HB Wealth Management LLC Sells 59,305 Shares of Ares Capital Corporation $ARCC

HB Wealth Management LLC reduced its holdings in shares of Ares Capital Corporation (NASDAQ:ARCC) by 28.0% in the first quarter, Holdings Channel reports. The institutional investor owned 152,189 shares of the investment management company’s stock after selling 59,305 shares during the period. HB Wealth Management LLC’s holdings in Ares Capital were worth $2,742,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Canal Capital Management LLC boosted its position in shares of Ares Capital by 35.8% during the first quarter. Canal Capital Management LLC now owns 44,753 shares of the investment management company’s stock valued at $806,000 after buying an additional 11,798 shares during the last quarter. Private Advisor Group LLC lifted its stake in Ares Capital by 2.1% during the 1st quarter. Private Advisor Group LLC now owns 339,619 shares of the investment management company’s stock valued at $6,120,000 after acquiring an additional 6,839 shares in the last quarter. Elemental Capital Partners LLC bought a new position in Ares Capital during the 1st quarter valued at $967,000. Sound Income Strategies LLC boosted its holdings in Ares Capital by 1.8% during the 1st quarter. Sound Income Strategies LLC now owns 2,663,571 shares of the investment management company’s stock worth $47,225,000 after acquiring an additional 46,782 shares during the last quarter. Finally, Strs Ohio purchased a new position in Ares Capital during the 1st quarter worth $189,210,000. 27.38% of the stock is owned by hedge funds and other institutional investors.

Ares Capital Trading Down 0.9%

NASDAQ ARCC opened at $18.56 on Tuesday. The stock has a market capitalization of $13.33 billion, a price-to-earnings ratio of 11.39 and a beta of 0.56. Ares Capital Corporation has a one year low of $17.40 and a one year high of $23.42. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.40 and a quick ratio of 1.40. The business’s fifty day moving average is $18.69 and its 200-day moving average is $19.09.

Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings results on Tuesday, April 28th. The investment management company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.01). Ares Capital had a net margin of 37.30% and a return on equity of 9.85%. The company had revenue of $763.00 million for the quarter, compared to the consensus estimate of $778.00 million. During the same quarter in the previous year, the company posted $0.50 EPS. Ares Capital’s quarterly revenue was up 4.2% compared to the same quarter last year. Equities research analysts predict that Ares Capital Corporation will post 1.91 EPS for the current year.

Ares Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 10.3%. The ex-dividend date was Monday, June 15th. Ares Capital’s payout ratio is presently 117.79%.

Analyst Upgrades and Downgrades

ARCC has been the subject of several recent analyst reports. Wells Fargo & Company reiterated an “equal weight” rating and issued a $19.00 target price (down from $20.00) on shares of Ares Capital in a research note on Friday, June 12th. Truist Financial cut their price target on shares of Ares Capital from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. UBS Group reduced their price objective on shares of Ares Capital from $21.00 to $19.00 and set a “neutral” rating for the company in a research report on Friday, March 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ares Capital in a research note on Tuesday, June 9th. Finally, B. Riley Financial dropped their target price on shares of Ares Capital from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Ares Capital presently has a consensus rating of “Moderate Buy” and an average price target of $20.60.

Ares Capital Company Profile

Ares Capital Corporation (NASDAQ: ARCC) is a publicly traded business development company (BDC) that specializes in providing debt and equity financing solutions to U.S. middle-market companies. As a BDC, Ares Capital offers investors access to a diversified portfolio of tailored credit investments, including senior secured loans, unitranche financing, mezzanine debt and equity co-investments. The firm’s flexible capital structures are designed to support companies seeking growth capital, refinancing or strategic acquisitions.

Through its credit platform, Ares Capital focuses on originations, underwriting and portfolio management across a range of industries, with a particular emphasis on sectors such as healthcare, technology, industrials and business services.