Ares Capital (NASDAQ:ARCC) Given New $24.00 Price Target at Royal Bank of Canada

Ares Capital (NASDAQ:ARCC) had its price objective increased by research analysts at Royal Bank of Canada from $23.00 to $24.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the investment management company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 5.90% from the company’s current price.

ARCC has been the subject of several other research reports. Wells Fargo & Company dropped their price target on shares of Ares Capital from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. upped their target price on shares of Ares Capital from $23.00 to $24.50 and gave the stock an “overweight” rating in a research note on Monday. StockNews.com raised Ares Capital from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. B. Riley lifted their target price on shares of Ares Capital from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Raymond James downgraded shares of Ares Capital from an “outperform” rating to a “market perform” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.94.

Ares Capital Stock Down 0.3 %

NASDAQ:ARCC traded down $0.07 during mid-day trading on Friday, reaching $22.66. The company’s stock had a trading volume of 2,584,379 shares, compared to its average volume of 4,668,072. The firm has a market capitalization of $14.64 billion, a PE ratio of 8.72 and a beta of 1.01. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 1.06. The stock has a fifty day moving average of $22.39 and a 200-day moving average of $21.51. Ares Capital has a 1 year low of $19.32 and a 1 year high of $23.84.

Ares Capital (NASDAQ:ARCC) last issued its earnings results on Wednesday, February 5th. The investment management company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.03). Ares Capital had a net margin of 53.71% and a return on equity of 12.06%. Equities research analysts forecast that Ares Capital will post 2.36 earnings per share for the current year.

Institutional Investors Weigh In On Ares Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brookstone Capital Management acquired a new position in shares of Ares Capital in the 3rd quarter valued at about $266,000. Daymark Wealth Partners LLC boosted its position in Ares Capital by 21.1% during the third quarter. Daymark Wealth Partners LLC now owns 23,000 shares of the investment management company’s stock valued at $482,000 after purchasing an additional 4,000 shares during the last quarter. CWM LLC increased its position in Ares Capital by 7.1% in the 3rd quarter. CWM LLC now owns 145,366 shares of the investment management company’s stock worth $3,044,000 after purchasing an additional 9,590 shares during the last quarter. Watts Gwilliam & Co. LLC purchased a new stake in shares of Ares Capital during the 3rd quarter worth about $228,000. Finally, Albion Financial Group UT grew its stake in shares of Ares Capital by 2.5% in the 3rd quarter. Albion Financial Group UT now owns 98,350 shares of the investment management company’s stock valued at $2,059,000 after buying an additional 2,420 shares in the last quarter. Institutional investors 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.