Ares Capital Co. (ARCC) Shares Sold by SeaBridge Investment Advisors LLC
SeaBridge Investment Advisors LLC reduced its position in shares of Ares Capital Co. (NASDAQ:ARCC) by 3.1% during the first quarter, Holdings Channel reports. The firm owned 220,990 shares of the investment management company’s stock after selling 6,995 shares during the period. SeaBridge Investment Advisors LLC’s holdings in Ares Capital were worth $3,841,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Americafirst Capital Management LLC purchased a new position in shares of Ares Capital during the first quarter worth approximately $356,000. Private Trust Co. NA increased its position in shares of Ares Capital by 3.4% in the first quarter. Private Trust Co. NA now owns 31,924 shares of the investment management company’s stock worth $553,000 after buying an additional 1,056 shares during the period. Bank of Montreal Can increased its position in shares of Ares Capital by 46.5% in the first quarter. Bank of Montreal Can now owns 3,431,407 shares of the investment management company’s stock worth $59,637,000 after buying an additional 1,089,635 shares during the period. Chesley Taft & Associates LLC increased its position in shares of Ares Capital by 0.5% in the first quarter. Chesley Taft & Associates LLC now owns 52,695 shares of the investment management company’s stock worth $916,000 after buying an additional 270 shares during the period. Finally, Burke & Herbert Bank & Trust Co. increased its position in shares of Ares Capital by 11.3% in the first quarter. Burke & Herbert Bank & Trust Co. now owns 18,146 shares of the investment management company’s stock worth $316,000 after buying an additional 1,846 shares during the period. 39.07% of the stock is owned by institutional investors.
Ares Capital Co. (NASDAQ:ARCC) traded down 0.57% during mid-day trading on Tuesday, hitting $17.42. 1,281,011 shares of the stock were exchanged. The stock’s 50-day moving average is $17.49 and its 200 day moving average is $16.57. The company has a market capitalization of $7.42 billion, a PE ratio of 11.54 and a beta of 0.69. Ares Capital Co. has a 52 week low of $13.85 and a 52 week high of $17.87.
Ares Capital (NASDAQ:ARCC) last released its quarterly earnings data on Wednesday, February 22nd. The investment management company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.03. Ares Capital had a net margin of 40.83% and a return on equity of 9.57%. The firm had revenue of $261 million for the quarter, compared to the consensus estimate of $247.12 million. During the same quarter in the prior year, the company posted $0.40 earnings per share. On average, analysts anticipate that Ares Capital Co. will post $1.60 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Monday, March 13th. This represents a $1.52 annualized dividend and a yield of 8.73%. Ares Capital’s payout ratio is 115.15%.
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A number of research analysts have recently commented on the stock. BMO Capital Markets reissued a “hold” rating and issued a $15.00 price objective on shares of Ares Capital in a research report on Tuesday, April 11th. Jefferies Group LLC restated a “buy” rating and set a $19.50 target price on shares of Ares Capital in a research note on Friday, April 7th. Citigroup Inc raised their target price on shares of Ares Capital from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, March 6th. National Securities raised their target price on shares of Ares Capital from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, February 24th. Finally, Zacks Investment Research cut shares of Ares Capital from a “buy” rating to a “hold” rating in a research note on Monday, February 6th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $17.72.
Ares Capital Company Profile
Ares Capital Corporation is a specialty finance company. The Company operates as 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. It invests primarily in the United States middle-market companies.
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