Comerica Bank reduced its stake in Ares Capital Corporation (NASDAQ:ARCC) by 4.6% during the third quarter, according to its most recent filing with the SEC. The fund owned 1,139,947 shares of the investment management company’s stock after selling 55,108 shares during the quarter. Comerica Bank owned 0.27% of Ares Capital Corporation worth $18,387,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its holdings in shares of Ares Capital Corporation by 70.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 21,746 shares of the investment management company’s stock worth $356,000 after buying an additional 8,974 shares during the last quarter. Alpha Windward LLC lifted its holdings in Ares Capital Corporation by 4,144.7% during the third quarter. Alpha Windward LLC now owns 29,925 shares of the investment management company’s stock valued at $490,000 after purchasing an additional 29,220 shares during the last quarter. Summit X LLC lifted its holdings in Ares Capital Corporation by 61.8% during the third quarter. Summit X LLC now owns 19,270 shares of the investment management company’s stock valued at $315,000 after purchasing an additional 7,360 shares during the last quarter. Elliott Management Corp purchased a new stake in Ares Capital Corporation during the second quarter valued at about $18,343,000. Finally, Intl Fcstone Inc. purchased a new stake in Ares Capital Corporation during the second quarter valued at about $1,084,000. 44.76% of the stock is currently owned by institutional investors.
In related news, Director Michael J. Arougheti acquired 8,365 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The shares were bought at an average cost of $15.85 per share, for a total transaction of $132,585.25. Following the completion of the transaction, the director now owns 937,054 shares in the company, valued at $14,852,305.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders bought 8,965 shares of company stock worth $142,283. Insiders own 0.45% of the company’s stock.
Shares of Ares Capital Corporation (NASDAQ ARCC) traded up $0.02 during trading on Tuesday, hitting $16.22. 1,194,400 shares of the stock were exchanged, compared to its average volume of 2,086,752. Ares Capital Corporation has a 52-week low of $15.38 and a 52-week high of $17.87. The stock has a market capitalization of $6,910.00, a P/E ratio of 11.25, a price-to-earnings-growth ratio of 3.91 and a beta of 0.63. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.29 and a current ratio of 1.29.
Ares Capital Corporation (NASDAQ:ARCC) last announced its quarterly earnings results on Thursday, November 2nd. The investment management company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. Ares Capital Corporation had a net margin of 45.78% and a return on equity of 8.60%. The firm had revenue of $294.00 million for the quarter, compared to the consensus estimate of $295.02 million. During the same period in the prior year, the firm posted $0.43 earnings per share. equities research analysts expect that Ares Capital Corporation will post 1.38 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 9.37%. The ex-dividend date of this dividend is Thursday, December 14th. Ares Capital Corporation’s payout ratio is 120.63%.
ARCC has been the topic of several recent research reports. Keefe, Bruyette & Woods set a $19.00 price objective on shares of Ares Capital Corporation and gave the company a “buy” rating in a report on Friday, October 6th. Zacks Investment Research downgraded shares of Ares Capital Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. BidaskClub downgraded shares of Ares Capital Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. BMO Capital Markets reaffirmed a “hold” rating and set a $15.00 price objective on shares of Ares Capital Corporation in a report on Friday, August 25th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $19.50 price objective on shares of Ares Capital Corporation in a report on Friday, November 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $18.06.
About Ares Capital Corporation
Ares Capital Corporation is a specialty finance company. The Company operates as 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. It invests primarily in the United States middle-market companies.
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