363,137 Shares in Ares Capital Corporation $ARCC Purchased by Palisade Capital Management LP

Palisade Capital Management LP acquired a new position in shares of Ares Capital Corporation (NASDAQ:ARCC) during the second quarter, HoldingsChannel reports. The fund acquired 363,137 shares of the investment management company’s stock, valued at approximately $6,729,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ARCC. Roman Butler Fullerton & Co. raised its stake in shares of Ares Capital by 1.9% in the first quarter. Roman Butler Fullerton & Co. now owns 27,713 shares of the investment management company’s stock worth $504,000 after acquiring an additional 528 shares during the last quarter. First Citizens Bank & Trust Co. grew its stake in shares of Ares Capital by 5.3% during the fourth quarter. First Citizens Bank & Trust Co. now owns 10,530 shares of the investment management company’s stock valued at $213,000 after purchasing an additional 532 shares during the last quarter. CWS Financial Advisors LLC grew its stake in shares of Ares Capital by 4.0% during the first quarter. CWS Financial Advisors LLC now owns 14,956 shares of the investment management company’s stock valued at $270,000 after purchasing an additional 582 shares during the last quarter. Astoria Portfolio Advisors LLC. grew its stake in shares of Ares Capital by 5.9% during the fourth quarter. Astoria Portfolio Advisors LLC. now owns 10,616 shares of the investment management company’s stock valued at $202,000 after purchasing an additional 592 shares during the last quarter. Finally, Founders Financial Alliance LLC increased its holdings in shares of Ares Capital by 1.8% in the fourth quarter. Founders Financial Alliance LLC now owns 34,362 shares of the investment management company’s stock valued at $695,000 after purchasing an additional 620 shares in the last quarter. Institutional investors and hedge funds own 27.38% of the company’s stock.

Analyst Upgrades and Downgrades

ARCC has been the subject of several research analyst reports. Truist Financial dropped their price objective on shares of Ares Capital from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $19.00 price objective (down from $20.00) on shares of Ares Capital in a research report on Friday, June 12th. JPMorgan Chase & Co. dropped their target price on Ares Capital from $19.00 to $18.50 and set an “overweight” rating for the company in a research report on Thursday, July 2nd. Royal Bank Of Canada cut their price target on Ares Capital from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 29th. Finally, B. Riley Financial decreased their price target on Ares Capital from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.40.

Ares Capital Trading Down 0.6%

ARCC opened at $19.93 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.28 and a quick ratio of 1.28. The company has a market cap of $14.31 billion, a price-to-earnings ratio of 14.76 and a beta of 0.56. The firm has a 50 day simple moving average of $18.99 and a 200 day simple moving average of $18.82. Ares Capital Corporation has a fifty-two week low of $17.40 and a fifty-two week high of $22.51.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings data on Wednesday, July 29th. The investment management company reported $0.47 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.47. Ares Capital had a net margin of 30.91% and a return on equity of 9.80%. The firm had revenue of $768.00 million for the quarter, compared to analysts’ expectations of $770.19 million. During the same period last year, the firm earned $0.50 earnings per share. On average, sell-side analysts anticipate that Ares Capital Corporation will post 1.91 earnings per share for the current year.

Ares Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 9.6%. Ares Capital’s dividend payout ratio is 142.22%.

Ares Capital Company Profile

Ares Capital Corporation (NASDAQ: ARCC) is a publicly traded business development company (BDC) that specializes in providing debt and equity financing solutions to U.S. middle-market companies. As a BDC, Ares Capital offers investors access to a diversified portfolio of tailored credit investments, including senior secured loans, unitranche financing, mezzanine debt and equity co-investments. The firm’s flexible capital structures are designed to support companies seeking growth capital, refinancing or strategic acquisitions.

Through its credit platform, Ares Capital focuses on originations, underwriting and portfolio management across a range of industries, with a particular emphasis on sectors such as healthcare, technology, industrials and business services.