First Republic Investment Management Inc. lessened its holdings in shares of Ares Capital Co. (NASDAQ:ARCC) by 11.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 164,584 shares of the investment management company’s stock after selling 21,851 shares during the quarter. First Republic Investment Management Inc.’s holdings in Ares Capital were worth $2,697,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the business. Alpha Omega Wealth Management LLC raised its position in shares of Ares Capital by 1.7% in the 2nd quarter. Alpha Omega Wealth Management LLC now owns 12,184 shares of the investment management company’s stock worth $200,000 after buying an additional 199 shares during the period. Hudock Capital Group LLC increased its holdings in Ares Capital by 3.2% in the 2nd quarter. Hudock Capital Group LLC now owns 6,500 shares of the investment management company’s stock valued at $106,000 after purchasing an additional 200 shares in the last quarter. M&R Capital Management Inc. increased its holdings in Ares Capital by 2.8% in the 2nd quarter. M&R Capital Management Inc. now owns 11,755 shares of the investment management company’s stock valued at $188,000 after purchasing an additional 320 shares in the last quarter. Optimum Investment Advisors increased its holdings in Ares Capital by 0.5% in the 2nd quarter. Optimum Investment Advisors now owns 88,753 shares of the investment management company’s stock valued at $1,454,000 after purchasing an additional 460 shares in the last quarter. Finally, Paradigm Asset Management Co. LLC increased its holdings in Ares Capital by 1.5% in the 2nd quarter. Paradigm Asset Management Co. LLC now owns 34,827 shares of the investment management company’s stock valued at $570,000 after purchasing an additional 500 shares in the last quarter. 43.70% of the stock is currently owned by institutional investors.
Several analysts recently issued reports on ARCC shares. BMO Capital Markets reiterated a “hold” rating and issued a $15.00 price target on shares of Ares Capital in a report on Friday, August 25th. Citigroup started coverage on Ares Capital in a report on Wednesday, September 20th. They issued an “outperform” rating and a $18.00 price target for the company. Oppenheimer started coverage on Ares Capital in a research note on Thursday, September 21st. They set an “outperform” rating and a $18.00 target price for the company. CIBC started coverage on Ares Capital in a research note on Thursday, September 21st. They set an “outperform” rating and a $18.00 target price for the company. Finally, Zacks Investment Research downgraded Ares Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. Ares Capital currently has an average rating of “Buy” and a consensus price target of $18.00.
Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings results on Thursday, November 2nd. The investment management company reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.01. Ares Capital had a return on equity of 8.60% and a net margin of 45.78%. The business had revenue of $294.00 million during the quarter, compared to the consensus estimate of $295.02 million. During the same period last year, the firm earned $0.43 earnings per share. analysts anticipate that Ares Capital Co. will post 1.38 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.52 dividend on an annualized basis and a yield of 9.23%. Ares Capital’s dividend payout ratio is currently 119.69%.
In other Ares Capital news, Director Michael J. Arougheti bought 8,365 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were purchased at an average price of $15.85 per share, with a total value of $132,585.25. Following the completion of the acquisition, the director now directly owns 937,054 shares of the company’s stock, valued at approximately $14,852,305.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders acquired 8,965 shares of company stock worth $142,323 in the last three months. 0.45% of the stock is currently owned by corporate insiders.
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About Ares Capital
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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