DAVENPORT & Co LLC raised its stake in shares of Ares Capital Co. (NASDAQ:ARCC) by 13.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 124,093 shares of the investment management company’s stock after acquiring an additional 14,538 shares during the period. DAVENPORT & Co LLC’s holdings in Ares Capital were worth $2,127,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Monument Capital Management lifted its position in shares of Ares Capital by 4.8% during the 4th quarter. Monument Capital Management now owns 75,930 shares of the investment management company’s stock worth $1,183,000 after buying an additional 3,458 shares during the last quarter. Ipswich Investment Management Co. Inc. lifted its position in shares of Ares Capital by 256.9% during the 1st quarter. Ipswich Investment Management Co. Inc. now owns 73,199 shares of the investment management company’s stock worth $1,255,000 after buying an additional 52,689 shares during the last quarter. LGT Capital Partners LTD. increased its holdings in shares of Ares Capital by 7.0% in the 1st quarter. LGT Capital Partners LTD. now owns 1,830,000 shares of the investment management company’s stock valued at $31,366,000 after acquiring an additional 120,000 shares during the period. Strategic Family Wealth Counselors L.L.C. acquired a new position in shares of Ares Capital in the 4th quarter valued at $156,000. Finally, Baltimore Washington Financial Advisors Inc. increased its holdings in shares of Ares Capital by 2.2% in the 4th quarter. Baltimore Washington Financial Advisors Inc. now owns 576,381 shares of the investment management company’s stock valued at $8,980,000 after acquiring an additional 12,413 shares during the period. Institutional investors and hedge funds own 38.99% of the company’s stock.
Shares of ARCC opened at $17.69 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.47 and a current ratio of 2.47. The firm has a market capitalization of $7.54 billion, a price-to-earnings ratio of 10.53, a PEG ratio of 3.32 and a beta of 0.65. Ares Capital Co. has a 1 year low of $14.50 and a 1 year high of $18.07.
The business also recently declared a special dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.02 per share. The ex-dividend date is Friday, September 13th. This represents a dividend yield of 9.04%. Ares Capital’s dividend payout ratio (DPR) is presently 95.24%.
ARCC has been the topic of a number of recent research reports. National Securities lifted their target price on shares of Ares Capital from $19.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, February 13th. JMP Securities lifted their target price on shares of Ares Capital from $19.00 to $19.50 and gave the company a “market outperform” rating in a report on Wednesday, February 13th. BidaskClub raised shares of Ares Capital from a “hold” rating to a “buy” rating in a report on Saturday, February 9th. Finally, Zacks Investment Research cut shares of Ares Capital from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $19.10.
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Ares Capital 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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