Ancora Advisors LLC lessened its holdings in Ares Capital Co. (NASDAQ:ARCC) by 49.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 158,459 shares of the investment management company’s stock after selling 155,571 shares during the quarter. Ancora Advisors LLC’s holdings in Ares Capital were worth $2,724,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of ARCC. Baker Ellis Asset Management LLC acquired a new stake in shares of Ares Capital in the 3rd quarter valued at $138,000. Rehmann Capital Advisory Group lifted its stake in shares of Ares Capital by 43.5% in the 2nd quarter. Rehmann Capital Advisory Group now owns 9,658 shares of the investment management company’s stock valued at $159,000 after acquiring an additional 2,930 shares during the last quarter. grace capital bought a new position in shares of Ares Capital in the 2nd quarter valued at $165,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Ares Capital in the 2nd quarter valued at $174,000. Finally, McKinley Carter Wealth Services Inc. bought a new position in shares of Ares Capital in the 3rd quarter valued at $175,000. 40.31% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on ARCC shares. BidaskClub upgraded Ares Capital from a “hold” rating to a “buy” rating in a research note on Tuesday, November 13th. Oppenheimer set a $18.00 price target on Ares Capital and gave the company a “buy” rating in a research note on Thursday, November 1st. National Securities reiterated a “buy” rating and issued a $19.00 price target on shares of Ares Capital in a research note on Thursday, November 1st. Zacks Investment Research upgraded Ares Capital from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a research note on Wednesday, October 24th. Finally, Citigroup started coverage on Ares Capital in a research note on Thursday, August 23rd. They issued a “buy” rating and a $19.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Ares Capital presently has an average rating of “Buy” and a consensus price target of $18.29.
Ares Capital (NASDAQ:ARCC) last announced its earnings results on Wednesday, October 31st. The investment management company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.05. The business had revenue of $342.00 million during the quarter, compared to analyst estimates of $320.15 million. Ares Capital had a return on equity of 9.34% and a net margin of 72.13%. Ares Capital’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period last year, the company earned $0.36 EPS. Analysts expect that Ares Capital Co. will post 1.63 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 9.15%. The ex-dividend date is Thursday, December 13th. Ares Capital’s dividend payout ratio is currently 112.23%.
In related news, CFO Penelope F. Roll sold 6,000 shares of the firm’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $16.76, for a total transaction of $100,560.00. Following the completion of the transaction, the chief financial officer now directly owns 11,147 shares of the company’s stock, valued at approximately $186,823.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eric B. Siegel bought 6,990 shares of the stock in a transaction that occurred on Wednesday, September 12th. The shares were bought at an average cost of $17.30 per share, with a total value of $120,927.00. Following the completion of the transaction, the director now owns 36,630 shares in the company, valued at $633,699. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 7,590 shares of company stock valued at $131,039. 0.49% of the stock is owned by corporate insiders.
About Ares Capital
Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors.
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