Ares Capital Co. (ARCC) Shares Bought by Resource America Inc.
Resource America Inc. boosted its position in Ares Capital Co. (NASDAQ:ARCC) by 17.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 405,825 shares of the investment management company’s stock after buying an additional 59,032 shares during the quarter. Ares Capital makes up about 4.6% of Resource America Inc.’s holdings, making the stock its largest position. Resource America Inc. owned about 0.10% of Ares Capital worth $6,976,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in ARCC. Rehmann Capital Advisory Group boosted its holdings in shares of Ares Capital by 43.5% in the second quarter. Rehmann Capital Advisory Group now owns 9,658 shares of the investment management company’s stock worth $159,000 after acquiring an additional 2,930 shares during the period. grace capital bought a new position in shares of Ares Capital in the second quarter worth $165,000. McKinley Carter Wealth Services Inc. bought a new position in shares of Ares Capital in the third quarter worth $175,000. Partnervest Advisory Services LLC bought a new position in shares of Ares Capital in the third quarter worth $176,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Ares Capital in the second quarter worth $174,000. 40.31% of the stock is owned by institutional investors and hedge funds.
NASDAQ:ARCC opened at $17.07 on Tuesday. The firm has a market cap of $7.34 billion, a P/E ratio of 12.28, a price-to-earnings-growth ratio of 3.52 and a beta of 0.60. Ares Capital Co. has a 52-week low of $15.03 and a 52-week high of $17.63. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.41 and a quick ratio of 2.41.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 9.14%. The ex-dividend date is Thursday, December 13th. Ares Capital’s dividend payout ratio is 112.23%.
In other news, Director Bates Ann Torre purchased 9,000 shares of the company’s stock in a transaction on Wednesday, August 29th. The stock was purchased at an average price of $17.44 per share, with a total value of $156,960.00. Following the completion of the purchase, the director now directly owns 20,000 shares in the company, valued at approximately $348,800. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Eric B. Siegel purchased 6,990 shares of the company’s stock in a transaction on Wednesday, September 12th. The shares were purchased at an average cost of $17.30 per share, with a total value of $120,927.00. Following the purchase, the director now owns 36,630 shares of the company’s stock, valued at $633,699. The disclosure for this purchase can be found here. Insiders have purchased 16,390 shares of company stock valued at $284,583 in the last three months. 0.49% of the stock is owned by corporate insiders.
A number of equities analysts have recently commented on ARCC shares. BidaskClub lowered Ares Capital from a “hold” rating to a “sell” rating in a report on Tuesday, October 9th. Oppenheimer set a $18.00 price target on Ares Capital and gave the stock a “buy” rating in a report on Thursday, November 1st. Zacks Investment Research raised Ares Capital from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a report on Wednesday, October 24th. National Securities reaffirmed a “buy” rating and issued a $19.00 price target on shares of Ares Capital in a report on Thursday, November 1st. Finally, Citigroup started coverage on Ares Capital in a report on Thursday, August 23rd. They issued a “buy” rating and a $19.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $18.25.
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About Ares Capital
Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors.
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