Wells Fargo & Company Issues Positive Forecast for Ares Capital (NASDAQ:ARCC) Stock Price

Ares Capital (NASDAQ:ARCC) had its price objective boosted by Wells Fargo & Company from $23.00 to $24.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the investment management company’s stock.

ARCC has been the topic of several other reports. StockNews.com upgraded Ares Capital from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. B. Riley raised their price target on shares of Ares Capital from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Ares Capital presently has an average rating of “Moderate Buy” and a consensus price target of $22.43.

Ares Capital Price Performance

ARCC opened at $23.67 on Wednesday. Ares Capital has a twelve month low of $19.32 and a twelve month high of $23.74. The firm has a market cap of $15.29 billion, a price-to-earnings ratio of 9.10 and a beta of 1.00. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 1.06. The company has a fifty day simple moving average of $22.28 and a 200 day simple moving average of $21.45.

Ares Capital (NASDAQ:ARCC) last announced its earnings results on Wednesday, October 30th. The investment management company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.01). Ares Capital had a net margin of 53.71% and a return on equity of 12.06%. The business had revenue of $755.00 million for the quarter, compared to analyst estimates of $770.45 million. During the same quarter in the prior year, the business earned $0.59 earnings per share. The firm’s revenue was up 15.3% on a year-over-year basis. Equities research analysts expect that Ares Capital will post 2.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Ares Capital

Several institutional investors and hedge funds have recently made changes to their positions in ARCC. Cyndeo Wealth Partners LLC boosted its holdings in Ares Capital by 2.3% in the fourth quarter. Cyndeo Wealth Partners LLC now owns 19,148 shares of the investment management company’s stock worth $419,000 after purchasing an additional 430 shares during the period. JBR Co Financial Management Inc lifted its position in shares of Ares Capital by 1.5% in the 3rd quarter. JBR Co Financial Management Inc now owns 33,047 shares of the investment management company’s stock worth $692,000 after buying an additional 500 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its holdings in shares of Ares Capital by 0.9% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 56,182 shares of the investment management company’s stock valued at $1,230,000 after buying an additional 512 shares during the period. Onyx Bridge Wealth Group LLC grew its position in shares of Ares Capital by 1.2% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 43,609 shares of the investment management company’s stock valued at $913,000 after buying an additional 531 shares during the last quarter. Finally, Centaurus Financial Inc. raised its stake in Ares Capital by 3.9% during the second quarter. Centaurus Financial Inc. now owns 14,428 shares of the investment management company’s stock worth $301,000 after acquiring an additional 542 shares during the period. 27.38% of the stock is owned by institutional investors and hedge funds.

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.