Ares Capital Corp. (ARCC) Sets New 52-Week High at $15.97
Ares Capital Corp. (NASDAQ:ARCC) reached a new 52-week high during trading on Wednesday . The stock traded as high as $15.97 and last traded at $15.94, with a volume of 1,052,635 shares. The stock had previously closed at $15.92.
Several research firms have recently commented on ARCC. JMP Securities upped their price objective on Ares Capital Corp. from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research note on Tuesday, August 9th. Keefe, Bruyette & Woods upped their price objective on Ares Capital Corp. from $17.00 to $17.50 and gave the stock an “outperform” rating in a research note on Thursday, August 4th. National Securities restated a “neutral” rating and issued a $16.00 price objective on shares of Ares Capital Corp. in a research note on Thursday, August 4th. Jefferies Group restated a “buy” rating and issued a $17.50 price objective on shares of Ares Capital Corp. in a research note on Thursday, August 4th. Finally, TheStreet upgraded Ares Capital Corp. from a “hold” rating to a “buy” rating in a research note on Monday, May 9th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Ares Capital Corp. presently has a consensus rating of “Buy” and an average target price of $16.91.
The company’s 50-day moving average is $15.02 and its 200-day moving average is $14.59.
Ares Capital Corp. (NASDAQ:ARCC) last issued its quarterly earnings data on Wednesday, August 3rd. The investment management company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. During the same quarter last year, the business earned $0.37 earnings per share. Analysts expect that Ares Capital Corp. will post $1.53 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be issued a $0.38 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $1.52 annualized dividend and a dividend yield of 9.55%.
In related news, insider Mitchell S. Goldstein acquired 6,472 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were purchased at an average cost of $15.45 per share, for a total transaction of $99,992.40. Following the acquisition, the insider now owns 195,358 shares in the company, valued at approximately $3,018,281.10. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
A number of large investors have made changes to their positions in the company. Airain ltd increased its stake in shares of Ares Capital Corp. by 557.0% in the fourth quarter. Airain ltd now owns 173,306 shares of the investment management company’s stock valued at $2,470,000 after buying an additional 146,927 shares during the last quarter. Kayne Anderson Capital Advisors LP acquired a new stake in shares of Ares Capital Corp. during the fourth quarter valued at $1,567,000. Trexquant Investment LP acquired a new stake in shares of Ares Capital Corp. during the fourth quarter valued at $1,423,000. Finally, Schroder Investment Management Group increased its stake in shares of Ares Capital Corp. by 1.4% in the fourth quarter. Schroder Investment Management Group now owns 1,705,320 shares of the investment management company’s stock valued at $24,301,000 after buying an additional 23,201 shares during the last quarter.
Ares Capital Corporation is a specialty finance company that is a closed-end, non-diversified management investment company. The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in the United States middle-market companies.
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