Ares Capital (NASDAQ:ARCC) PT Raised to $22.00 at Oppenheimer

Ares Capital (NASDAQ:ARCC) had its price objective increased by Oppenheimer from $21.00 to $22.00 in a report issued on Thursday morning, Benzinga reports. They currently have an outperform rating on the investment management company’s stock.

ARCC has been the topic of several other reports. B. Riley lowered shares of Ares Capital from a buy rating to a neutral rating and set a $21.00 target price on the stock. in a research report on Monday, January 8th. JMP Securities reaffirmed a market outperform rating and issued a $21.00 price objective on shares of Ares Capital in a research note on Tuesday, March 26th. Finally, Wells Fargo & Company lifted their price objective on Ares Capital from $19.00 to $20.00 and gave the stock an equal weight rating in a report on Monday, January 29th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Ares Capital presently has an average rating of Moderate Buy and a consensus price target of $21.43.

Ares Capital Price Performance

Shares of ARCC opened at $20.61 on Thursday. The company has a current ratio of 1.63, a quick ratio of 1.24 and a debt-to-equity ratio of 0.99. The stock’s 50 day moving average is $20.42 and its two-hundred day moving average is $20.07. Ares Capital has a twelve month low of $17.53 and a twelve month high of $21.00. The firm has a market capitalization of $12.53 billion, a PE ratio of 7.06 and a beta of 0.99.

Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings results on Wednesday, May 1st. The investment management company reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The business had revenue of $701.00 million during the quarter, compared to analysts’ expectations of $703.85 million. Ares Capital had a net margin of 62.77% and a return on equity of 12.37%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.56 earnings per share. Research analysts anticipate that Ares Capital will post 2.34 earnings per share for the current year.

Ares Capital Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARCC. Lewis Asset Management LLC lifted its stake in shares of Ares Capital by 2.1% during the first quarter. Lewis Asset Management LLC now owns 24,805 shares of the investment management company’s stock valued at $516,000 after buying an additional 500 shares during the period. Chapin Davis Inc. lifted its stake in shares of Ares Capital by 2.2% during the 1st quarter. Chapin Davis Inc. now owns 22,966 shares of the investment management company’s stock worth $478,000 after purchasing an additional 501 shares during the period. Lincoln National Corp boosted its holdings in shares of Ares Capital by 3.0% during the fourth quarter. Lincoln National Corp now owns 17,665 shares of the investment management company’s stock worth $354,000 after purchasing an additional 520 shares during the last quarter. Baron Financial Group LLC grew its position in shares of Ares Capital by 3.0% in the fourth quarter. Baron Financial Group LLC now owns 18,366 shares of the investment management company’s stock valued at $368,000 after purchasing an additional 543 shares during the period. Finally, Syntal Capital Partners LLC increased its stake in Ares Capital by 3.3% in the third quarter. Syntal Capital Partners LLC now owns 17,346 shares of the investment management company’s stock valued at $338,000 after purchasing an additional 551 shares during the last quarter. 27.38% of the stock is currently 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.