Castle Rock Wealth Management LLC Sells 2,720 Shares of Ares Capital Corporation $ARCC

Castle Rock Wealth Management LLC decreased its position in Ares Capital Corporation (NASDAQ:ARCC) by 16.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 14,243 shares of the investment management company’s stock after selling 2,720 shares during the period. Castle Rock Wealth Management LLC’s holdings in Ares Capital were worth $327,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Elequin Capital LP bought a new position in shares of Ares Capital in the first quarter worth approximately $30,000. Continuum Advisory LLC grew its holdings in shares of Ares Capital by 320.7% in the first quarter. Continuum Advisory LLC now owns 1,628 shares of the investment management company’s stock worth $36,000 after purchasing an additional 1,241 shares during the last quarter. Wolff Wiese Magana LLC bought a new position in shares of Ares Capital in the second quarter worth approximately $40,000. Investment Management Corp VA ADV grew its holdings in shares of Ares Capital by 193.9% in the first quarter. Investment Management Corp VA ADV now owns 1,828 shares of the investment management company’s stock worth $41,000 after purchasing an additional 1,206 shares during the last quarter. Finally, PSI Advisors LLC grew its holdings in shares of Ares Capital by 121.1% in the first quarter. PSI Advisors LLC now owns 2,100 shares of the investment management company’s stock worth $47,000 after purchasing an additional 1,150 shares during the last quarter. Institutional investors own 27.38% of the company’s stock.

Analysts Set New Price Targets

ARCC has been the topic of several recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Ares Capital in a report on Wednesday. UBS Group lifted their price target on shares of Ares Capital from $22.00 to $22.50 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Keefe, Bruyette & Woods lifted their price target on shares of Ares Capital from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. cut their price target on shares of Ares Capital from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Finally, Wall Street Zen upgraded shares of Ares Capital from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.86.

Ares Capital Stock Performance

Shares of ARCC stock opened at $19.67 on Thursday. Ares Capital Corporation has a 12 month low of $18.26 and a 12 month high of $23.84. The stock has a market cap of $13.87 billion, a PE ratio of 9.60 and a beta of 0.68. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.01. The company’s fifty day moving average price is $21.75 and its 200-day moving average price is $21.67.

Ares Capital (NASDAQ:ARCC) last announced its earnings results on Tuesday, July 29th. The investment management company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Ares Capital had a net margin of 44.94% and a return on equity of 10.48%. The business had revenue of $614.00 million for the quarter, compared to the consensus estimate of $748.76 million. During the same quarter last year, the firm posted $0.61 EPS. On average, equities analysts expect that Ares Capital Corporation will post 2.19 EPS for the current fiscal year.

Ares Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 9.8%. The ex-dividend date was Monday, September 15th. Ares Capital’s payout ratio is 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.