Ares Capital (NASDAQ:ARCC) Price Target Raised to $23.00

Ares Capital (NASDAQ:ARCC) had its price objective upped by research analysts at Truist Financial from $22.00 to $23.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the investment management company’s stock. Truist Financial’s price objective would suggest a potential upside of 10.42% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Oppenheimer upped their price target on shares of Ares Capital from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday. B. Riley lowered shares of Ares Capital from a “buy” rating to a “neutral” rating and set a $21.00 price objective on the stock. in a research note on Monday, January 8th. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price target on shares of Ares Capital in a report on Tuesday, March 26th. Finally, Wells Fargo & Company upped their price objective on shares of Ares Capital from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Monday, January 29th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.29.

Ares Capital Trading Down 0.1 %

Shares of ARCC traded down $0.02 on Thursday, hitting $20.83. 488,692 shares of the stock traded hands, compared to its average volume of 3,492,374. The firm has a market capitalization of $12.64 billion, a P/E ratio of 7.80 and a beta of 0.99. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.06. Ares Capital has a 1 year low of $17.53 and a 1 year high of $21.00. The stock’s 50 day moving average is $20.40 and its two-hundred day moving average is $20.05.

Ares Capital (NASDAQ:ARCC) last announced its quarterly earnings data on Wednesday, May 1st. The investment management company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The company had revenue of $701.00 million for the quarter, compared to analysts’ expectations of $703.85 million. Ares Capital had a return on equity of 12.50% and a net margin of 58.22%. The company’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.56 earnings per share. As a group, sell-side analysts predict that Ares Capital will post 2.35 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ARCC. Nemes Rush Group LLC acquired a new position in Ares Capital in the fourth quarter valued at approximately $25,000. Valley National Advisers Inc. lifted its stake in Ares Capital by 323.3% in the first quarter. Valley National Advisers Inc. now owns 1,435 shares of the investment management company’s stock valued at $29,000 after buying an additional 1,096 shares during the last quarter. Pingora Partners LLC bought a new position in shares of Ares Capital during the fourth quarter worth about $30,000. Cape Investment Advisory Inc. lifted its position in Ares Capital by 411.0% in the 3rd quarter. Cape Investment Advisory Inc. now owns 1,952 shares of the investment management company’s stock valued at $38,000 after purchasing an additional 1,570 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its stake in shares of Ares Capital by 93.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,922 shares of the investment management company’s stock valued at $38,000 after purchasing an additional 931 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.