Ares Capital (NASDAQ:ARCC) Price Target Raised to $24.00 at Wells Fargo & Company

Ares Capital (NASDAQ:ARCC) had its target price increased by Wells Fargo & Company from $23.00 to $24.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the investment management company’s stock.

Several other analysts have also issued reports on ARCC. StockNews.com upgraded shares of Ares Capital from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. B. Riley lifted their price objective on Ares Capital from $21.00 to $22.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.43.

Ares Capital Stock Down 1.5 %

Shares of ARCC opened at $23.18 on Wednesday. The firm has a market cap of $14.98 billion, a P/E ratio of 8.92 and a beta of 1.00. Ares Capital has a 12 month low of $19.32 and a 12 month high of $23.56. The stock’s 50 day moving average is $22.21 and its two-hundred day moving average is $21.41. 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 (NASDAQ:ARCC) last released its quarterly earnings results on Wednesday, October 30th. The investment management company reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.01). The company had revenue of $755.00 million during the quarter, compared to analyst estimates of $770.45 million. Ares Capital had a net margin of 53.71% and a return on equity of 12.06%. Ares Capital’s revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.59 EPS. Analysts predict that Ares Capital will post 2.36 earnings per share for the current fiscal year.

Institutional Trading of Ares Capital

A number of hedge funds have recently bought and sold shares of the business. Horizon Financial Services LLC acquired a new position in shares of Ares Capital during the 3rd quarter worth approximately $28,000. Blue Trust Inc. boosted its stake in Ares Capital by 56.8% during the third quarter. Blue Trust Inc. now owns 2,510 shares of the investment management company’s stock worth $52,000 after buying an additional 909 shares during the last quarter. Farmers & Merchants Investments Inc. boosted its stake in Ares Capital by 200.0% during the fourth quarter. Farmers & Merchants Investments Inc. now owns 3,000 shares of the investment management company’s stock worth $66,000 after buying an additional 2,000 shares during the last quarter. Quarry LP purchased a new stake in Ares Capital in the 3rd quarter valued at $67,000. Finally, Centennial Bank AR acquired a new stake in shares of Ares Capital in the 3rd quarter worth $102,000. Institutional investors and hedge funds own 27.38% of the company’s stock.

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.