Insider Buying: Ares Capital Corp. VP Buys 1,500 Shares of Stock (ARCC)
Ares Capital Corp. (NASDAQ:ARCC) VP Joshua M. Bloomstein purchased 1,500 shares of the stock on the open market in a transaction dated Wednesday, August 6th. The shares were purchased at an average cost of $16.41 per share, with a total value of $24,615.00. Following the completion of the transaction, the vice president now directly owns 9,000 shares of the company’s stock, valued at approximately $147,690. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Ares Capital Corp. (NASDAQ:ARCC) traded up 0.06% during mid-day trading on Friday, hitting $16.5001. The stock had a trading volume of 612,982 shares. Ares Capital Corp. has a 52-week low of $16.21 and a 52-week high of $18.63. The stock has a 50-day moving average of $17.18 and a 200-day moving average of $17.40.
Ares Capital Corp. (NASDAQ:ARCC) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.34 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.38 by $0.04. The company had revenue of $224.92 million for the quarter, compared to the consensus estimate of $231.50 million. During the same quarter last year, the company posted $0.38 earnings per share. Ares Capital Corp.’s revenue was up 9.1% compared to the same quarter last year. Analysts expect that Ares Capital Corp. will post $1.52 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 9.22%. The ex-dividend date of this dividend is Thursday, September 11th.
A number of research firms have recently commented on ARCC. Analysts at RBC Capital cut their price target on shares of Ares Capital Corp. from $19.00 to $18.00 in a research note on Thursday. They now have a “sector perform” rating on the stock. Separately, analysts at JMP Securities reiterated an “outperform” rating on shares of Ares Capital Corp. in a research note on Thursday. They now have a $18.00 price target on the stock, down previously from $18.50. Finally, analysts at Keefe, Bruyette & Woods cut their price target on shares of Ares Capital Corp. from $18.00 to $17.25 in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $18.04.
Ares Capital Corporation (NASDAQ:ARCC) is a specialty finance company, which is a closed-end, non-diversified management investment company.
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