Ares Capital Corp. (ARCC) Reaches New 1-Year High at $16.14
Shares of Ares Capital Corp. (NASDAQ:ARCC) hit 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. The stock had previously closed at $16.11.
A number of analysts recently issued reports on ARCC shares. Zacks Investment Research downgraded shares of Ares Capital Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 18th. TheStreet raised shares of Ares Capital Corp. from a “hold” rating to a “buy” rating in a report on Monday, May 9th. JMP Securities increased their price target on shares of Ares Capital Corp. from $16.00 to $17.00 and gave the stock a “market outperform” rating in a report on Tuesday, August 9th. Jefferies Group reissued a “buy” rating and set a $17.50 price target on shares of Ares Capital Corp. in a report on Thursday, August 4th. Finally, National Securities started coverage on shares of Ares Capital Corp. in a report on Tuesday, June 28th. They set a “neutral” rating and a $16.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Ares Capital Corp. currently has an average rating of “Buy” and an average price target of $16.78.
The firm has a 50-day moving average of $15.35 and a 200-day moving average of $14.71.
Ares Capital Corp. (NASDAQ:ARCC) last announced its earnings results on Wednesday, August 3rd. The investment management company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. During the same quarter last year, the firm earned $0.37 earnings per share. Equities research analysts anticipate that Ares Capital Corp. will post $1.53 earnings per share for the current fiscal 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 issued a $0.38 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 9.41%.
In other Ares Capital Corp. news, insider Mitchell S. Goldstein bought 6,472 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were acquired at an average cost of $15.45 per share, with a total value of $99,992.40. Following the acquisition, the insider now directly owns 195,358 shares of the company’s stock, valued at approximately $3,018,281.10. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.
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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