC) during the first quarter, HoldingsChannel.com reports. The fund acquired 33,433 shares of the investment management company’s stock, valued at approximately $573,000.
Several other institutional investors have also added to or reduced their stakes in the business. Parallel Advisors LLC lifted its position in shares of Ares Capital by 656.9% during the first quarter. Parallel Advisors LLC now owns 1,582 shares of the investment management company’s stock valued at $27,000 after purchasing an additional 1,373 shares in the last quarter. Capital Financial Planning LLC bought a new position in shares of Ares Capital during the fourth quarter valued at about $28,000. Lavaca Capital LLC bought a new position in shares of Ares Capital during the fourth quarter valued at about $32,000. Howe & Rusling Inc. bought a new position in shares of Ares Capital during the first quarter valued at about $33,000. Finally, Ffcm LLC lifted its position in shares of Ares Capital by 53.4% during the fourth quarter. Ffcm LLC now owns 2,201 shares of the investment management company’s stock valued at $34,000 after purchasing an additional 766 shares in the last quarter. 38.99% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on the stock. National Securities reissued a “buy” rating and set a $20.00 price target on shares of Ares Capital in a research report on Wednesday, May 1st. BidaskClub lowered shares of Ares Capital from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Zacks Investment Research lowered shares of Ares Capital from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Finally, JMP Securities raised their price target on shares of Ares Capital from $19.00 to $19.50 and gave the company a “market outperform” rating in a research report on Wednesday, February 13th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $19.10.
ARCC opened at $17.66 on Thursday. 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 Co. has a fifty-two week low of $14.50 and a fifty-two week high of $18.07. The stock has a market cap of $7.55 billion, a P/E ratio of 10.51, a PEG ratio of 3.32 and a beta of 0.65.
Ares Capital (NASDAQ:ARCC) last released its quarterly earnings results on Tuesday, April 30th. The investment management company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.06. The company had revenue of $373.00 million for the quarter, compared to analyst estimates of $337.96 million. Ares Capital had a net margin of 59.58% and a return on equity of 10.12%. During the same period last year, the firm earned $0.57 earnings per share. Equities research analysts predict that Ares Capital Co. will post 1.78 EPS for the current fiscal year.
The business also recently disclosed a special dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.02 dividend. This represents a yield of 9.04%. The ex-dividend date is Friday, September 13th. Ares Capital’s dividend payout ratio is 95.24%.
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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