Marble Harbor Investment Counsel LLC Invests $333,000 in Ares Capital Co. (NASDAQ:ARCC)

Marble Harbor Investment Counsel LLC bought a new stake in Ares Capital Co. (NASDAQ:ARCC) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 16,000 shares of the investment management company’s stock, valued at approximately $333,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. raised its stake in shares of Ares Capital by 324.6% in the second quarter. Brown Brothers Harriman & Co. now owns 31,179 shares of the investment management company’s stock worth $650,000 after purchasing an additional 23,835 shares during the last quarter. Rathbones Group PLC raised its stake in shares of Ares Capital by 170.0% during the 2nd quarter. Rathbones Group PLC now owns 96,803 shares of the investment management company’s stock valued at $2,017,000 after buying an additional 60,951 shares during the last quarter. J.W. Cole Advisors Inc. lifted its holdings in shares of Ares Capital by 20.2% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 51,393 shares of the investment management company’s stock valued at $1,071,000 after buying an additional 8,644 shares during the period. Envestnet Asset Management Inc. grew its holdings in Ares Capital by 5.0% during the second quarter. Envestnet Asset Management Inc. now owns 1,491,495 shares of the investment management company’s stock worth $31,083,000 after acquiring an additional 71,393 shares during the period. Finally, Allen Investment Management LLC grew its stake in shares of Ares Capital by 6.9% during the 2nd quarter. Allen Investment Management LLC now owns 1,778,492 shares of the investment management company’s stock worth $37,064,000 after purchasing an additional 114,180 shares during the period. Hedge funds and other institutional investors own 27.38% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ARCC shares. UBS Group upgraded shares of Ares Capital to a “hold” rating in a research note on Friday, August 23rd. Royal Bank of Canada reissued an “outperform” rating and set a $22.00 target price on shares of Ares Capital in a research note on Monday, August 5th. JMP Securities lifted their price target on Ares Capital from $21.00 to $22.00 and gave the company a “market outperform” rating in a research note on Tuesday, July 30th. Finally, Compass Point upgraded Ares Capital to a “strong-buy” rating in a research report on Tuesday, July 30th. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Ares Capital currently has a consensus rating of “Moderate Buy” and an average price target of $21.71.

Ares Capital Stock Performance

Shares of Ares Capital stock opened at $20.37 on Monday. The firm has a market cap of $12.52 billion, a PE ratio of 6.98 and a beta of 1.01. Ares Capital Co. has a 52 week low of $18.55 and a 52 week high of $21.84. The business’s fifty day simple moving average is $20.80 and its 200-day simple moving average is $20.77. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.05.

Ares Capital (NASDAQ:ARCC) last released its quarterly earnings results on Tuesday, July 30th. The investment management company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. Ares Capital had a net margin of 59.76% and a return on equity of 12.24%. The business had revenue of $755.00 million for the quarter, compared to the consensus estimate of $714.27 million. During the same period in the previous year, the firm earned $0.58 EPS. Equities analysts forecast that Ares Capital Co. will post 2.38 earnings per share for the current year.

Ares Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 9.43%. The ex-dividend date is Friday, September 13th. Ares Capital’s dividend payout ratio (DPR) is 65.75%.

Ares Capital Company Profile

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.