Insider Buying: Ares Capital Corp. CAO Purchases 275 Shares of Stock (ARCC)
Ares Capital Corp. (NASDAQ:ARCC) CAO Scott C. Lem bought 275 shares of Ares Capital Corp. stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $17.88 per share, with a total value of $4,917.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,231 shares of the company’s stock, valued at approximately $129,290. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Several analysts have recently commented on the stock. 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 issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $18.04.
Shares of Ares Capital Corp. (NASDAQ:ARCC) traded up 0.79% on Friday, hitting $16.62. The stock had a trading volume of 2,257,883 shares. Ares Capital Corp. has a 1-year low of $16.21 and a 1-year high of $18.63. The stock has a 50-day moving average of $17.16 and a 200-day moving average of $17.4.
Ares Capital Corp. (NASDAQ:ARCC) last issued its quarterly earnings data 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 $1.53 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 9.15%. The ex-dividend date is Thursday, September 11th.
Ares Capital Corporation (NASDAQ:ARCC) is a specialty finance company, which is a closed-end, non-diversified management investment company.
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