Pasadena Private Wealth LLC Has $924,000 Stock Position in Ares Capital Corporation $ARCC

Pasadena Private Wealth LLC grew its holdings in shares of Ares Capital Corporation (NASDAQ:ARCC) by 70.0% in the second quarter, Holdings Channel reports. The institutional investor owned 42,084 shares of the investment management company’s stock after acquiring an additional 17,334 shares during the period. Pasadena Private Wealth LLC’s holdings in Ares Capital were worth $924,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Elequin Capital LP acquired a new position in shares of Ares Capital during the first quarter valued at about $30,000. CNB Bank purchased a new position in Ares Capital during the second quarter worth about $36,000. Harbor Asset Planning Inc. purchased a new position in Ares Capital during the second quarter worth about $38,000. Wolff Wiese Magana LLC purchased a new position in Ares Capital during the second quarter worth about $40,000. Finally, Investment Management Corp VA ADV boosted its holdings in Ares Capital by 193.9% during 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. 27.38% of the stock is currently owned by institutional investors and hedge funds.

Ares Capital Stock Performance

Shares of ARCC stock opened at $20.08 on Monday. The firm has a market cap of $14.16 billion, a price-to-earnings ratio of 9.80 and a beta of 0.68. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.14 and a current ratio of 1.14. Ares Capital Corporation has a 52 week low of $18.26 and a 52 week high of $23.84. The firm’s 50-day simple moving average is $21.07 and its two-hundred day simple moving average is $21.55.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings data on Tuesday, July 29th. The investment management company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.01). The company had revenue of $614.00 million during the quarter, compared to the consensus estimate of $748.76 million. Ares Capital had a return on equity of 10.48% and a net margin of 44.94%.During the same period in the prior year, the firm posted $0.61 EPS. As a group, equities analysts forecast that Ares Capital Corporation will post 2.19 earnings per share for the current year.

Ares Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a $0.48 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.92 annualized dividend and a dividend yield of 9.6%. Ares Capital’s payout ratio is 93.66%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Ares Capital from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, July 30th. B. Riley upgraded shares of Ares Capital from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $22.50 to $23.50 in a report on Wednesday, July 30th. Weiss Ratings restated a “buy (b)” rating on shares of Ares Capital in a report on Wednesday, October 8th. Wells Fargo & Company boosted their price target on shares of Ares Capital from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Finally, Citigroup restated an “outperform” rating on shares of Ares Capital in a report on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.63.

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.