Bridgewealth Advisory Group LLC Has $363,000 Position in Ares Capital Co. (NASDAQ:ARCC)

Bridgewealth Advisory Group LLC cut its holdings in Ares Capital Co. (NASDAQ:ARCC) by 41.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,436 shares of the investment management company’s stock after selling 12,565 shares during the quarter. Bridgewealth Advisory Group LLC’s holdings in Ares Capital were worth $363,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in ARCC. Jamison Private Wealth Management Inc. lifted its holdings in Ares Capital by 62.7% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 1,233 shares of the investment management company’s stock worth $26,000 after buying an additional 475 shares in the last quarter. Asset Dedication LLC bought a new position in Ares Capital in the second quarter valued at about $26,000. Valley National Advisers Inc. increased 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 worth $29,000 after purchasing an additional 1,096 shares during the period. Pingora Partners LLC bought a new stake in Ares Capital during the 4th quarter worth about $30,000. Finally, Hobbs Group Advisors LLC acquired a new position in Ares Capital during the 2nd quarter valued at about $32,000. 27.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ARCC has been the subject of a number of recent research reports. Royal Bank of Canada reissued an “outperform” rating and set a $22.00 price target on shares of Ares Capital in a research note on Monday, August 5th. Compass Point upgraded shares of Ares Capital to a “strong-buy” rating in a research report on Tuesday, July 30th. JMP Securities raised their price target on Ares Capital from $21.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Tuesday, July 30th. Finally, UBS Group upgraded Ares Capital to a “hold” rating in a report on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.71.

Ares Capital Stock Performance

ARCC stock opened at $20.61 on Friday. Ares Capital Co. has a 1-year low of $18.55 and a 1-year high of $21.84. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 1.05. The firm has a market cap of $12.67 billion, a PE ratio of 7.06 and a beta of 1.01. The business’s 50-day moving average price is $20.73 and its two-hundred day moving average price is $20.78.

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

Ares Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 9.32%. The ex-dividend date of this dividend is Friday, September 13th. Ares Capital’s dividend payout ratio is 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.