Insider Buying: Scott C. Lem Acquires 1,462 Shares of Ares Capital Corp. Stock (ARCC)
Ares Capital Corp. (NASDAQ:ARCC) CAO Scott C. Lem bought 1,462 shares of Ares Capital Corp. stock on the open market in a transaction dated Thursday, August 7th. The stock was purchased at an average price of $16.97 per share, with a total value of $24,810.14. Following the completion of the purchase, the chief accounting officer now directly owns 7,231 shares of the company’s stock, valued at approximately $122,710. The acquisition was disclosed in a filing with the SEC, which is available at this link.
Shares of Ares Capital Corp. (NASDAQ:ARCC) traded up 0.79% during mid-day trading on Friday, hitting $16.62. The stock had a trading volume of 2,257,883 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 EPS for the quarter, missing the Thomson Reuters 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 in the prior year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up 9.1% on a year-over-year basis. 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. Investors 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 9.15%. The ex-dividend date of this dividend is Thursday, September 11th.
ARCC has been the subject of a number of recent research reports. 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 research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. 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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