Ares Capital Corporation $ARCC Shares Newly Acquired by Patriot Investment Management Group Inc.

Patriot Investment Management Group Inc. purchased a new stake in Ares Capital Corporation (NASDAQ:ARCC) in the 3rd quarter, HoldingsChannel reports. The fund purchased 28,531 shares of the investment management company’s stock, valued at approximately $545,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ARCC. Strs Ohio acquired a new position in Ares Capital in the first quarter valued at $189,210,000. Bank of America Corp DE acquired a new stake in Ares Capital in the second quarter valued at approximately $165,569,000. Legal & General Group Plc bought a new stake in Ares Capital during the 2nd quarter valued at $120,538,000. Advisors Capital Management LLC bought a new stake in shares of Ares Capital during the second quarter worth about $63,140,000. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Ares Capital in the second quarter valued at approximately $53,867,000. Institutional investors and hedge funds own 27.38% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Truist Financial decreased their price target on Ares Capital from $22.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Weiss Ratings restated a “hold (c)” rating on shares of Ares Capital in a research note on Friday, September 4th. JPMorgan Chase & Co. cut their price objective on shares of Ares Capital from $19.00 to $18.50 and set an “overweight” rating on the stock in a report on Thursday, July 2nd. UBS Group lifted their price objective on shares of Ares Capital from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Tuesday, September 1st. Finally, Wall Street Zen upgraded shares of Ares Capital from a “sell” rating to a “hold” rating in a research note on Saturday, September 19th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.39.

Ares Capital Stock Up 1.8%

ARCC opened at $18.92 on Friday. Ares Capital Corporation has a 12 month low of $17.40 and a 12 month high of $21.14. The company has a market cap of $13.58 billion, a PE ratio of 14.01 and a beta of 0.61. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.14. The company has a 50 day moving average of $19.49 and a 200 day moving average of $18.97.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings results on Wednesday, July 29th. The investment management company reported $0.47 earnings per share for the quarter, meeting the consensus estimate of $0.47. The firm had revenue of $768.00 million for the quarter, compared to analysts’ expectations of $770.19 million. Ares Capital had a return on equity of 9.80% and a net margin of 30.91%. During the same period in the prior year, the business posted $0.50 earnings per share. On average, sell-side analysts expect that Ares Capital Corporation will post 1.91 EPS for the current year.

Ares Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 10.1%. The ex-dividend date was Tuesday, September 15th. Ares Capital’s dividend payout ratio (DPR) is presently 142.22%.

Ares Capital Company Profile

Ares Capital Corporation (NASDAQ: ARCC) is a specialty finance company that operates as a business development company (BDC). It provides financing to middle-market companies, primarily through directly originated loans and other investments. Ares Capital seeks to support businesses that may require capital for acquisitions, growth initiatives, recapitalizations, refinancings and other corporate purposes.

The company invests across a range of industries and typically provides first-lien senior secured loans, second-lien loans, subordinated debt and, to a lesser extent, equity investments.