Legacy Capital Wealth Partners LLC Acquires 1,288 Shares of Ares Capital Co. (NASDAQ:ARCC)

Legacy Capital Wealth Partners LLC boosted its holdings in Ares Capital Co. (NASDAQ:ARCC) by 1.7% in the third quarter, HoldingsChannel reports. The firm owned 77,681 shares of the investment management company’s stock after purchasing an additional 1,288 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Ares Capital were worth $1,627,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ARCC. Jamison Private Wealth Management Inc. increased its position in Ares Capital by 62.7% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 1,233 shares of the investment management company’s stock valued at $26,000 after buying an additional 475 shares in the last quarter. Asset Dedication LLC bought a new stake in shares of Ares Capital during the second quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new position in shares of Ares Capital in the 2nd quarter worth $32,000. nVerses Capital LLC grew its position in Ares Capital by 88.9% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the investment management company’s stock valued at $35,000 after purchasing an additional 800 shares during the period. Finally, Ridgewood Investments LLC bought a new stake in Ares Capital during the 2nd quarter valued at $42,000. 27.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. UBS Group raised shares of Ares Capital to a “hold” rating in a research note on Friday, August 23rd. Compass Point upgraded Ares Capital to a “strong-buy” rating in a research note on Tuesday, July 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $22.00 price objective on shares of Ares Capital in a research note on Monday, August 5th. B. Riley upped their price target on Ares Capital from $21.00 to $22.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, JMP Securities raised their price objective 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Ares Capital presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.86.

Ares Capital Stock Performance

Shares of ARCC opened at $21.53 on Friday. The stock has a 50 day moving average of $21.02 and a 200 day moving average of $20.97. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 1.06. Ares Capital Co. has a 12 month low of $19.32 and a 12 month high of $22.05. The company has a market capitalization of $13.91 billion, a price-to-earnings ratio of 8.28 and a beta of 1.01.

Ares Capital (NASDAQ:ARCC) last announced its earnings results on Wednesday, October 30th. The investment management company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.01). The business had revenue of $755.00 million for the quarter, compared to analysts’ expectations of $770.45 million. Ares Capital had a net margin of 53.71% and a return on equity of 12.06%. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 earnings per share. As a group, sell-side analysts forecast that Ares Capital Co. will post 2.36 earnings per share for the current year.

Ares Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 8.92%. The ex-dividend date of this dividend is Friday, December 13th. Ares Capital’s payout ratio is 73.85%.

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.