Cidel Asset Management Inc. Buys Shares of 28,600 Ares Capital Corporation $ARCC

Cidel Asset Management Inc. purchased a new position in shares of Ares Capital Corporation (NASDAQ:ARCC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 28,600 shares of the investment management company’s stock, valued at approximately $530,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ARCC. Palladiem LLC acquired a new position in shares of Ares Capital in the fourth quarter valued at approximately $26,000. Orion Capital Management LLC purchased a new position in shares of Ares Capital during the second quarter valued at approximately $25,000. SWAN Capital LLC acquired a new stake in Ares Capital during the third quarter worth approximately $27,000. Sankala Group LLC acquired a new stake in Ares Capital during the fourth quarter worth approximately $28,000. Finally, Core Wealth Advisors LLC purchased a new stake in Ares Capital in the 4th quarter worth approximately $33,000. 27.38% of the stock is currently owned by hedge funds and other institutional investors.

Ares Capital Price Performance

Ares Capital stock opened at $19.66 on Thursday. Ares Capital Corporation has a 52-week low of $17.40 and a 52-week high of $22.50. The firm has a fifty day moving average of $19.38 and a 200-day moving average of $18.86. The firm has a market capitalization of $14.12 billion, a P/E ratio of 14.56 and a beta of 0.57. 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 (NASDAQ:ARCC) last announced its quarterly earnings results on Wednesday, July 29th. The investment management company reported $0.47 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.47. Ares Capital had a net margin of 30.91% and a return on equity of 9.80%. The firm 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 company earned $0.50 EPS. As a group, analysts predict that Ares Capital Corporation will post 1.91 EPS for the current year.

Ares Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 9.8%. The ex-dividend date is Tuesday, September 15th. Ares Capital’s dividend payout ratio (DPR) is presently 142.22%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ARCC shares. Wells Fargo & Company reiterated an “equal weight” rating and issued a $19.00 price target (down from $20.00) on shares of Ares Capital in a report on Friday, June 12th. Truist Financial decreased their price objective on Ares Capital from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ares Capital in a research report on Friday, September 4th. Wall Street Zen lowered Ares Capital from a “hold” rating to a “sell” rating in a research note on Sunday, August 2nd. Finally, Keefe, Bruyette & Woods reduced their target price on Ares Capital from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, July 30th. 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.60.

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.