SouthState Corp Sells 1,500 Shares of Ares Capital Co. (NASDAQ:ARCC)

SouthState Corp lessened its holdings in shares of Ares Capital Co. (NASDAQ:ARCC) by 30.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,500 shares of the investment management company’s stock after selling 1,500 shares during the quarter. SouthState Corp’s holdings in Ares Capital were worth $73,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. O Shaughnessy Asset Management LLC lifted its position in Ares Capital by 3.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 21,527 shares of the investment management company’s stock valued at $448,000 after acquiring an additional 695 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of Ares Capital by 3.0% in the first quarter. Bessemer Group Inc. now owns 68,288 shares of the investment management company’s stock valued at $1,422,000 after purchasing an additional 2,000 shares in the last quarter. Lake Street Advisors Group LLC purchased a new position in shares of Ares Capital during the first quarter valued at approximately $640,000. CANADA LIFE ASSURANCE Co grew its holdings in Ares Capital by 17.7% during the first quarter. CANADA LIFE ASSURANCE Co now owns 376,079 shares of the investment management company’s stock worth $7,841,000 after buying an additional 56,514 shares in the last quarter. Finally, CreativeOne Wealth LLC raised its position in Ares Capital by 2.6% in the 1st quarter. CreativeOne Wealth LLC now owns 38,581 shares of the investment management company’s stock valued at $803,000 after buying an additional 995 shares during the last quarter. Institutional investors and hedge funds own 27.38% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on ARCC. JMP Securities lifted their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the stock a “market outperform” rating in a report on Tuesday, July 30th. StockNews.com upgraded Ares Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. B. Riley upped their price objective on Ares Capital from $21.00 to $22.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. UBS Group raised Ares Capital to a “hold” rating in a research report on Friday, August 23rd. Finally, Compass Point upgraded Ares Capital to a “strong-buy” rating in a research note on Tuesday, July 30th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.86.

Ares Capital Trading Up 0.7 %

Shares of ARCC opened at $21.83 on Wednesday. The business’s 50-day moving average price is $21.14 and its 200-day moving average price is $21.02. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 1.06. Ares Capital Co. has a twelve month low of $19.32 and a twelve month high of $22.05. The stock has a market cap of $14.10 billion, a PE ratio of 8.40 and a beta of 1.01.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings results on Wednesday, October 30th. The investment management company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.59 by ($0.01). The firm had revenue of $755.00 million during the quarter, compared to the consensus estimate of $770.45 million. Ares Capital had a net margin of 53.71% and a return on equity of 12.06%. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.59 earnings per share. On average, equities analysts forecast that Ares Capital Co. will post 2.36 EPS for the current fiscal year.

Ares Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.48 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.92 annualized dividend and a dividend yield of 8.80%. Ares Capital’s payout ratio is currently 73.85%.

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.