KC Investment Advisors LLC reduced its stake in Ares Capital Co. (NASDAQ:ARCC) by 5.3% during the second quarter, HoldingsChannel reports. The firm owned 20,297 shares of the investment management company’s stock after selling 1,138 shares during the quarter. KC Investment Advisors LLC’s holdings in Ares Capital were worth $398,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Keel Point LLC acquired a new stake in Ares Capital during the 2nd quarter worth approximately $752,000. Meeder Asset Management Inc. acquired a new stake in Ares Capital during the 2nd quarter worth approximately $26,000. First Horizon Advisors Inc. boosted its position in Ares Capital by 463.5% during the 1st quarter. First Horizon Advisors Inc. now owns 3,443 shares of the investment management company’s stock worth $64,000 after buying an additional 2,832 shares during the period. Wagner Wealth Management LLC acquired a new stake in Ares Capital during the 1st quarter worth approximately $82,000. Finally, Perkins Coie Trust Co boosted its position in Ares Capital by 591.7% during the 2nd quarter. Perkins Coie Trust Co now owns 4,676 shares of the investment management company’s stock worth $92,000 after buying an additional 4,000 shares during the period. Institutional investors own 29.42% of the company’s stock.
ARCC has been the topic of several recent research reports. Royal Bank of Canada lifted their target price on shares of Ares Capital from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, July 30th. Raymond James boosted their price target on shares of Ares Capital from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Monday, August 2nd. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Ares Capital has an average rating of “Buy” and an average target price of $20.00.
Ares Capital (NASDAQ:ARCC) last released its quarterly earnings data on Tuesday, July 27th. The investment management company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.10. The company had revenue of $459.00 million during the quarter, compared to analyst estimates of $385.97 million. Ares Capital had a net margin of 101.77% and a return on equity of 10.87%. Equities analysts forecast that Ares Capital Co. will post 1.84 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Wednesday, September 15th will be paid a $0.41 dividend. The ex-dividend date is Tuesday, September 14th. This represents a $1.64 annualized dividend and a dividend yield of 8.06%. This is a positive change from Ares Capital’s previous quarterly dividend of $0.40. Ares Capital’s payout ratio is currently 94.25%.
Ares Capital Profile
Ares Capital Corp is a closed-end non-diversified management investment company. The fund targets companies operating in the fields of Health Care Services, Software & Services, Consumer Durables & Apparel, Energy, Food & Beverage, and Retail. It provides financing for buyouts, acquisitions, recapitalizations, restructurings, rescue financing, growth capital and general refinancing.
Featured Story: Trading Ex-Dividend Strategy
Want to see what other hedge funds are holding ARCC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ares Capital Co. (NASDAQ:ARCC).
Receive News & Ratings for Ares Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ares Capital and related companies with MarketBeat.com's FREE daily email newsletter.