Confluence Investment Management LLC lifted its holdings in Ares Capital Co. (NASDAQ:ARCC) by 2.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,144,529 shares of the investment management company’s stock after acquiring an additional 102,683 shares during the quarter. Ares Capital comprises about 1.5% of Confluence Investment Management LLC’s investment portfolio, making the stock its 28th largest position. Confluence Investment Management LLC’s holdings in Ares Capital were worth $80,872,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also modified their holdings of the company. Atlantic Trust Group LLC boosted its position in shares of Ares Capital by 295.3% in the third quarter. Atlantic Trust Group LLC now owns 168,058 shares of the investment management company’s stock worth $2,755,000 after buying an additional 125,543 shares during the period. Shelton Capital Management boosted its position in shares of Ares Capital by 84.3% in the third quarter. Shelton Capital Management now owns 171,641 shares of the investment management company’s stock worth $2,813,000 after buying an additional 78,500 shares during the period. Chicago Partners Investment Group LLC boosted its position in shares of Ares Capital by 91.5% in the third quarter. Chicago Partners Investment Group LLC now owns 221,263 shares of the investment management company’s stock worth $3,626,000 after buying an additional 105,751 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in shares of Ares Capital in the third quarter worth $191,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Ares Capital by 23.5% in the third quarter. Public Employees Retirement System of Ohio now owns 267,800 shares of the investment management company’s stock worth $4,389,000 after buying an additional 50,900 shares during the period. 43.60% of the stock is owned by institutional investors and hedge funds.
In related news, Director Michael J. Arougheti bought 8,365 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were bought at an average cost of $15.85 per share, for a total transaction of $132,585.25. Following the completion of the acquisition, the director now directly owns 937,054 shares in the company, valued at $14,852,305.90. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders have acquired 8,965 shares of company stock worth $142,315. Corporate insiders own 0.45% of the company’s stock.
Ares Capital (NASDAQ:ARCC) last posted its earnings results on Thursday, November 2nd. The investment management company reported $0.36 earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $294.00 million for the quarter, compared to analyst estimates of $295.02 million. During the same period last year, the company earned $0.43 earnings per share. sell-side analysts anticipate that Ares Capital Co. will post 1.38 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.52 annualized dividend and a yield of 9.60%. Ares Capital’s dividend payout ratio (DPR) is currently 120.63%.
Several analysts recently issued reports on the company. Keefe, Bruyette & Woods set a $19.00 price objective on Ares Capital and gave the stock a “buy” rating in a report on Friday, October 6th. TheStreet upgraded Ares Capital from a “c+” rating to a “b-” rating in a report on Tuesday, December 12th. Zacks Investment Research lowered Ares Capital from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Wedbush assumed coverage on Ares Capital in a report on Monday, November 27th. They set an “outperform” rating and a $18.00 price objective for the company. Finally, BidaskClub lowered Ares Capital from a “sell” rating to a “strong sell” rating in a report on Tuesday, December 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $18.00.
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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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