Envestnet Portfolio Solutions Inc. Acquires 1,328 Shares of Ares Capital Co. (NASDAQ:ARCC)

Envestnet Portfolio Solutions Inc. grew its holdings in shares of Ares Capital Co. (NASDAQ:ARCC) by 11.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,318 shares of the investment management company’s stock after purchasing an additional 1,328 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Ares Capital were worth $278,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ARCC. Confluence Investment Management LLC bought a new position in Ares Capital during the first quarter worth about $86,227,000. Van ECK Associates Corp boosted its position in Ares Capital by 17.4% during the first quarter. Van ECK Associates Corp now owns 9,719,943 shares of the investment management company’s stock worth $202,369,000 after purchasing an additional 1,437,864 shares during the period. Sigma Investment Counselors Inc. boosted its position in Ares Capital by 4,876.0% during the first quarter. Sigma Investment Counselors Inc. now owns 574,978 shares of the investment management company’s stock worth $11,971,000 after purchasing an additional 563,423 shares during the period. Edge Capital Group LLC boosted its position in Ares Capital by 2,057.7% during the fourth quarter. Edge Capital Group LLC now owns 526,258 shares of the investment management company’s stock worth $10,541,000 after purchasing an additional 501,868 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of Ares Capital by 143.9% in the first quarter. Cetera Investment Advisers now owns 820,390 shares of the investment management company’s stock valued at $17,081,000 after acquiring an additional 484,088 shares during the period. Institutional investors own 27.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Oppenheimer raised their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. JMP Securities raised their price objective on shares of Ares Capital from $21.00 to $22.00 and gave the company a “market outperform” rating in a research report on Tuesday, July 30th. Truist Financial raised their price objective on shares of Ares Capital from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Compass Point upgraded shares of Ares Capital to a “strong-buy” rating in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Ares Capital from $21.50 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Three 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 MarketBeat, Ares Capital presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.71.

Ares Capital Trading Down 0.2 %

Shares of ARCC opened at $20.91 on Friday. The firm’s 50 day simple moving average is $20.78 and its 200 day simple moving average is $20.68. The company has a market capitalization of $12.85 billion, a P/E ratio of 7.16 and a beta of 1.01. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 1.63. Ares Capital Co. has a 1-year low of $18.55 and a 1-year high of $21.84.

Ares Capital (NASDAQ:ARCC) last announced its earnings results on Tuesday, July 30th. The investment management company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. The business had revenue of $755.00 million for the quarter, compared to the consensus estimate of $714.27 million. Ares Capital had a net margin of 59.76% and a return on equity of 12.24%. During the same period last year, the firm posted $0.58 earnings per share. Sell-side analysts forecast that Ares Capital Co. will post 2.38 earnings per share for the current fiscal year.

Ares Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 9.18%. The ex-dividend date of this dividend is Friday, September 13th. Ares Capital’s dividend payout ratio (DPR) is presently 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.