Ares Capital (NASDAQ:ARCC) Given New $18.50 Price Target at JPMorgan Chase & Co.

Ares Capital (NASDAQ:ARCC) had its price objective dropped by investment analysts at JPMorgan Chase & Co. from $19.00 to $18.50 in a research note issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the investment management company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 0.86% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. Truist Financial decreased their price target on Ares Capital from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods cut their price objective on Ares Capital from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Thursday, April 16th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $19.00 target price (down from $20.00) on shares of Ares Capital in a research note on Friday, June 12th. Oppenheimer decreased their target price on Ares Capital from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, April 29th. Finally, Citizens Jmp lowered their target price on shares of Ares Capital from $23.00 to $22.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.60.

Ares Capital Stock Performance

Ares Capital stock opened at $18.66 on Thursday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.40 and a quick ratio of 1.40. Ares Capital has a 1-year low of $17.40 and a 1-year high of $23.42. The firm has a market capitalization of $13.40 billion, a P/E ratio of 11.45 and a beta of 0.56. The company’s 50-day moving average is $18.70 and its 200 day moving average is $19.13.

Ares Capital (NASDAQ:ARCC) last announced its earnings results on Tuesday, April 28th. The investment management company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.01). The business 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%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. Research analysts forecast that Ares Capital will post 1.91 EPS for the current year.

Institutional Investors Weigh In On Ares Capital

Hedge funds have recently made changes to their positions in the company. Western Wealth Management LLC grew its position in shares of Ares Capital by 15.3% during the 1st quarter. Western Wealth Management LLC now owns 76,957 shares of the investment management company’s stock worth $1,387,000 after buying an additional 10,198 shares in the last quarter. LFG Wealth Partners LLC raised its holdings in shares of Ares Capital by 34.8% in the first quarter. LFG Wealth Partners LLC now owns 164,037 shares of the investment management company’s stock valued at $2,956,000 after acquiring an additional 42,384 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in Ares Capital in the first quarter worth about $2,364,000. Orographic Financial Advisors LLC purchased a new stake in Ares Capital in the first quarter worth about $1,816,000. Finally, Bank of America Corp DE grew its holdings in Ares Capital by 16.0% during the 1st quarter. Bank of America Corp DE now owns 9,135,454 shares of the investment management company’s stock worth $164,621,000 after acquiring an additional 1,259,230 shares in the last quarter. 27.38% of the stock is currently owned by hedge funds and other institutional investors.

Ares Capital Company Profile

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.