Ares Capital Corp. (ARCC) Sees Strong Trading Volume
Shares of Ares Capital Corp. (NASDAQ:ARCC) saw unusually-high trading volume on Friday . Approximately 1,830,107 shares were traded during mid-day trading, an increase of 14% from the previous session’s volume of 1,608,743 shares.The stock last traded at $16.30 and had previously closed at $16.16.
ARCC has been the topic of a number of research analyst reports. Zacks Investment Research cut Ares Capital Corp. from a “buy” rating to a “hold” rating in a research note on Friday, May 6th. TheStreet upgraded shares of Ares Capital Corp. from a “hold” rating to a “buy” rating in a research report on Monday, May 9th. Jefferies Group restated a “buy” rating on shares of Ares Capital Corp. in a research report on Tuesday, May 24th. National Securities began coverage on shares of Ares Capital Corp. in a research report on Tuesday, June 28th. They set a “neutral” rating and a $16.00 price target for the company. Finally, Keefe, Bruyette & Woods upped their price target on shares of Ares Capital Corp. from $17.00 to $17.50 and gave the company an “outperform” rating in a research report on Thursday, August 4th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $16.78.
The stock’s 50 day moving average is $15.47 and its 200-day moving average is $14.74.
Ares Capital Corp. (NASDAQ:ARCC) last posted its quarterly earnings data on Wednesday, August 3rd. The investment management company reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. During the same quarter in the previous year, the company earned $0.37 EPS. Analysts anticipate that Ares Capital Corp. will post $1.53 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders 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 9.27%. The ex-dividend date is Tuesday, September 13th.
In other Ares Capital Corp. news, insider Mitchell S. Goldstein purchased 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, with a total value 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 acquisition was disclosed in a document filed with the SEC, which is accessible 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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