D.B. Root & Company LLC Sells 33,789 Shares of Ares Capital Co. (NASDAQ:ARCC)

D.B. Root & Company LLC lessened its holdings in Ares Capital Co. (NASDAQ:ARCC) by 57.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 24,826 shares of the investment management company’s stock after selling 33,789 shares during the period. D.B. Root & Company LLC’s holdings in Ares Capital were worth $517,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Nemes Rush Group LLC bought a new position in Ares Capital in the 4th quarter valued at $25,000. Jamison Private Wealth Management Inc. grew its position in shares of Ares Capital by 62.7% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 1,233 shares of the investment management company’s stock worth $26,000 after buying an additional 475 shares in the last quarter. Valley National Advisers Inc. grew its position in shares of Ares Capital by 323.3% during the 1st quarter. Valley National Advisers Inc. now owns 1,435 shares of the investment management company’s stock worth $29,000 after buying an additional 1,096 shares in the last quarter. Pingora Partners LLC bought a new position in shares of Ares Capital during the 4th quarter worth $30,000. Finally, First Horizon Advisors Inc. grew its position in shares of Ares Capital by 93.9% during the 4th quarter. First Horizon Advisors Inc. now owns 1,922 shares of the investment management company’s stock worth $38,000 after buying an additional 931 shares in the last quarter. Institutional investors own 27.38% of the company’s stock.

Ares Capital Stock Up 0.4 %

Shares of NASDAQ ARCC traded up $0.08 during mid-day trading on Monday, reaching $20.58. 2,396,663 shares of the company were exchanged, compared to its average volume of 3,483,732. The company has a quick ratio of 1.63, a current ratio of 1.40 and a debt-to-equity ratio of 1.05. The stock has a market cap of $12.65 billion, a price-to-earnings ratio of 7.05 and a beta of 1.01. Ares Capital Co. has a 1 year low of $18.55 and a 1 year high of $21.84. The firm has a 50-day moving average of $20.89 and a 200 day moving average of $20.67.

Ares Capital (NASDAQ:ARCC) last released its quarterly earnings results on Tuesday, July 30th. The investment management company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. Ares Capital had a return on equity of 12.24% and a net margin of 59.76%. The company had revenue of $755.00 million during the quarter, compared to analysts’ expectations of $714.27 million. During the same period last year, the business posted $0.58 earnings per share. On average, research analysts expect that Ares Capital Co. will post 2.38 earnings per share for the current year.

Ares Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 9.33%. The ex-dividend date of this dividend is Thursday, September 12th. Ares Capital’s dividend payout ratio (DPR) is presently 65.75%.

Analyst Ratings Changes

ARCC has been the topic of a number of recent research reports. Compass Point raised Ares Capital to a “strong-buy” rating in a research report on Tuesday, July 30th. JMP Securities increased their price target on Ares Capital from $21.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. increased their price target on Ares Capital from $21.50 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Truist Financial increased their price target on Ares Capital from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Finally, Oppenheimer upped their price objective on Ares Capital from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $21.71.

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.