Balboa Wealth Partners Sells 3,118 Shares of Ares Capital Corporation (NASDAQ:ARCC)

Balboa Wealth Partners lessened its position in shares of Ares Capital Corporation (NASDAQ:ARCC) by 6.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,097 shares of the investment management company’s stock after selling 3,118 shares during the period. Balboa Wealth Partners’ holdings in Ares Capital were worth $999,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ARCC. Montag & Caldwell LLC bought a new position in Ares Capital during the fourth quarter worth $33,000. VSM Wealth Advisory LLC bought a new position in Ares Capital during the fourth quarter worth $35,000. Continuum Advisory LLC raised its stake in Ares Capital by 320.7% during the first quarter. Continuum Advisory LLC now owns 1,628 shares of the investment management company’s stock worth $36,000 after buying an additional 1,241 shares during the last quarter. PSI Advisors LLC raised its stake in Ares Capital by 121.1% during the first quarter. PSI Advisors LLC now owns 2,100 shares of the investment management company’s stock worth $47,000 after buying an additional 1,150 shares during the last quarter. Finally, Promus Capital LLC bought a new position in Ares Capital during the fourth quarter worth $48,000. Institutional investors own 27.38% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on ARCC shares. JPMorgan Chase & Co. reduced their price target on shares of Ares Capital from $24.50 to $22.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Royal Bank Of Canada reduced their price target on shares of Ares Capital from $24.00 to $23.00 and set an “outperform” rating for the company in a report on Tuesday, May 6th. B. Riley upgraded shares of Ares Capital to a “hold” rating in a report on Monday, June 16th. Keefe, Bruyette & Woods reduced their price target on shares of Ares Capital from $23.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company reduced their price target on shares of Ares Capital from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Ares Capital currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

Ares Capital Stock Down 0.1%

Shares of NASDAQ ARCC opened at $21.47 on Tuesday. The stock has a market capitalization of $14.90 billion, a P/E ratio of 10.47 and a beta of 0.68. The company has a 50-day moving average price of $21.36 and a 200-day moving average price of $21.92. Ares Capital Corporation has a 1 year low of $18.26 and a 1 year high of $23.84. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.40 and a quick ratio of 1.40.

Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings data on Tuesday, April 29th. The investment management company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). The business had revenue of $599.00 million for the quarter, compared to analyst estimates of $769.32 million. Ares Capital had a net margin of 43.50% and a return on equity of 11.05%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.59 earnings per share. On average, equities research analysts forecast that Ares Capital Corporation will post 2.19 EPS for the current fiscal year.

Ares Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 8.94%. The ex-dividend date is Friday, June 13th. Ares Capital’s dividend payout ratio (DPR) is presently 93.66%.

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.