SteelPeak Wealth LLC Invests $378,000 in Ares Capital Co. (NASDAQ:ARCC)

SteelPeak Wealth LLC acquired a new stake in shares of Ares Capital Co. (NASDAQ:ARCC) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 18,175 shares of the investment management company’s stock, valued at approximately $378,000.

Other hedge funds also recently bought and sold shares of the company. Nemes Rush Group LLC purchased a new position in shares of Ares Capital during the 4th quarter valued at $25,000. Pingora Partners LLC bought a new stake in Ares Capital during the fourth quarter valued at $30,000. First Horizon Advisors Inc. grew its position in Ares Capital by 93.9% during the fourth 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 in the last quarter. 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 acquiring an additional 1,345 shares during the last quarter. Finally, Activest Wealth Management raised its holdings in shares of Ares Capital by 137.2% in the 4th quarter. Activest Wealth Management now owns 2,142 shares of the investment management company’s stock valued at $43,000 after acquiring an additional 1,239 shares in the last quarter. Hedge funds and other institutional investors own 27.38% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Ares Capital Stock Performance

NASDAQ ARCC opened at $20.84 on Monday. The company has a 50-day simple moving average of $21.03 and a two-hundred day simple moving average of $20.51. Ares Capital Co. has a 12-month low of $18.55 and a 12-month high of $21.84. The firm has a market cap of $12.81 billion, a price-to-earnings 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.

Ares Capital (NASDAQ:ARCC) last issued its earnings results on Wednesday, May 1st. The investment management company reported $0.59 earnings per share for the quarter, missing the consensus estimate 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 company’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.56 earnings per share. On average, equities analysts forecast that Ares Capital Co. will post 2.34 EPS for the current year.

Ares Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 9.21%. The ex-dividend date was Friday, June 14th. Ares Capital’s 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.