Comerica Bank reduced its stake in Ares Capital Corporation (NASDAQ:ARCC) by 3.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,195,055 shares of the investment management company’s stock after selling 40,714 shares during the period. Comerica Bank’s holdings in Ares Capital Corporation were worth $19,564,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new position in Ares Capital Corporation during the fourth quarter valued at $130,000. Raymond James Trust N.A. acquired a new position in Ares Capital Corporation during the first quarter valued at $231,000. Americafirst Capital Management LLC acquired a new position in Ares Capital Corporation during the first quarter valued at $356,000. Telemus Capital LLC increased its position 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. Finally, Capital Investment Advisors LLC increased its position 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. Institutional investors and hedge funds own 49.53% of the company’s stock.
Shares of Ares Capital Corporation (NASDAQ:ARCC) opened at 16.29 on Wednesday. The stock’s 50 day moving average is $16.38 and its 200 day moving average is $16.94. Ares Capital Corporation has a 12 month low of $15.01 and a 12 month high of $17.87.
Ares Capital Corporation (NASDAQ:ARCC) last announced its quarterly earnings results on Wednesday, August 2nd. The investment management company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.02. Ares Capital Corporation had a return on equity of 8.95% and a net margin of 44.61%. The firm had revenue of $284 million for the quarter, compared to analysts’ expectations of $297.77 million. During the same period last year, the company posted $0.50 earnings per share. Analysts forecast that Ares Capital Corporation will post $1.40 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 9.35%. The ex-dividend date is Thursday, September 14th. Ares Capital Corporation’s dividend payout ratio is presently 117.83%.
Several research analysts have weighed in on ARCC shares. Janney Montgomery Scott reiterated a “neutral” rating on shares of Ares Capital Corporation in a research report on Friday, May 5th. National Securities upgraded shares of Ares Capital Corporation from a “neutral” rating to a “buy” rating and increased their price target for the stock from $18.00 to $19.00 in a research report on Monday, May 8th. BMO Capital Markets reiterated a “hold” rating and issued a $15.00 price target on shares of Ares Capital Corporation in a research report on Thursday, June 1st. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $18.50 price target on shares of Ares Capital Corporation in a research report on Friday, June 16th. Finally, TheStreet downgraded shares of Ares Capital Corporation from a “b” rating to a “c+” rating in a research report on Wednesday, June 14th. Two analysts have rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average 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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