PNC Financial Services Group Inc. Has $3.04 Million Stock Holdings in Ares Capital Co. (NASDAQ:ARCC)

PNC Financial Services Group Inc. cut its stake in shares of Ares Capital Co. (NASDAQ:ARCC) by 1.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 151,958 shares of the investment management company’s stock after selling 1,700 shares during the period. PNC Financial Services Group Inc.’s holdings in Ares Capital were worth $3,044,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of ARCC. Nemes Rush Group LLC acquired a new stake in shares of Ares Capital in the fourth quarter valued at approximately $25,000. Pingora Partners LLC acquired a new stake in shares of Ares Capital in the fourth quarter valued at approximately $30,000. First Horizon Advisors Inc. lifted its position in shares of Ares Capital by 93.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,922 shares of the investment management company’s stock valued at $38,000 after buying an additional 931 shares during the last quarter. Assetmark Inc. lifted its position in shares of Ares Capital by 218.7% in the fourth quarter. Assetmark Inc. now owns 1,960 shares of the investment management company’s stock valued at $39,000 after buying an additional 1,345 shares during the last quarter. Finally, Activest Wealth Management lifted its position in shares of Ares Capital by 137.2% in the fourth quarter. Activest Wealth Management now owns 2,142 shares of the investment management company’s stock valued at $43,000 after buying an additional 1,239 shares during the last quarter. 27.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and set a $22.00 price target on shares of Ares Capital in a report on Thursday, May 23rd. JPMorgan Chase & Co. lifted their price target on Ares Capital from $21.50 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Oppenheimer lifted their price target on Ares Capital from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Truist Financial lifted their price target on Ares Capital from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, JMP Securities reissued a “market outperform” rating and set a $21.00 price target on shares of Ares Capital in a report on Tuesday, March 26th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Ares Capital presently has a consensus rating of “Moderate Buy” and an average target price of $21.50.

Ares Capital Trading Down 0.6 %

Shares of ARCC opened at $20.59 on Thursday. Ares Capital Co. has a 52-week low of $18.00 and a 52-week high of $21.84. The business’s fifty day moving average is $20.99 and its 200-day moving average is $20.47. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a market cap of $12.65 billion, a price-to-earnings ratio of 7.05 and a beta of 1.00.

Ares Capital (NASDAQ:ARCC) last issued its quarterly earnings data on Wednesday, May 1st. The investment management company reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The firm had revenue of $701.00 million for 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 was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.56 EPS. Equities analysts anticipate that Ares Capital Co. will post 2.34 EPS for the current fiscal year.

Ares Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.48 per share. The ex-dividend date is Friday, June 14th. This represents a $1.92 dividend on an annualized basis and a yield of 9.32%. Ares Capital’s dividend payout ratio is currently 65.75%.

About Ares Capital

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.