Bridgewealth Advisory Group LLC Sells 12,565 Shares of Ares Capital Co. (NASDAQ:ARCC)

Bridgewealth Advisory Group LLC decreased its position in Ares Capital Co. (NASDAQ:ARCC) by 41.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 17,436 shares of the investment management company’s stock after selling 12,565 shares during the quarter. Bridgewealth Advisory Group LLC’s holdings in Ares Capital were worth $363,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ARCC. Jamison Private Wealth Management Inc. lifted its position in shares of Ares Capital by 62.7% in the second quarter. Jamison Private Wealth Management Inc. now owns 1,233 shares of the investment management company’s stock worth $26,000 after purchasing an additional 475 shares in the last quarter. Asset Dedication LLC bought a new stake in Ares Capital during the 2nd quarter worth about $26,000. Valley National Advisers Inc. boosted its stake in shares of Ares Capital by 323.3% during the 1st quarter. Valley National Advisers Inc. now owns 1,435 shares of the investment management company’s stock worth $29,000 after buying an additional 1,096 shares during the last quarter. Pingora Partners LLC acquired a new position in shares of Ares Capital during the 4th quarter worth about $30,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Ares Capital in the 2nd quarter valued at about $32,000. 27.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ARCC has been the subject of several recent analyst reports. UBS Group raised Ares Capital to a “hold” rating in a report on Friday, August 23rd. Compass Point raised shares of Ares Capital to a “strong-buy” rating in a report on Tuesday, July 30th. JMP Securities upped their price target on shares of Ares Capital from $21.00 to $22.00 and gave the company a “market outperform” rating in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $22.00 price objective on shares of Ares Capital in a research report on Monday, August 5th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.71.

Ares Capital Price Performance

Shares of NASDAQ ARCC opened at $20.61 on Friday. The business has a fifty day moving average price of $20.73 and a two-hundred day moving average price of $20.78. The stock has a market capitalization of $12.67 billion, a PE ratio of 7.06 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 1.40. Ares Capital Co. has a fifty-two week low of $18.55 and a fifty-two week high of $21.84.

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

Ares Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 9.32%. The ex-dividend date of this dividend is Friday, September 13th. Ares Capital’s dividend payout ratio (DPR) is presently 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.