Atlantic Union Bankshares Corp Reduces Holdings in Ares Capital Co. (NASDAQ:ARCC)

Atlantic Union Bankshares Corp cut its stake in shares of Ares Capital Co. (NASDAQ:ARCC) by 4.2% in the 1st quarter, HoldingsChannel reports. The fund owned 96,991 shares of the investment management company’s stock after selling 4,203 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Ares Capital were worth $2,019,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ARCC. Dark Forest Capital Management LP purchased a new stake in Ares Capital during the 3rd quarter valued at about $369,000. Cary Street Partners Investment Advisory LLC raised its position in Ares Capital by 31.6% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 4,868 shares of the investment management company’s stock valued at $95,000 after purchasing an additional 1,168 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Ares Capital by 31.4% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 19,438 shares of the investment management company’s stock valued at $378,000 after purchasing an additional 4,641 shares during the last quarter. Qube Research & Technologies Ltd raised its position in Ares Capital by 68.7% during the 3rd quarter. Qube Research & Technologies Ltd now owns 449,212 shares of the investment management company’s stock valued at $8,746,000 after purchasing an additional 182,949 shares during the last quarter. Finally, Northeast Financial Consultants Inc raised its position in Ares Capital by 51.1% during the 3rd quarter. Northeast Financial Consultants Inc now owns 334,126 shares of the investment management company’s stock valued at $6,505,000 after purchasing an additional 113,048 shares during the last quarter. 27.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. JPMorgan Chase & Co. upped their price target on Ares Capital from $21.50 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price target on shares of Ares Capital in a research report on Tuesday, March 26th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $22.00 price target on shares of Ares Capital in a research report on Thursday, May 23rd. Truist Financial increased their target price on Ares Capital from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Finally, Oppenheimer raised their target price on Ares Capital from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Ares Capital has an average rating of “Moderate Buy” and an average target price of $21.50.

Ares Capital Trading Up 0.2 %

ARCC opened at $20.84 on Friday. The stock has a market cap of $12.81 billion, a PE ratio of 7.14 and a beta of 1.00. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.99. The business has a 50 day moving average of $21.03 and a 200-day moving average of $20.51. Ares Capital Co. has a 52 week low of $18.55 and a 52 week high of $21.84.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings data 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 company had revenue of $701.00 million for the quarter, compared to analysts’ expectations of $703.85 million. Ares Capital had a net margin of 62.77% and a return on equity of 12.37%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.56 EPS. Equities research analysts predict that Ares Capital Co. will post 2.34 earnings per share for the current fiscal year.

Ares Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 9.21%. The ex-dividend date was Friday, June 14th. Ares Capital’s payout ratio is 65.75%.

Ares Capital Company 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.