Prossimo Advisors LLC Has $265,000 Stock Position in Ares Capital Corporation $ARCC

Prossimo Advisors LLC lessened its position in shares of Ares Capital Corporation (NASDAQ:ARCC) by 42.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 12,070 shares of the investment management company’s stock after selling 8,866 shares during the quarter. Prossimo Advisors LLC’s holdings in Ares Capital were worth $265,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Fourth Dimension Wealth LLC bought a new stake in Ares Capital during the 2nd quarter worth about $29,000. Elequin Capital LP acquired a new stake in shares of Ares Capital during the 1st quarter worth approximately $30,000. CNB Bank acquired a new stake in shares of Ares Capital during the 2nd quarter worth approximately $36,000. Harbor Asset Planning Inc. bought a new stake in shares of Ares Capital during the second quarter worth approximately $38,000. Finally, Wolff Wiese Magana LLC acquired a new position in Ares Capital in the second quarter valued at approximately $40,000. Institutional investors own 27.38% of the company’s stock.

Insider Buying and Selling at Ares Capital

In other news, CEO Michael Kort Schnabel acquired 13,000 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was acquired at an average cost of $20.39 per share, for a total transaction of $265,070.00. Following the completion of the acquisition, the chief executive officer owned 28,000 shares in the company, valued at $570,920. This represents a 86.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is owned by corporate insiders.

Ares Capital Stock Performance

Shares of ARCC stock opened at $20.69 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.14 and a current ratio of 2.20. Ares Capital Corporation has a 52 week low of $18.26 and a 52 week high of $23.84. The company’s 50 day moving average price is $20.11 and its two-hundred day moving average price is $21.47. The company has a market capitalization of $14.80 billion, a P/E ratio of 10.34 and a beta of 0.68.

Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings data on Tuesday, October 28th. The investment management company reported $0.50 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.50. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $766.48 million. Ares Capital had a net margin of 45.16% and a return on equity of 10.08%. The firm’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.58 earnings per share. On average, analysts expect that Ares Capital Corporation will post 2.19 earnings per share for the current fiscal year.

Ares Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 9.3%. The ex-dividend date is Monday, December 15th. Ares Capital’s payout ratio is 96.00%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. UBS Group lowered their target price on shares of Ares Capital from $22.50 to $21.00 and set a “neutral” rating for the company in a report on Tuesday, October 14th. Citigroup reaffirmed a “market outperform” rating on shares of Ares Capital in a research note on Thursday, October 30th. Wall Street Zen raised Ares Capital from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. JPMorgan Chase & Co. decreased their target price on Ares Capital from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Finally, Capital One Financial set a $22.50 price target on shares of Ares Capital in a research report on Friday, October 10th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.25.

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.