Ares Capital Corp. (ARCC) Reaches New 52-Week High at $16.14
Ares Capital Corp. (NASDAQ:ARCC) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $16.14 and last traded at $16.11, with a volume of 1,107,581 shares traded. The stock had previously closed at $16.11.
A number of research analysts recently issued reports on the company. JMP Securities raised their price target 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 raised their price target 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. Jefferies Group restated a “buy” rating and set a $17.50 price target on shares of Ares Capital Corp. in a research note on Thursday, August 4th. National Securities restated a “neutral” rating and set a $16.00 price target on shares of Ares Capital Corp. in a research note on Thursday, August 4th. Finally, Zacks Investment Research upgraded Ares Capital Corp. from a “sell” rating to a “hold” rating in a research note on Friday, July 29th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $16.78.
The firm’s 50-day moving average is $15.24 and its 200 day moving average is $14.68.
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 Zacks’ consensus estimate of $0.38 by $0.01. During the same period last year, the firm posted $0.37 EPS. On average, analysts predict that Ares Capital Corp. will post $1.53 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 9.44%. The ex-dividend date of this dividend is Tuesday, September 13th.
In other Ares Capital Corp. news, insider Mitchell S. Goldstein purchased 6,472 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were acquired at an average price of $15.45 per share, for a total transaction of $99,992.40. Following the completion of the purchase, the insider now owns 195,358 shares in the company, valued at approximately $3,018,281.10. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
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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