Elevation Point Wealth Partners LLC Invests $1.56 Million in Ares Capital Corporation $ARCC

Elevation Point Wealth Partners LLC acquired a new position in shares of Ares Capital Corporation (NASDAQ:ARCC) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 84,392 shares of the investment management company’s stock, valued at approximately $1,564,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Advisors Capital Management LLC grew its holdings in shares of Ares Capital by 13.5% during the fourth quarter. Advisors Capital Management LLC now owns 3,566,790 shares of the investment management company’s stock valued at $72,156,000 after purchasing an additional 423,795 shares during the last quarter. Foresight Capital Management Advisors Inc. lifted its holdings in shares of Ares Capital by 17.2% in the 2nd quarter. Foresight Capital Management Advisors Inc. now owns 345,778 shares of the investment management company’s stock worth $6,407,000 after purchasing an additional 50,624 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Ares Capital by 53.5% during the 1st quarter. Bank of New York Mellon Corp now owns 240,483 shares of the investment management company’s stock valued at $4,333,000 after purchasing an additional 83,841 shares during the period. UBS Group AG grew its stake in Ares Capital by 41.8% during the 4th quarter. UBS Group AG now owns 11,201,905 shares of the investment management company’s stock worth $226,615,000 after buying an additional 3,301,890 shares during the last quarter. Finally, Spinnaker Trust grew its stake in Ares Capital by 17.0% during the 4th quarter. Spinnaker Trust now owns 1,210,941 shares of the investment management company’s stock worth $24,497,000 after buying an additional 176,040 shares during the last quarter. Institutional investors own 27.38% of the company’s stock.

Ares Capital Stock Performance

Shares of ARCC stock opened at $19.92 on Monday. The stock has a 50-day simple moving average of $18.93 and a 200 day simple moving average of $18.81. The stock has a market capitalization of $14.30 billion, a P/E ratio of 14.76 and a beta of 0.56. Ares Capital Corporation has a fifty-two week low of $17.40 and a fifty-two week high of $22.53. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.14.

Ares Capital (NASDAQ:ARCC) last posted its quarterly earnings data on Wednesday, July 29th. The investment management company reported $0.47 earnings per share for the quarter, meeting the consensus estimate of $0.47. Ares Capital had a net margin of 30.91% and a return on equity of 9.80%. The company had revenue of $768.00 million during the quarter, compared to analyst estimates of $770.19 million. During the same quarter last year, the firm posted $0.50 EPS. On average, sell-side analysts expect that Ares Capital Corporation will post 1.91 earnings per share for the current fiscal year.

Ares Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 9.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Ares Capital’s dividend payout ratio is currently 142.22%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Ares Capital from $19.00 to $18.50 and set an “overweight” rating for the company in a report on Thursday, July 2nd. Oppenheimer decreased their target price on shares of Ares Capital from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, April 29th. Wall Street Zen cut Ares Capital from a “hold” rating to a “sell” rating in a report on Sunday, August 2nd. B. Riley Financial decreased their price objective on Ares Capital from $22.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods cut their target price on Ares Capital from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 30th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $20.40.

About Ares Capital

Ares Capital Corporation (NASDAQ: ARCC) is a publicly traded business development company (BDC) that specializes in providing debt and equity financing solutions to U.S. middle-market companies. As a BDC, Ares Capital offers investors access to a diversified portfolio of tailored credit investments, including senior secured loans, unitranche financing, mezzanine debt and equity co-investments. The firm’s flexible capital structures are designed to support companies seeking growth capital, refinancing or strategic acquisitions.

Through its credit platform, Ares Capital focuses on originations, underwriting and portfolio management across a range of industries, with a particular emphasis on sectors such as healthcare, technology, industrials and business services.