Cresset Asset Management LLC Has $1.22 Million Stock Holdings in Ares Capital Co. (NASDAQ:ARCC)

Cresset Asset Management LLC lessened its position in shares of Ares Capital Co. (NASDAQ:ARCC) by 22.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,488 shares of the investment management company’s stock after selling 15,970 shares during the quarter. Cresset Asset Management LLC’s holdings in Ares Capital were worth $1,215,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Cyndeo Wealth Partners LLC lifted its stake in shares of Ares Capital by 2.3% during the fourth quarter. Cyndeo Wealth Partners LLC now owns 19,148 shares of the investment management company’s stock valued at $419,000 after acquiring an additional 430 shares during the period. World Investment Advisors lifted its stake in Ares Capital by 4.1% in the fourth quarter. World Investment Advisors now owns 12,521 shares of the investment management company’s stock valued at $274,000 after buying an additional 488 shares during the period. Fiduciary Group LLC lifted its stake in Ares Capital by 2.3% in the fourth quarter. Fiduciary Group LLC now owns 21,851 shares of the investment management company’s stock valued at $478,000 after buying an additional 500 shares during the period. Sheaff Brock Investment Advisors LLC lifted its stake in Ares Capital by 0.9% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 56,182 shares of the investment management company’s stock valued at $1,230,000 after buying an additional 512 shares during the period. Finally, Western Financial Corp CA lifted its stake in Ares Capital by 2.2% in the fourth quarter. Western Financial Corp CA now owns 26,387 shares of the investment management company’s stock valued at $578,000 after buying an additional 564 shares during the period. Institutional investors and hedge funds own 27.38% of the company’s stock.

Ares Capital Trading Up 0.4%

NASDAQ ARCC opened at $21.08 on Monday. The firm has a market cap of $14.54 billion, a P/E ratio of 8.60 and a beta of 0.70. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.21 and a quick ratio of 1.21. The stock’s 50-day moving average is $21.11 and its 200-day moving average is $21.89. Ares Capital Co. has a one year low of $18.26 and a one year high of $23.84.

Ares Capital (NASDAQ:ARCC) last posted 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 firm had revenue of $599.00 million for the quarter, compared to the consensus estimate of $769.32 million. Ares Capital had a return on equity of 11.54% and a net margin of 50.90%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.59 earnings per share. Sell-side analysts anticipate that Ares Capital Co. will post 2.19 earnings per share for the current fiscal year.

Ares Capital Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Friday, June 13th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 9.11%. Ares Capital’s payout ratio is presently 93.66%.

Analyst Ratings Changes

Several research firms have weighed in on ARCC. JPMorgan Chase & Co. cut their target price on Ares Capital from $24.50 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Raymond James lowered Ares Capital from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 6th. StockNews.com lowered Ares Capital from a “hold” rating to a “sell” rating in a research note on Friday, February 7th. Royal Bank of Canada cut their target price on Ares Capital from $24.00 to $23.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 6th. Finally, Keefe, Bruyette & Woods dropped their price target on Ares Capital from $23.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

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.