Ares Capital Corp. (ARCC) Reaches New 12-Month High at $16.40
Ares Capital Corp. (NASDAQ:ARCC)’s share price reached a new 52-week high on Monday . The stock traded as high as $16.40 and last traded at $16.39, with a volume of 2,487,300 shares changing hands. The stock had previously closed at $16.16.
ARCC has been the subject of several research reports. Zacks Investment Research lowered shares of Ares Capital Corp. from a “hold” rating to a “sell” rating in a research report on Monday, July 18th. National Securities initiated coverage on shares of Ares Capital Corp. in a research report on Tuesday, June 28th. They set a “neutral” rating and a $16.00 target price for the company. Keefe, Bruyette & Woods increased their target price on shares of Ares Capital Corp. from $17.00 to $17.50 and gave the stock an “outperform” rating in a research report on Thursday, August 4th. JMP Securities increased their target price on shares of Ares Capital Corp. from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Tuesday, August 9th. Finally, TheStreet upgraded shares of Ares Capital Corp. from a “hold” rating to a “buy” rating in a research report on Monday, May 9th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $16.78.
The company’s 50-day moving average price is $15.47 and its 200-day moving average price is $14.74.
Ares Capital Corp. (NASDAQ:ARCC) last posted its quarterly earnings results on Wednesday, August 3rd. The investment management company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. During the same period in the previous year, the business posted $0.37 earnings per share. On average, equities analysts anticipate that Ares Capital Corp. will post $1.53 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be given 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 bought 6,472 shares of the firm’s stock in a transaction on Monday, August 15th. The stock was acquired at an average price of $15.45 per share, with a total value of $99,992.40. Following the transaction, the insider now owns 195,358 shares in the company, valued at $3,018,281.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
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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