Ares Capital (NASDAQ:ARCC) Price Target Raised to $22.00 at JPMorgan Chase & Co.

Ares Capital (NASDAQ:ARCC) had its price target upped by JPMorgan Chase & Co. from $21.50 to $22.00 in a research report report published on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the investment management company’s stock.

Several other equities research analysts have also recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Ares Capital from $19.00 to $20.00 and gave the company an equal weight rating in a research report on Monday, January 29th. B. Riley cut shares of Ares Capital from a buy rating to a neutral rating and set a $21.00 price objective on the stock. in a research report on Monday, January 8th. Truist Financial lifted their price objective on shares of Ares Capital from $22.00 to $23.00 and gave the company a buy rating in a research report on Thursday. Oppenheimer lifted their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the company an outperform rating in a research report on Thursday. Finally, JMP Securities restated a market outperform rating and issued a $21.00 price target on shares of Ares Capital in a research report on Tuesday, March 26th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Ares Capital presently has a consensus rating of Moderate Buy and an average target price of $21.43.

Ares Capital Price Performance

NASDAQ ARCC opened at $20.61 on Thursday. Ares Capital has a 12 month low of $17.53 and a 12 month high of $21.00. The stock has a market cap of $12.53 billion, a price-to-earnings ratio of 7.06 and a beta of 0.99. The company’s 50 day moving average is $20.42 and its two-hundred day moving average is $20.06. The company has a current ratio of 1.63, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99.

Ares Capital (NASDAQ:ARCC) last released its earnings results on Wednesday, May 1st. The investment management company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The firm had revenue of $701.00 million for the quarter, compared to the consensus estimate of $703.85 million. Ares Capital had a return on equity of 12.37% and a net margin of 62.77%. Ares Capital’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.56 EPS. As a group, research analysts anticipate that Ares Capital will post 2.35 earnings per share for the current year.

Ares Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 9.32%. The ex-dividend date is Thursday, June 13th. Ares Capital’s dividend payout ratio is presently 65.75%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Shields Capital Management LLC boosted its stake in Ares Capital by 3.8% during the first quarter. Wellington Shields Capital Management LLC now owns 151,558 shares of the investment management company’s stock worth $3,155,000 after buying an additional 5,508 shares during the period. Whittier Trust Co. boosted its stake in Ares Capital by 7.7% during the first quarter. Whittier Trust Co. now owns 119,243 shares of the investment management company’s stock worth $2,481,000 after buying an additional 8,500 shares during the period. Mutual Advisors LLC boosted its stake in Ares Capital by 0.6% during the first quarter. Mutual Advisors LLC now owns 159,249 shares of the investment management company’s stock worth $3,316,000 after buying an additional 913 shares during the period. Salomon & Ludwin LLC boosted its stake in Ares Capital by 224.1% during the first quarter. Salomon & Ludwin LLC now owns 3,630 shares of the investment management company’s stock worth $76,000 after buying an additional 2,510 shares during the period. Finally, Gilbert & Cook Inc. boosted its stake in Ares Capital by 1.4% during the first quarter. Gilbert & Cook Inc. now owns 1,404,694 shares of the investment management company’s stock worth $29,246,000 after buying an additional 19,942 shares during the period. 27.38% of the stock is owned by hedge funds and other institutional investors.

Ares Capital Company 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.