Ares Capital Corporation $ARCC Shares Purchased by Spinnaker Trust

Spinnaker Trust raised its position in Ares Capital Corporation (NASDAQ:ARCC) by 5.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,276,014 shares of the investment management company’s stock after purchasing an additional 65,073 shares during the period. Ares Capital comprises about 1.3% of Spinnaker Trust’s investment portfolio, making the stock its 18th largest position. Spinnaker Trust’s holdings in Ares Capital were worth $22,994,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ARCC. Canal Capital Management LLC raised its position in shares of Ares Capital by 1.6% in the fourth quarter. Canal Capital Management LLC now owns 32,955 shares of the investment management company’s stock valued at $667,000 after buying an additional 520 shares during the last quarter. First Citizens Bank & Trust Co. grew its stake in Ares Capital by 5.3% in the 4th quarter. First Citizens Bank & Trust Co. now owns 10,530 shares of the investment management company’s stock worth $213,000 after acquiring an additional 532 shares during the period. Perigon Wealth Management LLC grew its stake in Ares Capital by 1.6% in the 4th quarter. Perigon Wealth Management LLC now owns 34,700 shares of the investment management company’s stock worth $702,000 after acquiring an additional 547 shares during the period. Diversify Advisory Services LLC raised its holdings in Ares Capital by 2.0% in the 4th quarter. Diversify Advisory Services LLC now owns 28,186 shares of the investment management company’s stock valued at $589,000 after acquiring an additional 563 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in shares of Ares Capital by 1.0% during the 3rd quarter. Parallel Advisors LLC now owns 57,092 shares of the investment management company’s stock worth $1,165,000 after purchasing an additional 567 shares during the period. 27.38% of the stock is currently owned by hedge funds and other institutional investors.

Ares Capital Trading Up 1.8%

ARCC stock opened at $18.51 on Tuesday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.13. The company has a market cap of $13.29 billion, a price-to-earnings ratio of 11.36 and a beta of 0.56. The business has a fifty day simple moving average of $18.72 and a 200-day simple moving average of $19.16. Ares Capital Corporation has a 52 week low of $17.40 and a 52 week high of $23.42.

Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings results on Tuesday, April 28th. The investment management company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.01). The firm had revenue of $763.00 million for the quarter, compared to analysts’ expectations of $778.00 million. Ares Capital had a net margin of 37.30% and a return on equity of 9.85%. Ares Capital’s revenue was up 4.2% on a year-over-year basis. During the same period last year, the firm posted $0.50 EPS. On average, equities research analysts expect that Ares Capital Corporation will post 1.91 EPS for the current year.

Ares Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 10.4%. The ex-dividend date of this dividend is Monday, June 15th. Ares Capital’s dividend payout ratio is 117.79%.

Analysts Set New Price Targets

ARCC has been the subject of a number of recent analyst reports. UBS Group lowered their price objective on Ares Capital from $21.00 to $19.00 and set a “neutral” rating for the company in a research report on Friday, March 13th. Truist Financial decreased their price target on Ares Capital from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods lowered their price target on Ares Capital from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Thursday, April 16th. Citizens Jmp cut their price objective on shares of Ares Capital from $23.00 to $22.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ares Capital in a research report on Tuesday, June 9th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.65.

About Ares Capital

Ares Capital Corporation (NASDAQ: ARCC) is a publicly traded business development company (BDC) that specializes in providing debt and equity financing solutions to U.S. middle-market companies. As a BDC, Ares Capital offers investors access to a diversified portfolio of tailored credit investments, including senior secured loans, unitranche financing, mezzanine debt and equity co-investments. The firm’s flexible capital structures are designed to support companies seeking growth capital, refinancing or strategic acquisitions.

Through its credit platform, Ares Capital focuses on originations, underwriting and portfolio management across a range of industries, with a particular emphasis on sectors such as healthcare, technology, industrials and business services.