Legacy Capital Wealth Partners LLC Invests $1.59 Million in Ares Capital Co. (NASDAQ:ARCC)

Legacy Capital Wealth Partners LLC acquired a new stake in Ares Capital Co. (NASDAQ:ARCC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 76,393 shares of the investment management company’s stock, valued at approximately $1,592,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of ARCC. Jamison Private Wealth Management Inc. increased its position in shares of Ares Capital by 62.7% during the second quarter. Jamison Private Wealth Management Inc. now owns 1,233 shares of the investment management company’s stock valued at $26,000 after acquiring an additional 475 shares during the last quarter. Nemes Rush Group LLC acquired a new stake in Ares Capital in the 4th quarter valued at approximately $25,000. Valley National Advisers Inc. raised its position in Ares Capital by 323.3% in the first quarter. Valley National Advisers Inc. now owns 1,435 shares of the investment management company’s stock valued at $29,000 after purchasing an additional 1,096 shares during the period. Pingora Partners LLC acquired a new position in Ares Capital during the fourth quarter worth $30,000. Finally, Hobbs Group Advisors LLC acquired a new position in Ares Capital during the second quarter worth $32,000. 27.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ARCC shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $22.00 price objective on shares of Ares Capital in a report on Monday, August 5th. Compass Point raised Ares Capital to a “strong-buy” rating in a research report on Tuesday, July 30th. UBS Group raised shares of Ares Capital to a “hold” rating in a research report on Friday, August 23rd. Finally, JMP Securities raised their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the company a “market outperform” rating in a research note on Tuesday, July 30th. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.71.

Ares Capital Stock Down 0.3 %

Shares of ARCC stock traded down $0.07 during trading hours on Tuesday, reaching $21.01. 916,740 shares of the stock were exchanged, compared to its average volume of 3,394,204. Ares Capital Co. has a 12-month low of $18.55 and a 12-month high of $21.84. The business’s fifty day moving average is $20.83 and its two-hundred day moving average is $20.74. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 1.40. The firm has a market capitalization of $13.24 billion, a P/E ratio of 7.22 and a beta of 1.01.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings data on Tuesday, July 30th. The investment management company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. The company had revenue of $755.00 million for the quarter, compared to the consensus estimate of $714.27 million. Ares Capital had a net margin of 59.76% and a return on equity of 12.24%. During the same period in the prior year, the firm posted $0.58 EPS. As a group, research analysts expect that Ares Capital Co. will post 2.38 EPS for the current fiscal year.

Ares Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 9.14%. The ex-dividend date of this dividend is Friday, September 13th. Ares Capital’s dividend payout ratio (DPR) is 65.75%.

Ares Capital Company 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.