Pasadena Private Wealth LLC Buys New Position in Ares Capital Corporation $ARCC

Pasadena Private Wealth LLC purchased a new position in shares of Ares Capital Corporation (NASDAQ:ARCC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 29,275 shares of the investment management company’s stock, valued at approximately $542,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ARCC. Palladiem LLC purchased a new stake in shares of Ares Capital during the fourth quarter valued at approximately $26,000. SWAN Capital LLC purchased a new position in shares of Ares Capital in the third quarter valued at $27,000. Sankala Group LLC purchased a new position in shares of Ares Capital in the fourth quarter valued at $28,000. Core Wealth Advisors LLC acquired a new stake in Ares Capital during the 4th quarter valued at $33,000. Finally, Quarry LP acquired a new stake in Ares Capital during the 3rd quarter valued at $33,000. Hedge funds and other institutional investors own 27.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of Ares Capital from $19.00 to $18.50 and set an “overweight” rating on the stock in a report on Thursday, July 2nd. Keefe, Bruyette & Woods lowered their target price on Ares Capital from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, July 30th. Wall Street Zen lowered Ares Capital from a “hold” rating to a “sell” rating in a research report on Sunday, August 2nd. Truist Financial dropped their target price on Ares Capital from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Finally, Oppenheimer 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. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.40.

Ares Capital Stock Up 0.7%

ARCC stock opened at $19.80 on Thursday. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.14. The firm has a 50 day simple moving average of $18.90 and a 200-day simple moving average of $18.81. The company has a market capitalization of $14.22 billion, a P/E ratio of 14.67 and a beta of 0.56. Ares Capital Corporation has a twelve month low of $17.40 and a twelve month high of $22.53.

Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings results on Wednesday, July 29th. The investment management company reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 in the prior year, the company posted $0.50 earnings per share. On average, equities research analysts predict that Ares Capital Corporation will post 1.91 earnings per share for the current fiscal year.

Ares Capital Announces Dividend

The business also recently announced 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. This represents a $1.92 dividend on an annualized basis and a dividend yield of 9.7%. The ex-dividend date is Tuesday, September 15th. Ares Capital’s dividend payout ratio is 142.22%.

About Ares Capital

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.