Cullen Frost Bankers Inc. lifted its position in shares of Ares Capital Co. (NASDAQ:ARCC) by 30.0% in the third quarter, HoldingsChannel reports. The fund owned 112,515 shares of the investment management company’s stock after buying an additional 25,956 shares during the period. Cullen Frost Bankers Inc.’s holdings in Ares Capital were worth $2,097,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ARCC. Foundations Investment Advisors LLC increased its holdings in Ares Capital by 23.4% in the second quarter. Foundations Investment Advisors LLC now owns 100,401 shares of the investment management company’s stock valued at $1,815,000 after purchasing an additional 19,026 shares during the last quarter. RDA Financial Network increased its holdings in Ares Capital by 4.5% in the second quarter. RDA Financial Network now owns 25,816 shares of the investment management company’s stock valued at $466,000 after purchasing an additional 1,100 shares during the last quarter. Douglass Winthrop Advisors LLC increased its holdings in Ares Capital by 18.6% in the second quarter. Douglass Winthrop Advisors LLC now owns 44,475 shares of the investment management company’s stock valued at $798,000 after purchasing an additional 6,975 shares during the last quarter. DAVENPORT & Co LLC increased its holdings in Ares Capital by 0.6% in the second quarter. DAVENPORT & Co LLC now owns 124,897 shares of the investment management company’s stock valued at $2,241,000 after purchasing an additional 804 shares during the last quarter. Finally, Naples Global Advisors LLC increased its holdings in Ares Capital by 4.8% in the second quarter. Naples Global Advisors LLC now owns 67,790 shares of the investment management company’s stock valued at $1,216,000 after purchasing an additional 3,100 shares during the last quarter. Institutional investors own 36.31% of the company’s stock.

In other news, Director Steven B. Mckeever acquired 5,425 shares of Ares Capital stock in a transaction dated Wednesday, August 14th. The stock was bought at an average cost of $18.42 per share, with a total value of $99,928.50. Following the completion of the transaction, the director now directly owns 24,795 shares of the company’s stock, valued at $456,723.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steve Bartlett acquired 14,177 shares of Ares Capital stock in a transaction dated Thursday, October 31st. The shares were purchased at an average cost of $18.35 per share, with a total value of $260,147.95. The disclosure for this purchase can be found here. 0.53% of the stock is owned by corporate insiders.

NASDAQ:ARCC traded up $0.01 on Friday, reaching $18.58. The company’s stock had a trading volume of 28,904 shares, compared to its average volume of 1,365,265. Ares Capital Co. has a 1-year low of $14.50 and a 1-year high of $19.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $7.94 billion, a PE ratio of 11.06 and a beta of 0.59. The business’s 50-day moving average price is $18.53 and its two-hundred day moving average price is $18.25.

Ares Capital (NASDAQ:ARCC) last posted its earnings results on Wednesday, October 30th. The investment management company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The firm had revenue of $387.00 million during the quarter, compared to analysts’ expectations of $370.17 million. Ares Capital had a return on equity of 10.97% and a net margin of 49.90%. The company’s revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 earnings per share. As a group, sell-side analysts expect that Ares Capital Co. will post 1.89 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 16th will be given a dividend of $0.42 per share. This is a boost from Ares Capital’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 9.04%. The ex-dividend date of this dividend is Friday, December 13th. Ares Capital’s dividend payout ratio is currently 95.24%.

A number of equities research analysts recently commented on ARCC shares. BMO Capital Markets upgraded Ares Capital from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $19.00 to $20.00 in a report on Monday, August 19th. Zacks Investment Research raised Ares Capital from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Monday, August 26th. ValuEngine raised Ares Capital from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Raymond James cut Ares Capital from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 22nd. They noted that the move was a valuation call. Finally, Compass Point cut Ares Capital from a “buy” rating to a “neutral” rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $19.83.

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.

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Institutional Ownership by Quarter for Ares Capital (NASDAQ:ARCC)

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