Ares Capital Corp. (ARCC) Hits New 52-Week High at $15.97
Ares Capital Corp. (NASDAQ:ARCC) shares 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 recently commented on ARCC. National Securities reissued a “neutral” rating and set a $16.00 target price on shares of Ares Capital Corp. in a research note on Thursday, August 4th. Zacks Investment Research raised Ares Capital Corp. from a “sell” rating to a “hold” rating in a report on Friday, July 29th. Jefferies Group reaffirmed a “buy” rating and set a $17.50 price target on shares of Ares Capital Corp. in a report on Thursday, May 5th. Keefe, Bruyette & Woods lifted their price target on Ares Capital Corp. from $17.00 to $17.50 and gave the stock an “outperform” rating in a report on Thursday, August 4th. Finally, TheStreet raised Ares Capital Corp. from a “hold” rating to a “buy” rating in a report on Monday, May 9th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $16.80.
The stock has a 50-day moving average of $15.12 and a 200-day moving average of $14.61.
Ares Capital Corp. (NASDAQ:ARCC) last announced its earnings results on Wednesday, August 3rd. The investment management company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. During the same period last year, the company earned $0.37 EPS. On average, equities research analysts forecast that Ares Capital Corp. will post $1.53 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.52 annualized dividend and a dividend yield of 9.54%.
In other Ares Capital Corp. news, insider Mitchell S. Goldstein bought 6,472 shares of the stock in a transaction dated Monday, August 15th. The stock was bought at an average cost of $15.45 per share, for a total transaction of $99,992.40. Following the completion of the purchase, the insider now directly owns 195,358 shares of the company’s stock, valued at $3,018,281.10. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
A number of institutional investors have recently bought and sold shares of ARCC. Airain ltd increased its position in Ares Capital Corp. by 557.0% in the fourth quarter. Airain ltd now owns 173,306 shares of the investment management company’s stock worth $2,470,000 after buying an additional 146,927 shares during the period. Trexquant Investment LP purchased a new position in Ares Capital Corp. during the fourth quarter worth approximately $1,423,000. Finally, Schroder Investment Management Group increased its position in 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 worth $24,301,000 after buying an additional 23,201 shares during the period.
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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