TIAA Trust National Association Invests $223,000 in Ares Capital Co. (NASDAQ:ARCC)

TIAA Trust National Association acquired a new position in shares of Ares Capital Co. (NASDAQ:ARCC) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 10,727 shares of the investment management company’s stock, valued at approximately $223,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ARCC. Raymond James Trust N.A. lifted its position in Ares Capital by 3.8% in the fourth quarter. Raymond James Trust N.A. now owns 24,937 shares of the investment management company’s stock worth $499,000 after purchasing an additional 912 shares during the period. SG Americas Securities LLC bought a new position in shares of Ares Capital in the fourth quarter valued at $363,000. Mutual Advisors LLC increased its holdings in shares of Ares Capital by 15.2% in the fourth quarter. Mutual Advisors LLC now owns 158,336 shares of the investment management company’s stock valued at $3,171,000 after buying an additional 20,863 shares in the last quarter. HB Wealth Management LLC raised its stake in Ares Capital by 34.3% during the 4th quarter. HB Wealth Management LLC now owns 163,656 shares of the investment management company’s stock valued at $3,278,000 after purchasing an additional 41,782 shares during the period. Finally, Raymond James & Associates raised its stake in Ares Capital by 1.5% during the 4th quarter. Raymond James & Associates now owns 749,880 shares of the investment management company’s stock valued at $15,020,000 after purchasing an additional 11,266 shares during the period. 27.38% of the stock is currently owned by institutional investors and hedge funds.

Ares Capital Stock Up 0.8 %

Shares of Ares Capital stock traded up $0.17 on Monday, hitting $20.88. 1,497,350 shares of the company traded hands, compared to its average volume of 3,448,472. The company has a market cap of $12.83 billion, a PE ratio of 7.09 and a beta of 1.01. Ares Capital Co. has a 12-month low of $18.55 and a 12-month high of $21.84. The company has a 50-day moving average price of $21.10 and a 200 day moving average price of $20.63. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.99.

Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings data on Wednesday, May 1st. The investment management company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The business had revenue of $701.00 million during the quarter, compared to the consensus estimate of $703.85 million. Ares Capital had a return on equity of 12.37% and a net margin of 62.77%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.56 earnings per share. Sell-side analysts predict that Ares Capital Co. will post 2.34 earnings per share for the current year.

Ares Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 9.20%. The ex-dividend date was Friday, June 14th. Ares Capital’s dividend payout ratio is presently 65.75%.

Analyst Upgrades and Downgrades

ARCC has been the topic of several recent analyst reports. Truist Financial boosted their target price on shares of Ares Capital from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. boosted their target price on shares of Ares Capital from $21.50 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. JMP Securities reissued a “market outperform” rating and set a $21.00 target price on shares of Ares Capital in a research note on Tuesday, March 26th. Oppenheimer boosted their target price on shares of Ares Capital from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $22.00 target price on shares of Ares Capital in a research note on Thursday, May 23rd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $21.50.

Ares Capital 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.