Ares Capital Corporation (NASDAQ:ARCC) announced its earnings results on Wednesday, August 2nd. The investment management company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by $0.02, Bloomberg Earnings reports. The business had revenue of $284 million during the quarter, compared to analyst estimates of $297.77 million. Ares Capital Corporation had a return on equity of 8.95% and a net margin of 44.61%. During the same period in the previous year, the firm earned $0.50 earnings per share.
Ares Capital Corporation (ARCC) traded down 0.68% during trading on Friday, hitting $16.06. 2,274,665 shares of the stock were exchanged. Ares Capital Corporation has a 52 week low of $15.01 and a 52 week high of $17.87. The firm’s 50-day moving average is $16.39 and its 200 day moving average is $16.95.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 9.46%. Ares Capital Corporation’s dividend payout ratio is 117.83%.
A number of institutional investors have recently modified their holdings of the stock. Capital Investment Advisors LLC boosted its stake in Ares Capital Corporation by 40.9% in the first quarter. Capital Investment Advisors LLC now owns 38,151 shares of the investment management company’s stock valued at $663,000 after buying an additional 11,073 shares during the last quarter. Telemus Capital LLC boosted its stake in Ares Capital Corporation by 6.2% in the first quarter. Telemus Capital LLC now owns 282,430 shares of the investment management company’s stock valued at $4,909,000 after buying an additional 16,590 shares during the last quarter. Americafirst Capital Management LLC bought a new stake in Ares Capital Corporation during the first quarter valued at about $356,000. Private Trust Co. NA boosted its stake in Ares Capital Corporation by 3.4% in the first quarter. Private Trust Co. NA now owns 31,924 shares of the investment management company’s stock valued at $553,000 after buying an additional 1,056 shares during the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Ares Capital Corporation by 46.5% in the first quarter. Bank of Montreal Can now owns 3,431,407 shares of the investment management company’s stock valued at $59,637,000 after buying an additional 1,089,635 shares in the last quarter. 48.34% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have issued reports on ARCC. Janney Montgomery Scott reaffirmed a “neutral” rating on shares of Ares Capital Corporation in a report on Friday, May 5th. BMO Capital Markets reiterated a “hold” rating and set a $15.00 target price on shares of Ares Capital Corporation in a research report on Thursday, June 1st. National Securities upgraded shares of Ares Capital Corporation from a “neutral” rating to a “buy” rating and upped their target price for the company from $18.00 to $19.00 in a research report on Monday, May 8th. BidaskClub upgraded shares of Ares Capital Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Zacks Investment Research cut shares of Ares Capital Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Two analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. Ares Capital Corporation presently has an average rating of “Buy” and a consensus price target of $18.00.
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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