Ares Capital Co. (NASDAQ:ARCC) Holdings Lifted by Delphi Financial Group Inc.
Delphi Financial Group Inc. boosted its holdings in shares of Ares Capital Co. (NASDAQ:ARCC) by 0.7% during the third quarter, Holdings Channel reports. The firm owned 270,708 shares of the investment management company’s stock after acquiring an additional 1,996 shares during the quarter. Ares Capital makes up about 1.7% of Delphi Financial Group Inc.’s investment portfolio, making the stock its 8th biggest position. Delphi Financial Group Inc.’s holdings in Ares Capital were worth $5,045,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Private Ocean LLC purchased a new position in Ares Capital during the 3rd quarter valued at about $35,000. Phocas Financial Corp. purchased a new position in Ares Capital during the 2nd quarter valued at about $2,375,000. Ropes Wealth Advisors LLC purchased a new position in Ares Capital during the 2nd quarter valued at about $27,000. Signaturefd LLC increased its holdings in Ares Capital by 164.5% during the 3rd quarter. Signaturefd LLC now owns 1,645 shares of the investment management company’s stock valued at $31,000 after purchasing an additional 1,023 shares during the period. Finally, Arcadia Investment Management Corp MI increased its holdings in Ares Capital by 109.9% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,889 shares of the investment management company’s stock valued at $34,000 after purchasing an additional 989 shares during the period. Institutional investors own 36.31% of the company’s stock.
ARCC has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Ares Capital from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Monday, August 26th. Compass Point downgraded Ares Capital from a “buy” rating to a “neutral” rating in a report on Friday, August 23rd. BidaskClub downgraded Ares Capital from a “hold” rating to a “sell” rating in a report on Wednesday, October 30th. ValuEngine upgraded Ares Capital from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Raymond James cut Ares Capital from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 22nd. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $19.83.
Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings data on Wednesday, October 30th. The investment management company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Ares Capital had a net margin of 49.90% and a return on equity of 10.97%. The company had revenue of $387.00 million during the quarter, compared to analyst estimates of $370.17 million. During the same period in the previous year, the business earned $0.45 EPS. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. On average, analysts predict that Ares Capital Co. will post 1.89 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 16th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Ares Capital’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 9.07%. Ares Capital’s payout ratio is currently 95.24%.
In related news, Director Steve Bartlett bought 14,177 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was acquired at an average cost of $18.35 per share, for a total transaction of $260,147.95. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven B. Mckeever bought 5,425 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were bought at an average price of $18.42 per share, with a total value of $99,928.50. Following the completion of the purchase, the director now owns 24,795 shares in the company, valued at approximately $456,723.90. The disclosure for this purchase can be found here. 0.53% of the stock is currently owned by insiders.
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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