JPMorgan Chase & Co. Increases Ares Capital (NASDAQ:ARCC) Price Target to $24.50

Ares Capital (NASDAQ:ARCC) had its target price lifted by JPMorgan Chase & Co. from $23.00 to $24.50 in a research note released on Monday,Benzinga reports. They currently have an overweight rating on the investment management company’s stock.

Several other equities research analysts have also recently commented on ARCC. StockNews.com upgraded shares of Ares Capital from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. B. Riley boosted 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. Finally, Wells Fargo & Company boosted their price objective on Ares Capital from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.79.

Ares Capital Price Performance

Shares of Ares Capital stock opened at $23.80 on Monday. 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’s 50-day moving average price is $22.32 and its two-hundred day moving average price is $21.47. Ares Capital has a 52 week low of $19.32 and a 52 week high of $23.84. The stock has a market cap of $15.38 billion, a PE ratio of 9.15 and a beta of 1.00.

Hedge Funds Weigh In On Ares Capital

Several institutional investors and hedge funds have recently bought and sold shares of the business. First Horizon Advisors Inc. grew its stake in Ares Capital by 20.3% during the 4th quarter. First Horizon Advisors Inc. now owns 3,564 shares of the investment management company’s stock valued at $78,000 after acquiring an additional 602 shares in the last quarter. Sigma Planning Corp grew its stake in Ares Capital by 3.5% during the 4th quarter. Sigma Planning Corp now owns 147,991 shares of the investment management company’s stock valued at $3,240,000 after acquiring an additional 5,033 shares in the last quarter. Bell Bank grew its stake in Ares Capital by 13.2% during the 4th quarter. Bell Bank now owns 484,052 shares of the investment management company’s stock valued at $10,596,000 after acquiring an additional 56,325 shares in the last quarter. Lane & Associates LLC purchased a new position in Ares Capital during the 4th quarter valued at about $210,000. Finally, Compass Capital Corp MA ADV purchased a new position in Ares Capital during the 4th quarter valued at about $404,000. Hedge funds and other institutional investors own 27.38% of the company’s stock.

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.