Paragon Capital Management Ltd bought a new stake in Ares Capital Co. (NASDAQ:ARCC) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 18,028 shares of the investment management company’s stock, valued at approximately $281,000.
Other institutional investors also recently bought and sold shares of the company. California Public Employees Retirement System boosted its stake in Ares Capital by 10.0% during the second quarter. California Public Employees Retirement System now owns 940,813 shares of the investment management company’s stock worth $15,476,000 after buying an additional 85,700 shares in the last quarter. Schroder Investment Management Group boosted its holdings in shares of Ares Capital by 0.8% in the 2nd quarter. Schroder Investment Management Group now owns 1,653,856 shares of the investment management company’s stock valued at $27,206,000 after buying an additional 12,874 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in Ares Capital by 11.6% during the 3rd quarter. Sound Income Strategies LLC now owns 885,552 shares of the investment management company’s stock valued at $15,223,000 after purchasing an additional 91,892 shares during the last quarter. Private Trust Co. NA lifted its holdings in Ares Capital by 27.6% during the 3rd quarter. Private Trust Co. NA now owns 26,652 shares of the investment management company’s stock valued at $458,000 after purchasing an additional 5,773 shares during the last quarter. Finally, Iberiabank Corp bought a new position in Ares Capital during the 3rd quarter worth $254,000. 39.45% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently commented on ARCC shares. Zacks Investment Research raised Ares Capital from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Monday, December 3rd. BidaskClub cut Ares Capital from a “buy” rating to a “hold” rating in a research report on Saturday, January 19th. National Securities restated a “buy” rating and issued a $19.00 target price on shares of Ares Capital in a research note on Thursday, November 1st. JMP Securities increased their target price on Ares Capital from $19.00 to $19.50 and gave the company a “market outperform” rating in a report on Wednesday. Finally, Oppenheimer set a $18.00 price objective on Ares Capital and gave the company a “buy” rating in a research report on Thursday, November 1st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $18.58.
Ares Capital (NASDAQ:ARCC) last released its quarterly earnings data on Tuesday, February 12th. The investment management company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.04. Ares Capital had a net margin of 72.13% and a return on equity of 9.34%. The business had revenue of $345.00 million during the quarter, compared to analysts’ expectations of $327.24 million. During the same period in the previous year, the company earned $0.38 EPS. As a group, analysts expect that Ares Capital Co. will post 1.63 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a dividend of $0.40 per share. The ex-dividend date is Thursday, March 14th. This represents a $1.60 dividend on an annualized basis and a yield of 9.37%. This is an increase from Ares Capital’s previous quarterly dividend of $0.39. Ares Capital’s dividend payout ratio (DPR) is currently 112.23%.
In other Ares Capital news, CEO R. Kipp Deveer acquired 50,000 shares of the stock in a transaction dated Friday, December 14th. The shares were bought at an average price of $16.02 per share, with a total value of $801,000.00. Following the purchase, the chief executive officer now directly owns 225,000 shares of the company’s stock, valued at approximately $3,604,500. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Penelope F. Roll sold 6,000 shares of Ares Capital stock in a transaction that occurred 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 in the company, valued at $186,823.72. The disclosure for this sale can be found here. Insiders bought 50,600 shares of company stock valued at $810,730 in the last three months. Company insiders own 0.49% of the company’s stock.
Ares Capital Company Profile
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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