Laurel Wealth Advisors LLC Acquires 38,462 Shares of Ares Capital Corporation $ARCC

Laurel Wealth Advisors LLC increased its holdings in Ares Capital Corporation by 2,096% in Q2, acquiring 38,462 shares, now totaling 40,297 shares valued at $885,000. Ares Capital's stock has a moderate buy rating with a target price of $22.25. The company reported Q3 earnings of $0.50 per share, matching estimates, with revenue of $1.59 billion. A quarterly dividend of $0.48 per share was announced, yielding 9.3% annually.

Laurel Wealth Advisors LLC grew its holdings in Ares Capital Corporation (NASDAQ:ARCC - Free Report) by 2,096.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 40,297 shares of the investment management company's stock after purchasing an additional 38,462 shares during the period. Laurel Wealth Advisors LLC's holdings in Ares Capital were worth $885,000 as of its most recent SEC filing.

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A number of other institutional investors also recently modified their holdings of the business. Fourth Dimension Wealth LLC acquired a new stake in Ares Capital in the second quarter valued at about $29,000. Elequin Capital LP bought a new position in shares of Ares Capital in the first quarter worth about $30,000. CNB Bank acquired a new stake in shares of Ares Capital in the 2nd quarter valued at approximately $36,000. Harbor Asset Planning Inc. acquired a new stake in shares of Ares Capital in the 2nd quarter valued at approximately $38,000. Finally, Wolff Wiese Magana LLC bought a new stake in shares of Ares Capital during the 2nd quarter valued at approximately $40,000. Institutional investors and hedge funds own 27.38% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on ARCC shares. JPMorgan Chase & Co. dropped their price objective on shares of Ares Capital from $23.00 to $22.00 and set an "overweight" rating for the company in a research note on Wednesday, October 1st. Weiss Ratings reiterated a "hold (c+)" rating on shares of Ares Capital in a research note on Monday. Keefe, Bruyette & Woods reduced their price objective on Ares Capital from $23.00 to $22.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 29th. Wells Fargo & Company lowered their target price on Ares Capital from $23.00 to $21.00 and set an "overweight" rating for the company in a report on Wednesday, October 29th. Finally, UBS Group cut their price target on Ares Capital from $22.50 to $21.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 14th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $22.25.

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Get Our Latest Analysis on Ares Capital

Ares Capital Stock Up 0.9%

Shares of NASDAQ:ARCC opened at $20.69 on Friday. The firm has a market cap of $14.80 billion, a P/E ratio of 10.34 and a beta of 0.68. Ares Capital Corporation has a 12-month low of $18.26 and a 12-month high of $23.84. The business has a fifty day simple moving average of $20.11 and a 200 day simple moving average of $21.47. The company has a quick ratio of 1.14, a current ratio of 2.20 and a debt-to-equity ratio of 1.09.

Ares Capital (NASDAQ:ARCC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 28th. The investment management company reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $766.48 million. Ares Capital had a return on equity of 10.08% and a net margin of 45.16%.The business's quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.58 earnings per share. Analysts predict that Ares Capital Corporation will post 2.19 earnings per share for the current year.

Ares Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a $0.48 dividend. The ex-dividend date is Monday, December 15th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 9.3%. Ares Capital's payout ratio is 96.00%.

Insider Activity at Ares Capital

In other news, CEO Michael Kort Schnabel acquired 13,000 shares of Ares Capital stock in a transaction dated Friday, October 31st. The shares were bought at an average cost of $20.39 per share, with a total value of $265,070.00. Following the purchase, the chief executive officer owned 28,000 shares in the company, valued at $570,920. This trade represents a 86.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.48% of the company's stock.

Ares Capital Profile

(Free Report)

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.

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