Axxcess Wealth Management LLC Sells 6,529 Shares of Ares Capital Co. (NASDAQ:ARCC)

Axxcess Wealth Management LLC lowered its holdings in shares of Ares Capital Co. (NASDAQ:ARCC) by 14.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,474 shares of the investment management company’s stock after selling 6,529 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Ares Capital were worth $801,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Nemes Rush Group LLC purchased a new stake in shares of Ares Capital in the fourth quarter valued at $25,000. Valley National Advisers Inc. increased its stake in Ares Capital by 323.3% in the 1st quarter. Valley National Advisers Inc. now owns 1,435 shares of the investment management company’s stock worth $29,000 after buying an additional 1,096 shares during the period. Pingora Partners LLC purchased a new position in Ares Capital in the 4th quarter worth about $30,000. First Horizon Advisors Inc. increased its stake in Ares Capital by 93.9% in the 4th quarter. First Horizon Advisors Inc. now owns 1,922 shares of the investment management company’s stock worth $38,000 after buying an additional 931 shares during the period. Finally, Assetmark Inc. increased its stake in Ares Capital by 218.7% in the 4th quarter. Assetmark Inc. now owns 1,960 shares of the investment management company’s stock worth $39,000 after buying an additional 1,345 shares during the period. Institutional investors own 27.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Truist Financial raised their price target on shares of Ares Capital from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. lifted their target price on shares of Ares Capital from $21.50 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $22.00 price target on shares of Ares Capital in a research report on Thursday, May 23rd. Finally, Oppenheimer boosted their price target on shares of Ares Capital from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Ares Capital currently has a consensus rating of “Moderate Buy” and an average target price of $21.50.

Ares Capital Stock Up 0.9 %

Shares of ARCC stock traded up $0.18 during trading hours on Friday, reaching $20.95. 2,150,408 shares of the stock were exchanged, compared to its average volume of 3,414,021. The business’s fifty day moving average is $21.07 and its two-hundred day moving average is $20.64. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.63 and a quick ratio of 1.63. Ares Capital Co. has a 12-month low of $18.55 and a 12-month high of $21.84. The firm has a market capitalization of $12.87 billion, a P/E ratio of 7.11 and a beta of 1.01.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings results 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 analyst estimates of $703.85 million. Ares Capital had a net margin of 62.77% and a return on equity of 12.37%. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the company earned $0.56 earnings per share. As a group, research analysts expect that Ares Capital Co. will post 2.34 EPS for the current fiscal year.

Ares Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 9.16%. The ex-dividend date of this dividend was Friday, June 14th. Ares Capital’s payout ratio is currently 65.75%.

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.