Ares Capital (NASDAQ:ARCC) Hits New 12-Month High at $19.98

Ares Capital Co. (NASDAQ:ARCC) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $19.98 and last traded at $19.80, with a volume of 3608 shares changing hands. The stock had previously closed at $19.89.

ARCC has been the topic of several recent research reports. JPMorgan Chase & Co. upped their target price on shares of Ares Capital from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Wednesday, March 17th. Citigroup upped their target price on shares of Ares Capital from $17.00 to $20.00 in a research report on Thursday, February 11th. Zacks Investment Research cut shares of Ares Capital from a “buy” rating to a “hold” rating and set a $20.00 target price on the stock. in a research report on Tuesday, April 13th. TheStreet upgraded shares of Ares Capital from a “c+” rating to a “b-” rating in a research report on Friday, April 30th. Finally, Wedbush upped their target price on shares of Ares Capital from $20.00 to $21.00 and gave the company an “outperform” rating in a research report on Thursday, April 29th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Ares Capital presently has an average rating of “Buy” and an average target price of $18.56.

The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $8.63 billion, a P/E ratio of 5.72 and a beta of 1.19. The business has a 50-day moving average price of $19.33.

Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings data on Tuesday, April 27th. The investment management company reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.01. Ares Capital had a net margin of 95.89% and a return on equity of 10.46%. The company had revenue of $390.00 million for the quarter, compared to analyst estimates of $385.85 million. During the same period in the prior year, the company posted $0.41 EPS. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts anticipate that Ares Capital Co. will post 1.73 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 30th. Shareholders of record on Tuesday, June 15th will be paid a $0.40 dividend. The ex-dividend date is Monday, June 14th. This represents a $1.60 dividend on an annualized basis and a yield of 8.11%. Ares Capital’s dividend payout ratio is currently 91.95%.

A number of hedge funds have recently modified their holdings of ARCC. Core Wealth Advisors Inc. bought a new position in Ares Capital in the 4th quarter worth about $25,000. Montag A & Associates Inc. bought a new position in Ares Capital in the 4th quarter worth about $25,000. Tompkins Financial Corp bought a new position in Ares Capital in the 4th quarter worth about $36,000. Parkside Financial Bank & Trust bought a new position in Ares Capital in the 4th quarter worth about $46,000. Finally, Ropes Wealth Advisors LLC bought a new position in Ares Capital in the 4th quarter worth about $54,000. Institutional investors and hedge funds own 30.63% of the company’s stock.

About Ares Capital (NASDAQ:ARCC)

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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