Elevation Point Wealth Partners LLC Makes New $1.56 Million Investment in Ares Capital Corporation $ARCC

Elevation Point Wealth Partners LLC bought a new position in shares of Ares Capital Corporation (NASDAQ:ARCC) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 84,392 shares of the investment management company’s stock, valued at approximately $1,564,000.

Other hedge funds have also recently bought and sold shares of the company. Roman Butler Fullerton & Co. grew its stake in Ares Capital by 1.9% during the first quarter. Roman Butler Fullerton & Co. now owns 27,713 shares of the investment management company’s stock worth $504,000 after buying an additional 528 shares during the period. First Citizens Bank & Trust Co. boosted its position in Ares Capital by 5.3% during the 4th quarter. First Citizens Bank & Trust Co. now owns 10,530 shares of the investment management company’s stock worth $213,000 after purchasing an additional 532 shares during the period. CWS Financial Advisors LLC boosted its position in Ares Capital by 4.0% during the 1st quarter. CWS Financial Advisors LLC now owns 14,956 shares of the investment management company’s stock worth $270,000 after purchasing an additional 582 shares during the period. Astoria Portfolio Advisors LLC. increased its holdings in Ares Capital by 5.9% in the 4th quarter. Astoria Portfolio Advisors LLC. now owns 10,616 shares of the investment management company’s stock valued at $202,000 after purchasing an additional 592 shares in the last quarter. Finally, Founders Financial Alliance LLC raised its position in Ares Capital by 1.8% in the fourth quarter. Founders Financial Alliance LLC now owns 34,362 shares of the investment management company’s stock valued at $695,000 after purchasing an additional 620 shares during the period. Hedge funds and other institutional investors own 27.38% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $19.00 target price (down from $20.00) on shares of Ares Capital in a research report on Friday, June 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ares Capital in a report on Tuesday, June 9th. Wall Street Zen lowered Ares Capital from a “hold” rating to a “sell” rating in a research report on Sunday, August 2nd. Truist Financial lowered their price objective on shares of Ares Capital from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Finally, Oppenheimer dropped their price objective on shares of Ares Capital from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 29th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $20.40.

Ares Capital Price Performance

Shares of NASDAQ ARCC opened at $19.92 on Monday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.14. Ares Capital Corporation has a fifty-two week low of $17.40 and a fifty-two week high of $22.53. The business has a 50 day moving average price of $18.93 and a two-hundred day moving average price of $18.81. The firm has a market cap of $14.30 billion, a PE ratio of 14.76 and a beta of 0.56.

Ares Capital (NASDAQ:ARCC) last released its earnings results on Wednesday, July 29th. The investment management company reported $0.47 EPS for the quarter, meeting the consensus estimate of $0.47. Ares Capital had a return on equity of 9.80% and a net margin of 30.91%.The company had revenue of $768.00 million during the quarter, compared to analysts’ expectations of $770.19 million. During the same period in the prior year, the business posted $0.50 EPS. Sell-side analysts expect that Ares Capital Corporation will post 1.91 earnings per share for the current fiscal year.

Ares Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 9.6%. The ex-dividend date is Tuesday, September 15th. Ares Capital’s dividend payout ratio is 142.22%.

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.